Johns Hopkins University's Center for Innovative Care and Legg Mason recently issued a study titled "Aging and It's Financial Implications: Planning for Housing.

Kathleen Pritchard, Managing Director with Legg Mason, talks with host Roger Whitney about the importance of planning ahead for housing during retirement.

Retiring Baby Boomers Will Have Major Implications to Housing Demand

* 10,000 baby boomers will turn age 65 each day for the next 19 years

* Between 2010-2030 77% of housing demand will be driven by those over age 65

* There may be a "great housing glut" as baby boomers transition into retirement

* Boomers will demand different types of housing than they have in the past

* Most baby boomers want to age in place but may have to transition in later years of retirement

There are Three Typical Phases During Retirement

The:

* Go Go Years--when you are healthy and active (60s & 70s)

* Slow Go Years--when you slow down due to health issues (70s & 80s)

* No Go Years--the late retirement years (80s & beyond)

By planning ahead for each of these phases, you can make smarter financial decisons and maintain control over your lifestyle choices.

Retiring Baby Boomers Will Have Major Implications to Housing Demand

* 10,000 baby boomers will turn age 65 each day for the next 19 years

* Between 2010-2030 77% of housing demand will be driven by those over age 65

* There may be a "great housing glut" as baby boomers transition into retirement

* Boomers will demand different types of housing than they have in the past

* Most baby boomers want to age in place but may have to transition in later years of retirement

There are five basic housing options for retirees:

* Aging in place (Home Safety Assessment)

* 55+ independent living communities (Due Diligence Worksheet)

* Continued care retirement communities (CCRCs) (Due Diligence Worksheet)

* Assisted living facilities (Due Diligence Worksheet)

* Skilled nursing facilities (Due Diligence Worksheet)

Where Do You Want to Live During Retirement?  Tell me here.