Almost half of baby boomers and more than one-third of Generation X expect to work past age 70 or do not plan to retire at all, highlighting the need for backup plans in case life’s unexpected events get in the way of such goals.
According to a study by nonprofit Transamerica Center for Retirement Studies in collaboration with the Transamerica Institute, 49% of baby boomers expect to, or already have, extended their working lives past 70 or do not plan to retire. Their reasons for doing so are most as likely to be their health (78%) or their finances (82%).
Predictions on home prices, mortgage rates and more
By Alisa Wolfson, Updated: May 31, 2022 at 10:23 a.m. ET
Peak home-buying season is in full swing, and many aspiring buyers are wondering: What should I know about the housing market if I want to buy? After all, interest rates have been rising, with some pros saying that trend will continue (see the lowest mortgage rates you can qualify for here); home prices keep climbing; and there aren’t enough houses on the market to meet buyers’ demand.
So we asked Daryl Fairweather — Redfin’s chief economist, who also worked at the Boston Fed studying why homeowners enter foreclosure — to share her projections and thoughts for what buyers and sellers can expect in the coming months.
There are early signs that the market, in some places, is cooling a bitFairweather says we’re seeing early signs that the housing market is starting to cool, at least in pricey coastal metros. “Buyers in markets like Los Angeles, San Francisco, Boston and Seattle who have lost out on several bidding wars may find they’re facing less competition from other buyers than they were a month or two ago,” says Fairweather.
These are 10 things retirement communities won’t tell you.
If you’re looking for one, be sure you know about them.
1. You’ll need a Ph.D. to tell us apart. Active-adult communities, assisted-living facilities, continuing-care retirement communities — that’s just the tip of the jargon iceberg for places people 55 and over might spend their golden years.
And since each facility uses different terms and has different pricing structures, comparison-shopping becomes very difficult. “You can go crazy learning the terminology,” says Karyl Cafiero, 61, of Brooklyn, N.Y., who has researched communities for her mother-in-law.
The senior housing industry has largely recovered from its slump during the Great Recession, when many prospective residents couldn’t relocate because they couldn’t sell their homes.
Assisted living facilities and continuing-care retirement communities aim for occupancy rates between 90 percent and 95 percent and are currently at the lower end of this range, says Andrew Carle, executive-in-residence at the program in senior housing administration at George Mason University in Fairfax, Va.
The Villages, a master-planned retirement community in central Florida, is the fastest-growing metropolitan area in the U.S., we learned from the 2020 Census.
In a demographically changing and urbanizing America, this predominantly white, politically conservative stronghold bucked the trend as retirees lured by warm winters and pastel-hued homes surrounded by golf carts and pickleball courts, flocked in.
We are all free to choose how and where we want to live, of course, and new housing solutions for the rapidly growing population of older Americans are needed.
But, to be honest, if communities like the Villages represent the future of aging, please count me, and many of us, out.
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