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3 steps that can help you prepare for aging in place

On Behalf of | Dec 9, 2022 | Estate Planning |

If you don’t prepare ahead of time for the experience of growing older, you may end up dependent on other people financially or on a day-to-day basis. It takes considerable advance planning for an adult who is ready for retirement to arrange to age in place in their own home.

The concept has become more popular in recent years, with those in their golden years bringing support to their homes and living where they feel comfortable instead of moving into a cold and impersonal facility. Aging in place can be more cost-effective and can drastically increase your comfort during your golden years.

The three steps below will make it more feasible for you to age in place later in life.

Evaluate your home for safety concerns

There are steps that you can take early in your retirement to adjust your home and drastically reduce your likelihood of suffering an injurious fall in your own home. Installing a walk-in tub, moving bedrooms to the first floor and even making changes to the flooring in your home could help you reduce your chances of falling and ending up in a nursing home as a result.

Tap into your support network

Do your children live in the same town as you? They can play an important role in your safety and comfort later in life, from visiting regularly to helping you tackle certain tasks, like cleaning your gutters, that you should no longer do for yourself.

On the other hand, maybe you belong to a church that can offer support because your children have moved out of the state to pursue their careers. Communicating with those closest to you both emotionally and in terms of distance will help you better determine what kinds of support you will have as your age-related limitations become more obvious.

Make sure your finances are ready

From protecting the home where you want to live from potential creditor collection efforts to reviewing how much you have in retirement savings and establishing a budget, you will need to very carefully look over your finances and start thinking about what resources you will have as you grow older.

Those who fail to plan a budget or to protect assets like their home early in their retirement may eventually find that they have to move anyway because they don’t have the capital necessary to pay taxes and insurance on the property if there is no mortgage.

Thinking about the challenges that may arise as you attempt aging in place can help you better plan for your golden years.