Boomers plan to stay put when they retire

Sixty per cent of boomers would prefer to stay in their current community when they retire, according to RBC’s 15th annual home ownership study.

“Even though this generation of boomers will tell you they have plans to travel abroad and pursue a more active lifestyle, many still want to keep their current home in retirement,” says Catherine Adams, vice-president, RBC Royal Bank. “Having a home base that is familiar and comfortable and where they know their neighbours and their community is important to them.”

To make it possible to stay right where they are, just over half of the boomers surveyed intend to do some remodeling, while 19 per cent plan on undertaking some major renovations. As well, 24 per cent are looking to purchase a second property, or vacation house.

“We also found that boomers are not attracted to ‘seniors-only’ communities, as over three-quarters find it appealing to retire in an area where there is a mix of younger and older residents, perhaps because most of Canada’s boomers don’t see themselves as old,” says Adams.

Of the 40 per cent of boomers who do not plan to stay put in retirement, the type of communities they would prefer to move to fall into four distinct categories:

Camp 60 Plus: 29 per cent have an affinity to retire in a close-to-nature community centred on outdoor activities.

Click here to read the rest of this article.



BACK TO ... WWW.THEDREAMHOMESYSTEM.COM