Staying Put: The Financial Costs Of Aging In Place
Staying Put: The Financial Costs Of Aging In Place
October 23, 2019
The data are quite clear: most of us would rather grow older in our own homes than move to a facility or move in with family members. But the reality is that the home in which you raised your family or to which you downsized may not accommodate your changing needs as aging takes its toll. Whether it’s your knees, your balance, your mobility or some other problem, a safe and accessible environment is critical if you want to age in place- and that costs money. For examples of some of the broad issues to consider when deciding to safely age in place, hold onto your grab bar and read here and check out the agebuzz helpful resources on aging in place here.
And a recently released study from Harvard shines a light on this housing problem: While the number of older homeowners keeps rising, so, too, does the cost of maintaining and retro-fitting the home- and more and more of us can’t afford that. The gap is growing ever-wider between those who can afford to age-in-place and those who cannot. As a recent article in Kaiser Health News makes clear: “Aging in place is a major financial commitment, one that may be at odds with retirees’ plans to downsize their lives and budgets and squirrel away cash in anticipation of rising health care costs.”
For those of you who do have the financial means, the results of a retro-fit can be quite amazing, both visually and functionally. A recent piece in The Washington Post highlights the major interior renovations that can work to widen doorways, create more accessibility in bathrooms and enhance lighting and other essential aspects, turning an ordinary house on the outside into a sanctuary for growing older inside. For one example (and some great photos) of what can be achieved, put your architect on speed-dial and click here.