Most retirees want to stay in their homes as they age, but the expenses involved may make that goal unrealistic.
While remaining in a family home offers emotional and psychological benefits, the financial burden of modifications, care services and maintenance can quickly add up, straining retirement budgets.
Common expenses associated with aging in place include home modifications such as grab bars, ramps and accessible bathrooms; in-home care services ranging from part-time help to full-time nursing; property taxes and home maintenance; and specialized equipment like mobility aids and medical devices.
Experts recommend that prospective retirees carefully assess both the physical layout of their homes and their financial resources before committing to aging in place. Working with financial advisors and healthcare professionals can help identify potential costs and develop realistic plans.
