If you’re among the 70% of people, age 50 and over, who have decided to stay in their home when they retire and age in place, the next step is to plan ahead while you’re still working.
Consider Any Future Chronic Conditions
According to the National Council on Aging, nearly 95% of adults age 60 and older have at least one chronic health condition and nearly 80% have two or more. Some chronic health conditions are the result of lifestyle choices while others may run in the family. Take the time to speak with your physician to see if you’re at risk for age-related chronic issues and how it will impact your ability to age in place.
Consider The Type Of Help You May Need As You Age
Let’s face it, as we age we become physically unable to do the things we used to do. It’s important to have a plan in place for household maintenance like housecleaning, yard work, laundry, and other types of chores around the house. Also, think about your ability to drive to medical appointments and the grocery store. In many cases, you can count on family, friends, and neighbors to lend a hand but you may also want to look into community services for the elderly and professionals you can hire to help maintain your independence.
“When you take on these projects in the years leading up to retirement, you can spread out the costs over time without dipping into your TSP nest egg.”
Start Making Your Home Retirement Ready
If you or your spouse may be prone to mobility problems that require a ground-floor bedroom suite or a wheelchair ramp, the sooner you start the required construction projects the better. Also consider replacing doorknobs, kitchen cabinet handles, and faucets with easy-to-grip styles designed for seniors. According to the CDC.gov website, one out of four adults in the U.S. fall each year, and many result in an injury. That’s why it’s important to make your floors and stairways as slip-resistant as possible. Of course, don’t forget to upgrade your bathroom with grab bars and rails in the shower, by the tub, and near the toilet. When you take on these projects in the years leading up to retirement, you can spread out the costs without dipping into your TSP nest egg.
Plan Ahead For When It’s Time To Leave Your Home
At some point, you will have to leave your home due to the realities of the later stages of aging. From assisted living facilities to moving in with one of your kids, when you put a plan in place – sooner rather than later – it makes it easier for your family to help you make the transition.
Source: https://www.nia.nih.gov/health/aging-place/aging-place-growing-older-home
