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Can You Afford to Age in Place?

June 7, 2023 - 2 MINUTE READ

According to the 2022 National Poll on Healthy Aging from the institute for Healthcare Policy and Innovation at the University of Michigan, most adults ages 50 to 80 say it’s important to stay in their homes as long as they can. Staying in your home is a big decision and you must consider the costs such as home maintenance, renovations, and caregiving. Medicare may cover some of these costs if you meet certain requirements, but most will be out of pocket.

 

Staying in your home usually means making modifications so you and your family can live in it safely. Bathrooms, bedrooms, and kitchens are the top places where these adjustments usually need to be made. These remodels can be expensive and is best to shop around for the best quote available. This is also assuming you own your home and are not renting. In that situation, you’d want to find out if your landlord would be amenable to making these changes.

 

In addition to making your home safer, you still have regular home maintenance to consider like the lawn, kitchen to clean, and regular upkeep. These costs can add up quickly as well if you are outsourcing that work in your retirement years. Owning a home also means things will break and you may need to hire a handyman or plumber to fix those problems.

 

In-home care may also be needed as you age for activities such as bathing or getting dressed or cooking and grocery shopping. According to the 2021 Cost of Care Survey from Genworth, a home health aide averages around $27 an hour. 5 hours a day would add up to around $4,000 a month. Medicare may cover some of these costs but not all, especially if you need extended companion care. There are many local resources available to help those in need and these local agencies can assist in finding services needed.

Sources:

1https://www.fidelity.com/insights/retirement/affording-aging-in-place

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