Three Keys to Aging in Place Successfully

You’ve lived in your home for decades. Perhaps you’ve raised a family there, you’ve got relatives nearby, and you love the area. Now, you are choosing to age in place. If this is your plan, you are not alone. According to a recent survey from Today’s Homeowners, 89% of respondents said they wished to age in place.

Here are a few key factors to aging in place successfully

Adapt your home with renovations and repairs.

When aging in place, some renovations might be needed. Common renovation includes widened doorways, zero-entry showers, baths, or entryways, handrails, flooring, and doorknobs are all things to consider. In some cases when a master bedroom is located on the second floor, there are other adaptions that can be completed as well. Speak with a renovation specialist if you think your home may be in need of some modifications. Start these modifications sooner than later and be prepared for what costs might be associated with these renovations.

Affordability and cash flow.

In retirement, many people live on reduced income and a fixed budget. While most expenses stay relatively the same, some costs like property taxes, groceries, and other expenses may increase. Consider your affordability of all of your expenses and if any additional cash flow might be needed to support yourself and maintaining your property. If there’s a need to have increased cash flow or an emergency fund, consider whether a reverse mortgage might be a good financial tool for your retirement.

Networks and support.

Social support is a vital part of your care, as well as being willing to ask for help when needed. There may be household projects and tasks, as well as daily errands that you’ll need to ask for help. Consider who you might be able to ask for help or assistance – whether it’s having a family member cut your grass or hiring a service to do so. Be sure to also utilize the senior resources at Aging at 5280.

The best preparation is the one you start today. Regardless of your age or health, if your plan is to age in place, consider what steps you should take towards creating the right home environment, ensuring you have the right funds and cash flow, and the networks and support you’ll need.