Retirement Living2021
by Mimi Goodyear Dossett
The lakes at Money Hill provide a beautiful backdrop for the golf course. 50
UNEXPECTED EVENTS often change or accelerate trends in business and lifestyle. For us in Southeast Louisiana, Hurricane Katrina in 2005 followed by the world financial crisis and its corresponding real estate crash in 2008 were dramatic game changers. Add to that the stress of the COVID-19 pandemic year, and you have a lasting influence on the value of home—and the way we live, work and retire. In 2008 and the several years that followed, a large group of middle and upper management lost their jobs, and millions of Americans lost their homes. The result was a generation of the later baby boomers who had to recreate careers and lives, start new businesses, and “downsize” expensive lifestyles. Interestingly, in the years prior to the crisis, those people would be aging into retirement now. Now, many of us in our 50s, 60s and 70s don’t plan to retire in the traditional sense. Instead, we have decided not to put off dreams and goals for that post-work life. People started thinking, “Well, if I can’t retire anytime soon, I might as well live in a place I love!” Today, flexibility and the ability to work from home rank right up there with health benefits and salary. We’ve all realized the importance of family and connectedness. Living in a place where you have a great environment, amenities and the ability to enjoy your free time and your family is paramount. Now, post COVID, not only is where you
Inside Northside
live an important factor, but people are finding that their homes need to be useful for a variety of purposes and functions that were not necessary before. Home gyms, home offices, guest quarters, outdoor kitchens and improved family entertaining spaces are some of the amenities that are becoming essential. Many are purchasing second homes that allow them to get away but still be in the comfort of a private residence. First and second homes are becoming gathering places for multigenerational families, and low interest rates are encouraging people, even those in their 30s and 40s, to take the plunge on a vacation property! There are large migrations from states with high income and property taxes to states with more friendly policies for business owners and older Americans. Another migration trend that has been good for us in the South is people relocating from
photo courtesy: MONEY HILL
Choosing Your Next Chapter
