Best Places to Retire lists are great conversation starters, but the vast majority of Americans have no intention of making a move in retirement. They want to age in place.
That is a blind spot that can drag down multiple generations within a family. The 60-somethings who refuse to game out the best moves to make now for their 80- and 90-year-old future selves are (unconsciously) transferring those hard decisions onto their children and grandchildren.
If you think contemplating a move in your 60s is difficult, the hurdle will be physically and emotionally higher later on. That can lead to the kids scrambling to bring services into your home, a move that often requires them to bear some of the cost. Even more costly is the decision more and more adult children (mostly women) make to quit their jobs to care for an elderly parent. That puts their own household's future retirement security at risk.
That can trickle down to the grandkids, as well. Not just in a tighter college budget, but the increased risk that their parents will not be set up well to afford retirement.
So while in your 50s or 60s and in good health, take a clear-eyed look at what you might consider doing now to make sure your retirement works for your entire family. That should include discussing this with your adult children.
Can you really afford to stay put? The goal should be that you can cover basic living expenses from guaranteed retirement income: Social Security and a pension if you have one, and any required minimum distributions from traditional 401(k)s and IRAs.
Even if you own your home and have the mortgage paid off, don't lose sight of property tax and maintenance. If you don't live in a region that offers property tax breaks to older homeowners, you also need to bake in that your property tax bill will continue to climb over a long retirement.
No idea how to scope out the future cost of staying put? There are plenty of certified financial planners you can hire on an hourly or project basis to help you crunch the numbers.
