As aging adults move into their golden years, having a comfortable and safe home where they can be active, social, healthy, and enjoy life becomes more and more important. And a great deal of these factors depend on where a senior lives. When choosing whether to move into a senior living community or age in place, many choose the latter.
It should not surprise you that 75 percent of older adults plan to live in their current homes for the rest of their lives, according to the 2015 United States of Aging Survey, a joint project of the National Association of Area Agencies on Aging, the National Council on Aging, and UnitedHealthCare. But is that the smartest move for everyone?
In fact, tens of thousands of seniors make another choice. According to the U.S. Bureau of the Census, slightly more than 5 percent of the 65+ population occupy nursing homes, congregate care, assisted living, and independent senior living.
Everyday I hear from residents who say, “I wish I would have moved into my community years ago!” What they did not realize during the early years of retirement is what they would save by moving into a senior living community.
Here are some simple considerations to make when determining where to spend your retirement years. After all, they are supposed to be the most relaxing and fun years of your life, right?
1. Save on home expenses.
Gone are the years of having a mortgage-free retirement. More than 70 percent of homeowners ages 50 to 64 were still paying their mortgages in 2010, according toU.S. News & World Report. That means less of the money you saved over the years is going toward golf and more of it is spent paying off your home. On top of that, you can add in the day-to-day expenses of owning a home.
Property taxes, utilities, and homeowners insurance can add up to more than $6,000 per year for homeowners, which does not include the laundry list of renovations your home may require as you age, including reducing stairs, widening doorways, and eliminating fall hazards.
When seniors move into senior living communities, these expenses are virtually wiped away. Yes, you will pay for living arrangements, but every other maintenance expense, like lawn care, home maintenance, adding safety-rails to bathrooms, and more is taken care of by the retirement community.
For the complete list by Jamison Gosselin of Holiday Retirement, please click here!