How to Age in Place
So many Americans want to age in place, remain in a home they love, and avoid all the trouble of relocating. It may make sense to do some prep work for this commitment. Below are some things to consider for retirement.
Having an easily accessible home can be very important when aging. This may include a single-story layout or relocating rooms to the main floor. Installing chair lifts in stairways, widening doorways, mounting grab bars, or putting non-slip flooring to accommodate lifestyle changes.
A recent study from the Center for Retirement Research at Boston College found that home equity is the largest source of wealth for seniors over the age of 65. Luckily you are able to access the equity in your home using A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage. This mortgage allows seniors to access a portion of their home’s equity to receive funds without having to make monthly mortgage payments. You can use the loan to fund home repairs, pay for medical expenses, supplement retirement income or just to live out your retirement dreams.
Cost of In Home Care
Many seniors prefer to stay in their homes while they age. While this is the ideal situation, home care can be costly and is not always covered by Medicare. On average, the cost for in home care is around $3,900 a month. It is a good idea to have a backup plan if home care is not in your budget.
Home Maintenance Costs
As you age, maintaining your home may become a little more difficult. Hiring someone to help and do repairs here and there can really add up. It will be helpful to budget for these extra costs ahead of time.
Access to Health Care and Transportation
When you plan for aging in place, you want to ensure you have a good system in place to be near quality health care. Also, you want to budget for transportation alternatives; this may include Ubers/ Lyft services for times that it may be needed.