Prescott LIVING Magazine
No Result
View All Result
Prescott LIVING Magazine - Click for Current Issue
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
        • People’s Choice Photo Winners
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
        • Home & Garden
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
        • Pizza
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
        • People’s Choice Photo Winners
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
        • Home & Garden
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
        • Pizza
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription
No Result
View All Result
Prescott LIVING Magazine
Prescott LIVING Magazine - Click for Current Issue
Home BIZ

Retirement Residency 101

April 2, 2019
325
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

by Parshalla Wood, Financial Consultant, Wedbush Securities

As you grow older, housing issues become an integral part of your retirement plans, and you may find yourself in a number of different scenarios. You could be living on a fixed income and want to get additional cash from your home. You could feel isolated in the big house you bought 30 years ago and want to move into something smaller. Perhaps your health isn’t what it used be, and you may need around-the-clock care.

Each person has a different story and residential needs in retirement, making it important to prioritize determining as many of these factors as you can before you reach retirement age.

It’s important to remember that when determining your living situation, financial, emotional and physical considerations will drive your decisions, and careful planning may allow you to enrich the quality of your retirement years, enable you to get the health care and services you need, and allow you to live in a place where you feel most comfortable.

Should You Stay or Move?

If you are living on a fixed income, you may want to use the equity in your home to obtain additional cash through a reverse mortgage, which allows you to defer repayment until a later time. A home equity loan or second mortgage may also provide you with cash, but does not defer repayment. Renting your house may also provide you with additional cash flow and tax benefits. Or if you plan to leave your home to your family, you may be able to avoid estate taxes and continue using the home as your principal residence through a personal residence trust.

You should carefully consider your housing options before moving out as you may be able to take advantage of in-home health-care services, household help or personal care assistance. However, if you do decide to move, you also have a number of choices.

Moving in with or near your children often seems like the obvious choice, but be aware of your emotional and physical needs before taking over the spare room in your child’s house. If you need independence but don’t want to buy another house, consider an independent living community or a retirement community, where you can rent or own a condominium or townhouse. If you are faced with physical or medical limitations, assisted-living options may be your best bet. Typical assisted-living arrangements provide you with a room or apartment, housekeeping services, meals, transportation and some nursing services.

Continuing Care Options

Continuing care retirement communities (CCRC) are an increasingly popular assisted-living arrangement for retirees. If you are currently in good health, a CCRC will agree to provide you with housing- and nursing-home care throughout your life. When seeking the CCRC right for you, compare entrance fees, monthly fees, any additional insurance requirements, medical care provided and the financial condition of the facility. Be aware that a portion of your fees may be tax deductible as medical expenses. When you need more care, your last resort may be a quality nursing home.

While the prospect of entering a nursing home can be frightening, there are many good facilities that provide care and services not available elsewhere. Examine the quality and the cost of the medical care, look at the appearance of the facility and grounds, find out about safety and security, ask about recreational activities and staff-to-resident ratios, etc.

The bottom line is, while no one can predict the future or potential health concerns that may arise in later years, the earlier you begin planning, the more equipped you’ll be to make an informed decision about your living situation when the time comes.

Previous Post

At 40, Good Enough, Still Just Isn’t!

Next Post

Safeguarding Your Retirement

Next Post

Safeguarding Your Retirement

Join our Newsletter

Prescott LIVING eNewsletter Subscription

No Result
View All Result
Cover for Prescott Living Magazine
11,579
Prescott Living Magazine

Prescott Living Magazine

Come & enjoy the local scene in Prescott Arizona!

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Prescott Living Magazine
17 hours ago
Prescott Living Magazine

Did you know that the 'Tis Art Center and Gallery offers the STEPS Art Education Program for Children? The classes take place in the 'Tis Annex Art Education Building, located at 235 N. Marina St. in Prescott. There are summer programs coming up in June, July, and August. The classes are free and include tuition and art supplies, with class size limited to 8 students. Please visit the 'Tis website for class details.
... See MoreSee Less

STEPS Art Education Program for Children | 'Tis Art Center & Gallery

www.tisartgallery.com

STEPS Art Education Program for Children in the ‘Tis Annex Building 235 N. Marina St. Prescott, AZ 86301 ‘Tis Annex Art Education Building 235 N. Marina FREE art education classes taught by profes...
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
Prescott Living Magazine
2 days ago
Prescott Living Magazine

If you love art then downtown Prescott is the place to be today! The Phippen Museum's 49th Annual Western Art Show & Sale is on today from 9-3 at the Courthouse Plaza, and the Off-Street Festival will also be open from 9-3. The community art festival is taking place outdoors behind the Prescott Chamber of Commerce at 117 W. Goodwin St.
The Phippen Museum of Western Art is offering free admission today from 10-3.
... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
Load more
It’s About LOCAL – ADVERTISE WITH US

© 2022 ROX Media •  Privacy Policy
info@roxco.com • 130 N. Granite St. • Prescott, AZ 86301 • 928.350.8006
CORPORATE OFFICE: 1919 N. Trekell Rd.,  Suite C •  Casa Grande, AZ 85122

No Result
View All Result
  • Inside
    • Voices
    • Special Sections
      • 40 Under 40
      • Annual Photo Contest
      • Best of Greater Prescott
      • Everyone Can Be a Hero
      • Holiday
      • Medical, Health & Wellness
      • Men of Vision
      • New Year, New You
      • Relocation
      • Wealth Management
      • Weddings & Events
      • Women in Leadership
    • Up Front
      • City Speak
    • BIZ
    • YOU
      • Out & About
      • Beauty & Style
      • Health, Happiness & Education
      • Education
      • Pets
      • Home
    • FUN
      • Arts & Culture
      • Outdoor Adventure
      • Restaurants
      • Travel & Tourism
    • The ROX Interview
    • Prescott Pioneer Local News
    • Q & A
  • Current Issue
  • Community Calendar
  • Past Issues
  • Subscribe
    • eNewsletter & Digital Edition Subscription

© 2022 ROX Media