Sharing Retirement With A Roommate

October 22, 2020

According to the Harvard University Joint Center for Housing Studies, more than 40% of Americans age 65 or older live by themselves. Retirees like and value independence; at the same time, living solo can mean shouldering the cost of living all alone.

Some retirees choose to live with roommates. The math makes a compelling argument: multiple Social Security incomes, and other sources of income, can be put toward housing, food, and gardening costs, effectively making daily life a bit more affordable. How do you vet potential roommates? You might be wise to only consider friends or people from your social circle. A roommate agreement is also a good idea. These can be found online, and they can help both individuals set and respect financial and personal boundaries and determine the nature of rent payments (automated or not). Both roommates can try the arrangement for a month and see if they like it; if not, then it need not go further.²