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Housing Options in Retirement

June 2015
William S. (Bill) Kelly, CPA, CFP®,  is co-founder of The Kelly Group, a Bel Air-based financial services firm. The Harford County native has been a certified public accountant since 1975 and a Certified Financial Planner® since 1998. Over the course of his career, Kelly was the controller of a publicly held bank corporation and chief financial officer for a large real estate-focused group of privately held companies. He is a past member of the Board of Trustees for the Friends School of Harford and continues to serve on the finance and strategic planning committees. He is also a board member of the Economic Community Development Commission for the Town of Bel Air and the Greater Bel Air Community Foundation.

William S. (Bill) Kelly, CPA, CFP®, is co-founder of The Kelly Group, a Bel Air-based financial services firm. The Harford County native has been a certified public accountant since 1975 and a Certified Financial Planner® since 1998. Over the course of his career, Kelly was the controller of a publicly held bank corporation and chief financial officer for a large real estate-focused group of privately held companies. He is a past member of the Board of Trustees for the Friends School of Harford and continues to serve on the finance and strategic planning committees. He is also a board member of the Economic Community Development Commission for the Town of Bel Air and the Greater Bel Air Community Foundation.

Q: Where does housing fit into my retirement planning?

A: One of the more overlooked areas of planning for one’s retirement is also one of the most important: Where are you going to live? The answer may change through your different stages of retirement. Financial and physical factors will come into play, as well as emotional needs and family dynamics. Are you going to want to move to a warmer climate, or somewhere closer to your children? For how long can you physically survive on your own? What happens when you need to stop driving? These and so many other questions are best addressed proactively, as a component of your holistic financial plan.

Q: What proactive steps can I take before I retire?

A: First, prepare yourself financially. While you are still earning a paycheck and not yet on a restricted or fixed income, consider paying down or addressing major home renovations or additions. In addition, prepare yourself mentally and emotionally for decisions that you may need to make in the future. Before any emergency or crisis forces you to make a housing decision under emotional strain, spend time researching the various housing options that may be available to you when the time comes.

Q: What are those available housing options?

A: If you find that your current housing situation is no longer feasible and you have to move – which can be a difficult emotional challenge – some or all of these options may be available to you: You can move in with your children, buy or rent in a retirement community, or enter an assisted living facility. Some
continuing care retirement communities provide multiple levels of housing depending on your health. There is an abundance of different types of senior housing that is worth your time to examine.

Q: If I’m staying in my home, what “senior-friendly” modifications should I make to my home?

A: If you intend to remain at home through your senior years, you want to do so safely. For example, minimize the chance of slipping in your bathroom by installing grab bars and shower benches. Also, if you have more than one floor, consider moving your main bedroom to the first floor. And consider a monitoring system that can bring help in case you are injured and unable to call for help.

Q: How do I determine if it is time for me to leave my home?

A: Discuss your living situation with family and trusted advisors. Address your situation with patience, openness and a willingness to accept help. You should include planning for your future residence as part of your financial planning process. Do not wait until you find yourself in a crisis mode to begin researching the pros and cons of various options.
If you have questions on these or other financial planning matters, feel free to call The Kelly Group at 410-893-0560. I95

The Kelly Group
410-893-0560
www.kellygrouponline.com

 Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC and Investment Advisor Representative. Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. The Kelly Group and Cambridge are not affiliated. Cambridge does not provide legal or tax advice services. This is intended to be informational and should not be used as the primary basis for estate planning purposes. Not NCUA insured, not credit union guaranteed, may lose value.

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