Retirement is a big stage in life that, unfortunately, many people simply aren’t prepared for. Even simple decisions, like where you want to live and how you want to fill your days now that you aren’t working, are entirely up in the air. Yes, there’s always time to figure it out later, but having a firm plan in mind has one key advantage – it helps you budget for the life you want.
Many find after they retire that their pension just simply isn’t enough to support themselves. If you own your own home, however, you have many options ahead of you – including the option to age in place. Aging in place is a great way to enjoy your best lifestyle in the place you call home, and it can be accomplished by following this guide:
What is Aging in Place?
Aging in place, quite simply, means remaining in your home throughout your retirement rather than being relocated to a retirement home or assisted living facility. It lets you maintain your independence, preserve your sense of familiarity, and enjoy the comfort of your own surroundings. Aging in place is a proactive approach to retirement, allowing you to create an environment that supports your changing needs and preferences while maintaining connections with your community.
What are the Benefits of Aging in Place?
Choosing aging in place as your retirement strategy can be a wise decision as it empowers you to age gracefully on your own terms while still maintaining control over your daily routines and decision-making processes. Staying in the comfort of your own home can have a positive impact on your emotional well-being, providing a sense of security and comfort during this important phase of your life. Moreover, aging in place enables you to stay connected with your social network, friends, and neighbors, which is crucial for maintaining a fulfilling and active lifestyle.
How Can You Age in Place?
To successfully age in place, several considerations and actions are necessary
· Extract Home Equity
Instead of selling your home, consider unlocking the equity through a reverse mortgage or a home equity loan. When you access home equity, you can take out the cash you need to enjoy a fulfilling lifestyle in your home without having to move out of your family home. This can provide you with additional financial resources to support your retirement lifestyle.
· Update Your Property to Make It Accessible
Assess your home’s accessibility and make necessary modifications to accommodate your changing needs. This may include installing handrails, widening doorways, or adding ramps. Take advantage of government grants or programs that offer financial assistance for home modifications.
· Take Advantage of Any Free Perks in Your City
Many cities offer free or discounted services for seniors, such as public transportation or access to recreational facilities. Research the available resources in your area to make the most of these perks and enhance your retirement experience.
· Plan to Have a Carer Come to You
Finally, put plans in place (or at least a bookmark in your budget) to have a carer come to take care of you in your own home. This is perfect for those with advanced healthcare needs who want to age in place. By having and budgeting for someone to come and care for you for a few hours a day or week, you can remain as independent as possible.