Home Equity. People who own single family homes can accumulate a great amount of added value ("equity") in their homes over the years. If a home in a certain community is worth, say, $250,000, it might be possible to buy a smaller retirement home either in the same community or elsewhere for considerably less. The difference goes toward funding the retirement.

Retirement communities are found all over the country, particularly in the South and West. Retirement residences and apartment complexes operate much the same way. These are planned developments with special services for older people. Often the central community association will take care of home repair and maintenance, mowing the lawns and doing other chores retired people wish to avoid. The communities will have recreation areas, social organizations and a supportive atmosphere. Their codes can be rigid, however, and many retired people prefer to live in regular communities, closer to their families.

Retirement Locations. When choosing a part of the country to retire in, it pays to actually visit the areas you have in mind before making any firm commitments. Any retirement community, mobile home park or other development can be made to look good in a brochure. Dozens of books are available--both general and about retirement--which list or review the best places to live or retire in America.

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