Approximately nine out of ten adults over the age of 50 say they would like to stay at home in retirement, and some geriatric specialists believe that doing so can help seniors stay mentally and physically fit. 1
However, preparing to “age in place” is more difficult than it appears. You’ll want to think about how you’ll pay for age-related modifications like getting in and out of the shower or navigating hallways and entrances if you require a wheelchair. 2
You’ll also have to factor in the expense of carers, which can be significantly more than the cost of living in a senior community where this cost is shared. While preparing for retirement might be fun and exciting, planning for old age is not. However, it’s even more critical that you have a plan in place in case of incapacity, such as a stroke, memory loss, or even the death of a spouse. We all want to look after one other as we become older, but it isn’t always possible. It’s a good idea to start thinking about how (and if) you’ll be able to age in place by the time you’re 65. 3
Recognize that, while you may begin your retirement as an active retiree, you will eventually find yourself slowing down. When you can no longer swing a golf club or play tennis, it’s critical to prepare ahead and have a plan for activities that will keep your mind and body active. In fact, beginning these more sedentary pursuits while you’re still active will make them more enticing later on.
Having a local support network of friends and family is one of the advantages of remaining put. If you’re aging alone, you’ll have people accessible to assist you out and give social and emotional support as you become older. Your house provides a lot of regularity and familiarity, which is very helpful when your memory starts to deteriorate. Finally, as you become older, it’s a good idea to stick with your current medical providers.
Living at home may be tough and isolated if you have mobility difficulties. Many of your basic requirements, such as maintenance and meal preparation, would be met if you consider moving into a senior community. But, maybe more crucially, you will be surrounded by individuals with whom you can interact. When you’re 70, this may not seem like a benefit, but it might be crucial when you’re 90.
Content prepared by Kara Stefan Communications.
1 Rachel Hartman. U.S. News & World Report. Oct. 13, 2021. “Costs to Consider When Aging in Place.” https://money.usnews.com/money/retirement/aging/articles/costs-to-consider-when-aging-in-place. Accessed Nov. 15, 2021.
2 Justin Goldman. Renofi. July 26, 2021. “Aging in Place: Home Improvements for Seniors.” https://www.renofi.com/guides/home-improvements-aging-in-place/?utm_campaign=14568944577&utm_source=google&utm_medium=cpc&utm_content=548390077120&utm_term=aging%20in%20place&gclid=CjwKCAiAp8iMBhAqEiwAJb94zx7dlE43CWmQFKKc-rlE5rvFGeidAeHUlUTEwVtjCEomFi9whGqdWBoC2cUQAvD_BwE. Accessed Nov. 15, 2021.
4 Acts Retirement-Life Communities. Nov. 11, 2019. “Pros and Cons of Aging in Place.” https://www.actsretirement.org/latest-retirement-news/blog/2019/11/11/pros-and-cons-of-aging-in-place/. Accessed Nov. 15, 2021.
5 Cathy Dyson. Culpeper Star Exponent. Nov. 13, 2021. “‘Helping field’ of caregivers particularly hard hit by staff shortages.” https://starexponent.com/news/helping-field-of-caregivers-particularly-hard-hit-by-staff-shortages/article_147a750d-b6f6-5b67-a140-f1a39b8d07d4.html. Accessed Nov. 19, 2021.
6 Amy Fontinelle. Investopedia. Sept. 5, 2021. “Staying at Home vs. Moving to a Retirement Community.” https://www.investopedia.com/staying-at-home-vs-moving-to-a-retirement-community-5089910. Accessed Nov. 15, 2021.