Americans traditionally have chosen to downsize in retirement, but that may no longer be the case. A wave of retirees are choosing to upsize and enjoy the best home of their lives in retirement, according to a recent Merrill Lynch and Age Wave retirement study of more than 3,600 respondents. In fact, 65 percent of retirees recently surveyed say they’re currently living in the best home of their lives.
The study showed that 49 percent of retirees say they didn’t downsize in their last move and 30 percent ended up moving into larger homes. Retirees’ top reasons for upsizing were wanting a home large and comfortable enough for family members to visit (33 percent) or even live with them (20 percent). One out of six retirees – or 16 percent – say they have a “boomerang” child who has moved back in with them, according to the study.
Nineteen percent of retirees also said they upsized in retirement in order to have a more prestigious home and 16 percent say they wanted a larger home to have more room for friends to visit, according to the study.
Source: “Home in Retirement: More Freedom, New Choices,” Merrill Lynch (July 2015)