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Retiring? Time for an Upgrade.

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Downsizing one’s home at the onset of retirement has been fairly common practice amongst American homeowners, but according to a study by Merrill Lynch, and as reported by Realtor Mag, this may no longer be the case. Many are instead choosing to enjoy their retirement and upgrade their housing situation. In fact, 65 percent of retirees recently surveyed say they’re currently living in the best home of they’re lives, states Realtor Mag.

The study found that 64 percent of retirees are likely to move at least once during retirement. For retirees who do move, only half have downsized, and many are moving into larger homes, according to the study. Realtor Mag reports that over the next 10 years, the number of age 65-plus households in the U.S. is expected to bloom by nearly 11 million.

In addition to simply wanting to live more lavishly, 16 percent of those surveyed said they have a child who has moved back in with them – further advocating the desire for larger homes.

Realtor Mag goes on to state that for those retirees who did downsize, the majority said their top reasons for choosing a smaller home was to have greater freedom from financial and maintenance burdens.