How Can I Make My Retirement Affordable? | McKee Builders
Homeowner Portal Contact Us

McKee Builders Blog

Why the Right Steps Can Make Retirement Affordable

July 29, 2016

Is retirement affordable—is probably the biggest anxiety voiced by our aging (and even younger) populations. This question will only grow in importance. The Census Bureau estimates that, by 2050, the American population that is 65 and older will be 83.7 million, almost double its 2012 number of 43.1 million.

Retirement is, in fact, affordable for many Americans, especially if they can manage their income and expenses effectively, as well as the opportunities and challenges which come with this new stage of life. Active retirement communities can play a valuable role in enabling this terrific move.

Make the Move While You Can

While still young and active, a great move for older Americans between the ages of 55-64 is to move into 55 plus communities in Delaware or elsewhere.

Why? For one thing, this age is the sweet spot between declining household expenses and annual income. While housings cost for the 55-64 age group still count as the greatest annual expense, other costs start to decrease like pension and Social Security contributions. These annual expenses decrease even further if work-related costs, like clothing and transportation, also decline.

Also, while healthcare costs may increase with age, Americans between the ages of 55-64 are in general much healthier and independent. So, healthcare costs may not rise as quickly as they will when later age milestones hit.

How Retirement Communities Can Play a Valuable Role

Housing costs still make up a size-able portion of expenses for the age group 55-64 because of mortgage, utilities, and other maintenance expenses. But by downsizing your home and moving into a retirement community where construction is new and designed for aging in place, over the long-term, this shift may help you keep down both housing and healthcare costs.

How? New construction is newer, more efficient, and requires less maintenance. Also, because it is designed for aging in place, there is no need to pay for renovations to ensure that your current house can accommodate any changes that may come with age (including the arrival of aging parents or family with special needs).

Moreover, because retirement communities are specifically designed to accommodate the challenges of age, residents can avoid such risks as stairs, steps, and hard-to-access bathrooms, which can create accident hazards

Between the ages of 55-64, Americans are in the best position to maximize the impact of retirement communities for changing their lifestyle—whether or not they have fully retired. There is no requirement to retire when moving into an active retirement community, so, you can start the shift to retirement while still working.

Keep in mind that if you retire in Delaware, the state offers some fantastic financial benefits to retirees, which may enable an earlier and affordable retirement.


Bureau of Labor Statistics

Hi there, have a question?