Aging in Place: How to Make Good Choices

“Aging in the wrong place for many years can lead to poor financial outcomes…”

In the coming decade, it is expected that the population of those over age 65 will grow by 17 million.  Approximately 1 in 5 Americans will be age 65+ by the year 2030, according to a recent press release from the United States Census Bureau. 

Unfortunately, notes the post, “most homes are not equipped to handle the needs of adults” who may experience difficulties with activities like climbing stairs, living alone, and bathing and dressing themselves.

In fact, not only are many homes ill-equipped to meet the needs of aging people, they might even present safety risks.  Bathrooms, steps, and stairways are among the most dangerous places: “more than a quarter of all households with an adult age 65 or older reported trouble using some feature of the home,” says the Census Bureau.

“American Seniors Prefer to “Age in Place”—But What’s the Right Place?” asks the Urban Institute. 

Here, learn that those wanting to age in place need to not only afford their accommodations, but their home “should also maximize physical, social, and emotional well-being.” 

Some financial concerns include retrofitting the home for safety features like grab bars, ramps, or lifts. 

House size, too, drives many costs and “must also be optimized.”  Many older people live in 3-bedroom houses that point to a “mismatch between the size/maintenance requirements for the home and the needs of the inhabitants,” although this does not indicate a need to downsize as newer, smaller homes may prove more costly.

Instead, homeowners in this situation need to consider and meet multiple needs, like:

·         Finding the right home at the correct price—including maintenance costs

·         Access to medical care

·         Availability of social programs

·         Good transportation options, and

·         Proximity to friends and family

In short, “aging in the wrong place for many years can lead to poor financial outcomes relative to moving…earlier in retirement.”

Further questions consumers might like to ask themselves about buying a new home at age 60 or better are posed by Nolo, an internet resource for legal information.  They suggest people consider:

·         Do I really want to buy a home now, and why?  (Vacation home, downsize, income property?) It may be that consumers are unsure of their motivations.

·         How long will I stay in the home?  The rule of thumb is that anything under five years “could wipe out home appreciation.”  Is renting a better option?

·         Where should I buy, depending on how long I’ll stay?  Again, consider potential for home appreciation.

·         What kind of home should I buy?  Perhaps a condo or townhouse makes more sense with potential for fewer maintenance costs.

It is important that seniors make good housing choices for both financial and safety reasons; asking the right questions will help aging consumers find the right answers.

Post authored by Lora Bray.

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