Acting legend Glenn Close, 77, says she prefers to live in ‘modest’ $699K 3-bedroom Montana home — likes to ‘see the mountains’ and ‘say hi to neighbors.’ 3 things American seniors can learn

1. Less space buys you more financial flexibility

In 2011, nearly 11.2 million older American households were cost-burdened, according to the Joint Center for Housing Studies of Harvard University.

Cost burden means you spend more than 30% of your income on housing, including utilities, taxes and insurance. By contrast, owning a home well below what you can afford allows you the flexibility to do other things with your money.

A 2024 Transamerica survey found that 68% of people dream of traveling in retirement, while 53% look forward to pursuing hobbies. If you keep your housing costs low, you can free up money to enjoy fulfilling experiences.

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2. There’s value in being surrounded by nature

Nature has been associated with improved cognitive function, brain activity, blood pressure, mental health, physical activity and sleep, according to the National Institutes of Health.

The wonderful thing about Close’s setup is that nature is at her doorstep. And that doesn’t have to cost a lot of money. It’s comforting to live in a quiet area as a retiree that gives you easy access to nature.

Data from the Behavioral Risk Factor Surveillance System gathered between 2011 and 2019 found that older adults in particular can benefit from access to green and blue spaces — meaning, areas like parks and forests with natural vegetation, or bodies of water, respectively.

Even if you decide to retire to an urban environment, you may prefer to spend time outdoors. That could mean exploring local parks or joining a hiking club, even if you can afford activities that cost more.

Fidelity found that as of 2024, the typical 65-year-old retiree was planning to spend $165,000 on health care. Being active and spending time outdoors could be more than just a means of living modestly. It could be your ticket to lowering your health care spending.

3. Prioritizing family is worth it

Sometimes it costs more money to retire close to family. But it may be worth living below your means to allow yourself access to the people you care about the most. For Close, part of the draw of Bozeman is being near her siblings.

Transamerica reported that 59% of Americans want to use retirement as an opportunity to spend more time with family and friends.

In addition, Forbes research found that retirees who live near or close to their children are five times more likely to be happier than those who don't.

Younger family members may need to situate themselves in areas where jobs are more plentiful and amenities are more robust. But if you get into the habit of living below your means, you may be able to stay close to your family and cut back on other expenses that don’t bring as much meaning to your life.