Thrive In Place Blog

Financial advisors offer assistance to individuals who choose to age in place

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?]'"

Independa's Integrated CloudCare Solution can be an important component of an older adult's plan to age in place. These individuals can continue to live independently, but access the support and social interaction they need through reminders about important tasks and easy communication with family and friends, all through a familiar device – the television. No training is needed and setup takes just minutes. Contact us through our online form to schedule a demo. 

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    Kelly Miles, Director of Rec Therapy
  • You don’t need to keep calling me now to remind me, my TV just told me to take my medication!

    93 Year Old Independa User
  • I love that Dad can get digital photos now. He didn’t want a Facebook account so the only time he would see any photos was when we came over to visit and we’d show him on our iPhone. Now he gets them himself on the TV all the time, and when people come to visit him he proudly shows them his photo album on the TV.

    USA Properties
  • I’ve been using video chat and it has opened up my world – my family who live close by still visit once a week, but now I get to see them every day. I also get to see the rest of the family who live interstate and can’t come to visit. I also video chat with old friends who I haven’t seen for years. It has made such a big difference to my life, I don’t feel isolated anymore. I highly recommend this to other people; it really does change your life.

    USA Properties
  • I live in California, my 80 year-old dad lives in Texas and my 21 year-old daughter lives in Colorado. My daughter spends all her time on social media using her smart phone, whereas my dad spends all his time watching TV, he doesn’t understand social media and doesn’t have a smart phone. Independa is great because not only does it bring us closer despite the geographical distance between us, it bridges the gap between the generations because it uses the technology they are most comfortable with.

    USA Properties
  • We use the video chat feature in the resident’s TV to get the entire circle of care together at once; we will have the nurse and the physical therapist in the room with the resident, and we will then video call their family. That way everyone who is involved in their care gets the same message at the same time and can ask questions while we are present so there is no confusion. One time when we were working with a deaf resident, we were able to arrange for her daughter to sign via video chat and translate what we were saying and the questions her mother had; it made such a huge difference.

    Wellbridge at Brighton
  • My dad was on the Honor Flight to DC today. An amazing trip for a veteran. I was able to meet him at the Korean War Memorial. He is a Korean War veteran. I was able to send pictures of the entire experience to my mom at home throughout the day. Mom was thrilled, and when my dad gets home he has all the pictures from his trip on his TV and can even play a slideshow. Amazing!!! Thank you!

    Kendal At Home
  • Video chat on the TV is great! I was using FaceTime on my iPad to see the grandkids and I thought that was the greatest thing, but seeing them all on the big TV is truly incredible, it’s like they are in the room with me. I love it!

    USA Properties
  • When Lillian broke her hip a week before her Grandson’s wedding, she and the family were broken hearted because they thought she would have to miss this very special day. Thankfully, she had chosen Wellbridge of Brighton for her short-term rehab. “I’m going to my Grandson’s wedding” she proudly told the staff as she received the video call through her TV and was instantly ‘seated’ in the front row for the ceremony!

    Wellbridge of Brighton
  • I travel a lot for work. I used to worry myself sick about not being able to be there if Mom needed me. She says the smartphone I got her is too small, too complicated, and hard to see, but she loves using Independa. Now she can see all her shows and we can video chat so I can make sure she’s taking her medicine. It’s such a relief to check in anytime and know she’s OK.

    Laura P.