Retirement Advisors Should Discuss Housing With Clients

For current retirees, many housing-related considerations have arisen over the last couple of decades worth noting with clients. Regardless of whether a move is in order, they should look for the availability of community support services. Many communities are providing transportation to and from doctor’s offices, offering to deliver meals at home, and arranging social activities. Contacting a local senior center, area agencies on aging, or a client’s house of worship may uncover something useful.

One program that seems to be getting some traction is the so-called “village model.” People join the village for a small annual fee that gives them access to a concierge that can connect them with a range of services, free or paid.

Some new housing developments are built as "co-housing" communities. These are separate homes or apartments situated so that residents can cook for each other, socialize and help each other out. Various collaboratives have developed in around the country where volunteers help neighbors and receive help themselves from neighbors when needed.

Continuing-care retirement communities are an increasingly popular option because few people want to move in with their children as they age. The CRCC’s allow people to stay in the same community, regardless of how their care needs may develop.  This can be quite appealing to couples who wouldn't want a difference in the level of independence between spouses to cause much geographic separation. There are more options now than ever before.
 
The favored topics of safe withdrawal rates and retirement-income strategies are worthy of our attention as are health care costs and funding long-term care. Some people find thinking of physical or mental decline unpleasant, but financial planners do clients a great service by helping them think through or even just develop their awareness of various housing choices. Making good choices can improve their finances and their lives.

Dan Moisand, CFP, has been featured as one of the America’s top independent financial advisors by Financial Planning, Financial Advisor, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager and Worth magazines.  He practices in Melbourne, Fla.  You can reach him at [email protected].