Senior Spotlight: Affordable (And Creative!) Retirement Options
Getting more creative just might equate to more financial stability.
Your retirement is your own, and Baby Boomers are defining how they want to live on their terms like never before. Years ago, the options may have felt limited to aging in place, living with adult children or entering assisted living. But with Baby Boomers desiring more dynamic lifestyles at a lesser cost, they are also figuring out more inventive ways to make it happen. We are featuring two such options below, courtesy of Forbes & The Washington Post.
Vacation Property Hosting
Buying a second home to use as both a vacation destination and an Airbnb or VRBO is one growing trend among retirees. By beginning a career as a ‘host’, homeowners can rent out their properties when not using them. These funds can contribute to property upkeep as well as fund other adventures. To make things even easier, some Baby Boomers are hiring rental management companies to book the stays and manage the guest turnover and are still able to turn a profit! Forbes declares that “…this strategy allows them to afford a better lifestyle" and is "a trend that will continue to grow as more Boomers retire.”
Finding A ‘Boommate’
What do you call a fellow roommate who is also a Baby Boomer? A Boommate of course! The Washington Post and AARP declare that as “the boomers [are] aging, you see higher and higher numbers in shared housing.” The reasons are both financial and sociological, as living together not only means sharing expenses but combatting loneliness. Common shared housing situations take place when one becomes a widow or widower, when HOA dues or other housing costs rise or when more company becomes a more desirable goal. Extra income and extra support? Sounds like a win-win to us!
What do you think about becoming a vacation property host or getting a Boommate when you retire? What other creative retirement solutions have you seen friends experience or thought about trying! We’d love to hear!
Resources Used: Retiring? Here’s What Baby Boomers Are Doing To Afford A Nicer Lifestyle; The New Golden Girls: Baby Boomers Are Moving In Together To Save Money
All my best,
Bobbi Decker
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Broker Associate
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www.bobbidecker.com
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