Age, health and home

Aging in Place: Growing Older at Home

Share this:

The U.S. population continues to age, with the baby boomer generation now the largest retirement age generation ever. By 2035, one in three heads of households will be someone age 65 and older. The American population will have one in five people age 65 or older, an increase of 30 million people over the next thirty years. Not all people in this group have recovered from The Great Recession, leaving them with lower incomes and homeownership rates than previous generations. As our population ages, the demand for affordable housing connected to accessible services will continue to increase, and many will find their own homes the only affordable option. 

90% of homeowners approaching retirement plan to “age in place” in their own homes, according to a 2018 survey by AARP. Although survey respondents say they plan to stay in their own homes, only half think they’ll be able to stay until the end of their lives. Other findings include:

  • 36% plan to modify their homes to enable them to age in place
  • Bathrooms and entryways are the most likely modifications
  • 32% were willing to share their home with others to stay, 29% said they were not.

Aging in place takes planning

While you never know what your needs may be as you age, the first step is thinking about what help you may need in the future. Do you have health issues now, or does your partner? Will there be a progression of your illness over time requiring special care or modification of your home? Health problems can make it hard for someone to care for themselves as they age.

You can get almost any type of care at home-but at a cost. Check into home health care in your area and include health care costs (including long term care) in your financial planning. Health care is one of the highest expenses in retirement, especially as health issues arise. On a broader definition, aging in place means living independently in a home that is right for your needs. That definition may mean down-sizing to a smaller home, living in an assisted living facility, or a long-term care facility. Aging seniors may choose to live near or with family members. Common concerns of aging seniors include:

  • Personal care
  • Household chores
  • Money management
  • Meals
  • Healthcare
  • Getting around/transportation
  • Staying active and maintaining friendships

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.

More
Articles