As we grow older, we start to need different things from our homes. Safety and comfort become bigger considerations and, for those with a fixed retirement income, so does money. This means that many seniors are faced with an important choice: Should they make modifications to their current home, downsize to a smaller place, or move to an assisted living facility? To help you make this decision, we have compiled a handy comparison guide for these three options.
Aging in Place
According to a survey by the AARP, three in four seniors would prefer to stay put in their current homes. While this is a viable option for many people, the vast majority of American homes are not safe for an older adult. Many modifications may be needed, such as installing chair-lifts, switching to non-slip flooring, installing grab bars in bathrooms, and adding more lighting.
Technology is also catching up, with several smart home innovations allowing seniors to age in place safely. These include things such as health monitoring systems, motion-sensor lights, and smart doorbells for enhanced security.
Cost: According to Retirement Living, most renovations cost under $10,000. However, there are notable exceptions. Bigger jobs like widening doorways, installing stairlifts, remodeling the bathroom, and adjusting kitchen countertops all regularly can cost closer to $20,000.
Pros: You get to stay in a home you know and love, and don’t have to deal with the hassle of finding a new place and organizing a move.
Cons: Depending on what needs to be done, this can be a fairly expensive option. Big family houses are also harder and more expensive to maintain, which can be hazardous for seniors.
Downsizing
Downsizing to a smaller, more accessible households many benefits for seniors. It’s a way to simplify your life and adjust your environment to your needs — it is said seniors spend 80 percent of their lives in 20 percent of their homes. If you do decide to move, remember to focus on the location as well as the house itself.
Whether you stay in your neighborhood, head somewhere warmer, or move closer to family, it’s important to choose somewhere that fits all your social, practical, and leisure needs. Have a city in mind? Niche is a great website for finding retiree-friendly neighborhoods.
Cost: On average, downsizers sell a home for $270,000 and buy another for $250,000. When you take into consideration moving costs and potential renovations, you don’t end up with much of a profit. However, the savings on things like bills and maintenance can really add up in the long run. Of course, you will definitely save more if you move to a cheaper area.
Pros: A simpler and more comfortable lifestyle; potential savings; the opportunity to move somewhere with better weather or closer to family.
Cons: Downsizing means getting rid of most of your stuff, which can be emotionally and logistically difficult. You may also not end up saving as much as you’d expect, especially at first.
Assisted Living
Assisted living gets a bad rep, but most facilities are pleasant, social spaces that provide support for seniors while still giving them independence. The key, of course, is to find these facilities — the ones that genuinely care about their residents’ happiness and well-being. In order to do this, look for reviews online and visit several facilities before choosing.
Cost: In New Jersey, assisted living costs $5,725 per month on average. The actual cost will depend on the facilities, the size of the room, and the services provided.
Pros: Ideal for seniors with extra support needs who still want some independence. It also provides plenty of opportunities for socialization.
Cons: Many seniors struggle with the idea of assisted living, and it is not always easy to distinguish a good facility from a bad one. It can also be expensive in the long run.
The sooner you start thinking about this, the better. The decision is not going to get easier, and you don’t want to be forced into making it by circumstance. Remember: The more proactive you are about this, the more you can enjoy your golden years in comfort and safety.
Harry Cline | info@newcaregiver.org
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