These days, preparing for retirement doesnâ€™t just mean stabilizingyour finances, preparing your estate, or securing affordable health insurance.For many, planning for retirement means making in-home renovations for a moreaccommodating lifestyle.
As a recent article in Bloomberg highlights, assistedliving costs are on the rise. Consequently, many individuals nearing retirementare opting to renovate their homes to avoid increased assisted-care costs. Ifyou are heading towards retirement, it is vital to your financial health andthe stability of your estate that you consider â€œRemodeling asRetirement Planning.â€ Substantially remodeling your home to further accommodate anaging body may cost a pretty-penny up front, but it may pale in comparison tothe yearly cost of a nursing home.
According to a MetLife Mature Market Institute study, the USNational Average for yearly nursing home costs is just over $75,000.Accordingly, a relatively simple $10,000 renovation to your home might provideyou with extra years of independent living, and save you thousands in assistedliving costs along the way.
Even though many renovations come with a lofty pricetag, some can be as simple as removing area rugs to reduce the risk oftripping. If youâ€™re interested in renovating your home, consider consulting thisrecent Bloomberg article for a fewretirement-friendly renovation tips and tricks.
Idaho Estate Planning is part of theSenior Resource Network of Idaho, a non-profit network of elder careprofessionals and providers. Let us know your concerns and we will help you find the resourcesyou need. Remember, good planning is no accident.