For many of us, home is a haven of comfort and familiarity. It’s where we’ve celebrated milestones, created memories, and gathered with those we love. Not surprising, then, is the fact that most older adults want to stay in their home for as long as possible. In a recent poll, 88% of people between ages 50 and 80 said they wish to age in place. Older adults must make sure they have enough resources to support their needs now and years down the road! Below are some things to think about if you plan to age at home.
The Design of Your House: One of the first steps to growing older at home is deciding whether your current dwelling can meet your needs. Consider the following:
• Safety: Does your home pose any health and/or safety hazards? Issues like steep stairs, poor lighting, and broken handrails can increase your falls risk. Living in a high-crime neighborhood could make it unsafe to walk the block or spend time outside.
• Community: Social connection is important as we age. Do you have close family or friends nearby who will visit? Is there a senior center in your area that offers programs and activities for older adults? If you do not drive, do you have easy access to public transportation?
• Adaptability: Physical limitations may arise as you age. If you have two floors but can no longer use the stairs, are there a bedroom and full bathroom on the main floor? If you one day need to use a wheelchair or scooter, can you afford the modifications to accommodate it? According to Retirement Living, the average cost of a ramp installation is $1,110.
• Size: A larger house and/or yard usually means more upkeep and expense. Does your home make sense for the current size of your household? Can you afford to pay for ongoing maintenance services like lawn mowing, driveway plowing, and gutter cleaning?
Additional Help You May Need: The need for more hands-on help can increase as we age. And while some of that support can come from willing friends, family, and neighbors, you may need to hire professional help for some tasks. These tasks include: 1) Money management/paying bills, 2) Housekeeping/laundry, 3) Meal preparation or meal delivery, 4) Help with activities of daily living (ADLs) such as eating, bathing, dressing, toileting, and grooming, 5) Shopping assistance (for food and other essentials), 6) Landscaping services, 7) Home repair services, 8) Transportation, 9) In-home nursing care, 9) Medication, 10) management, & 11) Companionship!
Some types of support may be covered by your health care plan or available through community-based organizations. Other services you’ll have to pay for out of your own pocket—and paid help doesn’t always come cheap. For example, Genworth’s 2021 Cost of Care Survey noted that the median monthly cost of adult day services was $1,690, while a home health aide came with a price tag of $5,148 per month. It’s vital to make sure you have the social and financial resources to get the support you need.
Even if you think you have healthy retirement savings, the expenses of aging in place can make them dwindle quickly. Take a close look at your finances—income, savings, and any investments—before deciding to stay in your home. Tally up your monthly costs, including any debt payments. If you have low income, you may qualify for benefits programs that can help you pay for health care, groceries, medications, and even property taxes. For more information visit How Can I Age in My Own Home? Article courtesy of NCOA!