When most people think about planning for retirement, their minds immediately go to 401(k)s, IRAs, and social security benefits. Financial planning is undeniably essential, but there’s another crucial element of retirement preparation that is often overlooked: planning to age in place.
Aging in place refers to living in your own home safely, independently, and comfortably as you grow older. While many of us dream of staying in our homes for as long as possible, few take the necessary steps to ensure it is a realistic and safe option. Just as you work with a financial planner to secure your financial future, you should consider completing a home safety assessment by a Certified Aging-in-Place Specialist (CAPS) to ensure your home is equipped to meet your needs as you age.
Why Aging in Place Matters
The desire to age in place is widespread. According to the AARP, nearly 77% of adults over 50 want to remain in their homes for the long term. However, the reality of aging in place can be challenging without proactive planning. Common barriers include:
- Homes that are not designed for mobility or accessibility.
- Safety hazards like stairs, narrow doorways, or slippery floors.
- Lack of preparation for future health or mobility changes.
Without the right modifications, what once felt like a cozy, comfortable home can quickly become a source of stress or even danger.
The Role of a CAPS Specialist
A CAPS specialist is trained to assess and modify homes to meet the evolving needs of aging residents. They can help you:
- Identify Risks: Evaluate your home for potential hazards, such as poor lighting, steep stairs, or insufficient bathroom safety features.
- Recommend Modifications: Suggest practical changes like adding grab bars, widening doorways, or installing a zero-entry shower.
- Future-Proof Your Home: Plan for potential health changes by considering upgrades like adjustable countertops or a bedroom on the main floor.
By working with a CAPS specialist, you can ensure your home supports your independence while reducing the likelihood of accidents or injuries.
Aging in Place vs. Assisted Living Costs
One of the biggest arguments in favor of aging in place is the potential cost savings. Assisted living facilities can be expensive, with monthly fees often ranging from $4,000 to $8,000 or more. In contrast, making home modifications is typically a one-time investment that can pay dividends over time, both financially and in terms of quality of life.
Integrating Aging in Place Into Your Retirement Plan
Here are some steps to start planning:
- Assess Your Current Home: Think about your home’s layout and whether it will meet your needs as you age.
- Consult Experts: Work with a specialist to develop a plan for home modifications.
- Budget Accordingly: Include these potential costs in your overall retirement budget, just as you would for healthcare or travel.
- Act Early: Don’t wait until a health crisis forces change. Proactive planning gives you more control and options.
A Holistic Approach to Retirement
Planning for retirement isn’t just about money. It’s about ensuring you can live the life you’ve envisioned for yourself. By incorporating aging in place into your strategy, you can take a comprehensive approach that prioritizes safety, independence, and peace of mind.
So as you meet with your financial advisor to discuss your portfolio, consider completing a home assessment as well. Your future self will thank you.