February is National Senior Independence Month.

It is a good reminder that independence in retirement often comes down to having choices. One of the biggest decisions many retirees face is where and how they want to live in the years ahead.

For some, that means staying in the family home. In fact, the majority of older adults say they would prefer to “age in place,” remaining in their homes as long as possible. ¹

Home often represents comfort, familiarity, and connection to community, which are all important parts of overall well-being.

For others, retirement may be the right time to downsize, relocate closer to family, or explore a living situation that better supports changing needs. There is no single “correct” answer. The right decision depends on lifestyle, health, family considerations, and long-term financial goals.

Housing Is More Than a Lifestyle Choice

Where you live in retirement is deeply personal — but it is also one of the most significant financial factors retirees navigate.

Even when a mortgage is paid off, homeownership still comes with ongoing costs: property taxes, insurance, maintenance, utilities, and potential renovations. The Consumer Financial Protection Bureau notes that housing expenses remain a major part of retirement spending and should be considered carefully in long-term planning. ²

It can be helpful to think beyond today’s costs and consider how housing needs may change over time.

For example:

• Will stairs remain manageable five or ten years from now?
• Are healthcare services easily accessible nearby?
• Would home modifications be necessary to stay independent?
• How might maintenance responsibilities feel as you get older?

Planning ahead creates more flexibility — and often reduces the likelihood of needing to make rushed decisions later.

Aging in Place Takes Planning

Aging in place can be a wonderful goal, but it often works best when paired with preparation. AARP highlights that successful aging in place may involve home modifications, support systems, and financial readiness. ¹

Some retirees choose to gradually make updates — such as adding first-floor living options, improving accessibility, or simplifying home upkeep — so they can remain comfortable longer.

Others may decide that downsizing provides greater freedom, fewer responsibilities, and more predictable costs. Again, the best path is the one that supports both independence and peace of mind.

Keeping Your Options Open

One of the most valuable parts of retirement planning is maintaining choice.

Housing decisions don’t need to be made all at once, and they don’t need to be driven by fear or uncertainty. Instead, they can be approached as part of a broader financial wellness conversation — one that includes income planning, healthcare considerations, and lifestyle priorities.

A strong retirement plan is not just about numbers on a page. It is about ensuring that your resources support the life you want to live, wherever that may be.

As always, our goal is to provide perspective and guidance so you can make informed decisions with confidence and flexibility.

Sources:

1. AARP — Aging in Place: Growing Older at Home
2. Consumer Financial Protection Bureau — Housing and Older Adults