The AARP membership letter arrived in the mail, you receive numerous invitations to “Plan Your Retirement Seminars”, and Medicare Supplemental Insurance plans haunt you. But you don’t feel that old until you look in the mirror or try to run up the stairs multiple times to retrieve forgotten items. Now is the time to plan for your future living options before it is too late.
You might physically be able to take care of the yard today but what is going to happen in the future? Several concerns need to be addressed when deciding on living options as you age. Physical safety and financial security top the list. Also take into consideration the proximity of family, doctors, and friends. We all want to stay as independent as possible so we need to consider the following:
- Is it feasible to remain in your current home? Is your home all on one level with easy access? Or are extensive renovations such as front entry ramps, bath bars, wider halls and doorways, zero entry showers or sit- in tubs required? Renovations can be quite expensive as well as messy and frustrating to live through. Making renovations still doesn’t answer the question of who continues to maintain the house and yard. You must also consider whether asking family or hiring help will become both financially and emotionally overwhelming for all involved.
2. Consider purchasing or renting a barrier- free home. If your home requires extensive costly renovations maybe it is time to make a move. Purchasing or renting a barrier-free home or apartment may allow for aging in place more independently. Choosing a location near family and friends or in a senior living community can help to alleviate loneliness, isolation, and depression.
3. Buy or build a granny pod or a multi generational home with family. Home plans are available with separate wings for privacy. Another option if there is enough space is to build a granny pod in the backyard that allows for easy access. Some families buy duplexes/ side by side homes so they can continue to care for each other. These types of living situations can benefit both the older generation and the younger ones; especially those with younger grandchildren.
The decision to age independently in place requires planning. Be sure to involve a trusted financial adviser as well as your family when planning for your future.
If you are interested in learning about your home’s value, the selling process, and/or finding a new property, please reach out to me.