Many individuals who are at or approaching retirement age are choosing to grow old in their own homes and communities rather than a nursing home or assisted living facility. In order to be able to do this, however, it is necessary to plan for and budget the expenses that are unique to aging in place.
MarketWatch reports that a growing number of financial planners are adjusting their strategies with their clients in order to ensue that they have enough funds to retire in the manner that they choose.
Here are a few factors that these financial professionals say that retirees should consider:
Cash flow
As early as possible, anyone who plans to age in place will need to ensure that their monthly cash flow will exceed expenses. This means maximizing income from tax-deferred retirement accounts and Social Security.
Health care
Medical expenses can become so high that maintaining a home can become almost impossible. Longer life expectancies may also increase the necessity of a part-time or full-time caregiver. These issues will need to be addressed far in advance.
Home accessibility
Remodeling may be one of the largest expenses that older adults face. In an interview with the source, Dan Bawden, a Texas-based contractor, said that some of his clients are initially hesitant to change their homes or invest large sums in renovations.
"What I tell the clients who are looking at [the cost] and are balking at it, I ask: 'Do you know what it costs in your area for one year of assisted living or a nursing home?'" Bawden said. "'Which is better, living in the home you love and paying the $70,000 once [or paying for the alternative?]'"
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