Where to live is a difficult question at any age, but it gets complicated when preparing for retirement. Options like “aging in place,” moving in with a family member or moving to a retirement home each present unique joys and challenges. Adding to the challenge is the fact that 53 percent of American workers 30 and older are on a path that will leave them financially unprepared for retirement.
In the past few weeks, PBS NewsHour has explored many of the issues surrounding retirement, including working for that nest egg, working in retirement and how and why some seniors are avoiding the retirement home.
On Thursday, Aug. 15, from 1 to 2 p.m., EDT NewsHour hosted a Twitter chat on preparing for retirement. We discussed options for retirement living, factors that determine where people live in retirement, tips for financial planning, challenges and joys of being a senior living on your own and practical advice for living at home while growing older.
Here are some of the thoughts (edited out of Twitter lingo) that caught our attention.
Where do you envision living in retirement? A retirement home? Your own home?
R.I. Pettigrew: I hope to age in place, but worry about loneliness in my last years.
How prepared financially are you for retirement? And what advice do you have for others?
Sam Gronner: Rely a on professional financial planner; plan scenarios so there are no surprises.
If you are a senior living on your own, or you have a parent who does what practical advice to you have to make it work?
Mary Jo Brooks: Many seniors told me it was important to live near the sound of children to keep their own spirits young.
Elin Silveous: Respect and honor your elders’ personal preferences and choices.
Next Avenue: Retirement is a process, not an event. It takes time for things to work out, especially living arrangements.
Besides living in your own home or going to a retirement community, what other options have you heard about?
Martha Ward: I like the idea of co-housing, multi-generational separate housing units, but include gardens, community kitchen and dining.
Read the full transcript of the chat below.