A new study by Merrill Lynch – “Home in Retirement: More Freedom, New Choices” – indicates that by age 61 the majority of seniors feel free to choose where they want to live. Obviously, during their working years, most people traditionally have lived within a reasonable commuting distance from their place of employment.
However, as they entire retirement, these seniors have now crossed the Freedom Threshold, as the survey calls it, in which they can live wherever they choose. Most retirees move at least once during retirement but only roughly 50 percent actually downsize to a smaller home. In fact, roughly 30 percent actually upsize to a larger home, primarily to allow other family members to visit and stay with them.