In 2030, for the first time in history, the older population will outnumber the younger population. Learn what this surprising statistic means for baby boomers when it comes to retirement and selling their homes.
The Aging Baby Boomer Generation
We are currently seeing that the baby boomers aren’t recognizing that they will need long term care facilities at some point. This is because they are focusing on putting their parents in these facilities. And as they are doing this, they are recognizing the amount of money they are going to need and that their financial plan isn’t as solid as they originally thought it was. This is why we encourage baby boomers to hold on to their homes longer or sell their homes to purchase one that is more suited to their aging needs.
Where Aging Adults Want to Live
We asked aging adults in Colorado what their priorities were when they were looking for a place to live. The answer surprised us as the number one answer wasn’t family but instead was by a grocery store. The second priority for these aging adults was to live by medical facilities and the third was to live by their family.
Should Baby Boomers Sell Their Homes
Baby boomers should not be in a rush to sell their homes unless their current home is negatively impacting their health. Right now, if baby boomers wait one more year to sell their home they will make 5-6% more on their home. This can be a substantial amount of money that can make retirement more comfortable.
Best Place to Retire in Colorado
Some places are better than others to settle down during your aging years. To make this assessment, we factored in weather, senior care facilities, and a sense of community. One of the best cities to retire in is Fort Collins as they have a nationally accredited senior care facility, have mild weather, and have a high sense of community.
Wherever you are at in your journey of retirement and right-sizing your home, we are here to help take those steps with you. Download our Home Sellers Guide for more information!