More room for friends and family members to visit. More room for family members to move in. A more prestigious home. These are a few of the reasons why some seniors are choosing to upsize to a larger home for retirement, rather than downsize to a smaller home. This article from U.S. News highlights why upsizing for retirement may be a smart move.
A 2014 Merrill Lynch survey of 3,638 adults, including 2,192 baby boomers, found that half of pre-retirees who expect to downsize in retirement don’t do so. What’s more, 30% of those surveyed actually moved into larger homes after they retired. This trend is one of the unexpected ways seniors are approaching their golden years.
“Retirement isn’t all about being practical,” said Ken Dychtwald, founder and CEO of the consulting firm Age Wave, which partnered with Merrill Lynch on the survey, during a media briefing on the report last month. “More and more people are turning their empty nests into nurturing nests.”
