Many retirees eventually find themselves living alone after their kids have moved out, or perhaps after a divorce or a spouse passes away. That’s the time when it might make sense to consider living with other people, whether they’re friends, relatives or even complete strangers.
Living together can certainly improve your finances. As the old saying goes, two can live cheaper than one. For example, a two-bedroom, two-bath apartment will typically rent for 50 percent more than a one bedroom in the same complex, which translates into a 25 percent savings in rent if two people share the two bedroom. Or sometimes a person with a nice house, but little income, meets up with a person who has a decent job and good salary, but needs a place to live. The solution is obvious: the person with the income moves in, pays rent and they’re both better off.
[See: 10 Ways to Reduce Your Housing Costs in Retirement.]
Living with someone else can also expand your social life. Many retirees come home to an empty house, with nothing to do and no one to do it with. Yet there is nothing that correlates more with living a long, healthy life than having good social connections and a supportive circle of friends. A roommate is someone you can hang out with, go to the movies with or spend holidays with. And a roommate may also have other friends or family which will expand your social network and help you lead a richer, more fulfilling life. Isn’t it comforting to know that someone else is in the house when you hear a strange noise in the night, take a fall or simply need someone to open a jar for you?
Here are five ways to share housing and improve your life:
1. Mother-in-law suite. Many older homes feature a mother-in-law suite with a separate bathroom and kitchenette. Maybe the space is perfect for your mother-in-law. But it can also be rented out to a friend or other relative with minimal impact on your own lifestyle.
2. A child moves back home. Having children at home got a bad reputation during the recession, mostly because the children didn’t want to be there. But there is a time-honored tradition of children staying home until they are married or even after they are married. If you get along with your child and share many of the same daily habits, there’s nothing wrong with two generations living under the same roof. Sometimes it happens the other way around and a parent moves in with the adult child to help with the grandchildren or defray the cost of housing.
[See: 50 Affordable Places to Buy a Retirement Home in 2016.]
3. Rent out a room. You could rent out a room in your home, either long term with a lease or short term through a service like Airbnb. Short-term rentals work especially well in vacation destinations or other areas where seasonal events bring in a lot of visitors. For example, if you live in a college town, you might rent out a room on game weekends during football and basketball seasons and perhaps for graduation week. But if you go that route, make sure you follow local rental regulations and keep track of your proceeds since you might have to pay taxes on that income.
4. Share housing. You can take on a roommate for part or all of the year. Obviously, you need to be careful when picking a roommate. A close friend may not always be the best choice. It’s not so important to connect emotionally or to share your feelings. It’s more important to share responsibilities and complement each other so that you can avoid constant conflict. Be sure to fairly negotiate ahead of time not just expenses, but also who will be responsible for what chores and other household responsibilities.
[See: 10 Places to Retire on a Social Security Budget.]
5. Age-related communities. There is a wide range of options for senior housing. Some over-55 developments offer completely independent living arrangements no different from living in any other community — except they usually have a community center that offers sports facilities, social activities and special events. Other senior housing may supply services such as meals, medical support and personal care. The beauty of age-related communities is that you can pick and choose the one that’s appropriate for your age and health, and often they have relationships with other communities if at some point you find you need more care.
Tom Sightings is the author of “You Only Retire Once” and blogs at Sightings at 60.
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5 Ways to Share Housing in Retirement originally appeared on usnews.com
