As one ages, questions arise whether you should continue living at home or consider other options. The greatest part about this decision is that you can make that selection themselves if the assets, health, and the desire to choose are there.
But deciding on where you will settle when you retire and planning for such can be difficult for many. Let’s find out how to do just that.
Where is home for you?
First of all, deciding where your home is or will be is integral. The golden years can be about significant change or about continuing comfortably where you already reside. The options will vary from retiree to retiree, so will finances, health, and personal preferences.
- Current home
- Another home or rental
- Assisted living community
- Independent living community
- Memory care or special care unit (SCU)
- Living with adult children
When making this decision, you need to consider where you could be happiest, if you are capable of caring for yourself or require help, and most importantly, what home means to you. If you know they can financially and situationally make your preferential option work, the decision can be even easier. The key is to identify the desires and do the best you can to work it out based on health and financial ability. Many things are possible, and you'll have several options if you plan ahead!
Retiring in place
For retirees who plan to stay at home during their golden years, there are many reasons why you would choose this option. Staying at home can provide the independence, privacy, and comfort that other living situations may not provide. For many, being at home as long as they can is an accomplishment. Meanwhile, it can be difficult to find a trustworthy, quality assisted or living community most suitable for both your wants and needs.
Continuing to live at home is a privilege, and having the freedom to choose to do so is something to be grateful for. However, like any other residential option, finances need to be in order to accommodate staying at home as do other considerations including health and ability.
Making the appropriate adjustments
One reason current homeowners feel that staying at home may not be for them is that they consider their house to be too spacious or too expensive.
However, according to one study, three out of four retirees would be willing to downsize their current home if it meant paying lower costs. About 70 percent of individuals responded that they’d be okay with moving to a cheaper location. Then approximately half of the retirees claimed they would be willing to sell their home for a smaller rental option.
Another reason some may not feel home is the best option is that it may be difficult to navigate around safety based on disabilities or setbacks the retiree may have. With that said, making any accommodations from lower kitchen cabinets to wider doorways at home may be necessary.
If your current living arrangement is too expensive, but you meet the above criteria in terms of being willing to downsize, move, rent instead, or make accommodations to your current home, staying at home may be a great option for you. Being flexible to both your financial situation and health is key to being independent in your own living arrangement.
Planning for the future
If you want to be in charge of deciding where you will reside during your golden years, there’s still more to consider. Making a legal plan is essential in terms of deciding who your assets will go to – including your property – or delegating decision-making powers to a trusted family member if you are unable to do so yourself.
Without an adequate plan in place, how can you be sure your belongings will go where you want them to go and that your family will be cared for if something happens to you?
Our staff at Idaho Estate Planning can assist you with creating or revising your plan for retirement. Contact us today for more information.