As we get older we start thinking about where we are going to live out our retirement. Will we move to the beach or the mountain? Possibly move in, or near, our children? Some of the Senior Living Communities are pretty nice!
More and more people are opting to stay in their homes which we call Aging in Place. Choosing to stay in their home and living out their retirement where they have lived all along.
If this is an option you are considering there are several things to ponder as you are making your long-term choices.
This article in The Fiscal Times by Janna Herron explains 5 things you have to do if you are going to spend retirement in your own home.
- Make the necessary changes to your home such as walk-in showers, relocating laundry rooms, and master bedrooms for example. Do this before you need to.
- Consider the cost of home health care.
- Think about tapping into your Home Equity to cover some costs.
- Plan ahead for home maintance costs.
- Make a plan for transportation and health care access