It’s not surprising that 75% of Americans age 50 and older want to remain in their homes as long as possible. After all, retiring in place is a thoughtful way of aging that lets you stay in the dwelling you love, surrounded by the memories and community that mean the most to you.
But just like a favorite jacket that needs tailoring to ensure a perfect fit as time passes, your home likely needs some alterations to keep you comfortable and secure through your golden years. Here’s how to decide if retiring in place is a good option, and what steps you can take now to ensure a smooth transition.
Is Retiring in Place Right for You?
Not everyone is a perfect candidate for retiring in place, and that’s OK. This decision takes some honest thinking about your personal situation, health and finances.
- Personal considerations: Do you feel a deep connection to your current home and neighborhood that you’re not ready to leave behind? Are you surrounded by a supportive network of friends and family who live close by? Can you realistically see yourself managing home maintenance and upkeep as you grow older?
- Health factors: If you have ongoing health concerns or expect mobility challenges, you’ll need to plan carefully. Talking with your doctor can help you understand if staying in your home is a good option.
- Money matters: Retiring in place isn’t just an emotional decision—it’s a financial one, too. You’ll need to budget for home changes, possible in-home care and ongoing maintenance.
Tips To Make Your Home Retirement Ready
Home modifications aren’t one-size-fits-all. Your approach will depend on where you live and your specific needs. If you live in the Sunbelt, for example, you might prioritize cooling and heat-resistant improvements, such as upgrading your AC unit, installing ceiling fans, putting up new blinds or adding a canopy to provide shade. Those in colder regions, however, would be wise to pay extra attention to heating efficiency and winter accessibility, such as adding railings and anti-slip tape to avoid slipping on icy stairs and walkways.
Other safety-first home changes include:
- Installing grab bars in bathrooms
- Replacing slippery floors with nonslip surfaces
- Improving lighting to reduce fall risks
- Considering a stair lift or first-floor bedroom if necessary
Smart home technology, such as voice-controlled security/medical alert systems, window shades, lights, speakers and thermostats can also be game changers when it comes to creating a safe and comfortable home as you age.
Financial Planning for Retiring in Place
Financial preparation is key—and the earlier you create a realistic budget and start saving, the better. Take a close look at your projected retirement income, and draft a budget with enough breathing room to adapt it as needed.
Make sure to account for all expenses in retirement, including the costs involved with retiring in place: maintenance, taxes, mortgage payments (unless you expect to pay off your home loan before retirement), modifications and home care. To get a sense of what improvements your property might need, do a comprehensive home safety check. And don’t forget to investigate long-term care insurance options—these can be a financial lifesaver, helping you cover unexpected healthcare or home care expenses down the road. Note that there may also be federal or state assistance for some of these expenses. The Eldercare Locator, a public service of the Administration for Community Living, is a good resource for information.
Health and Wellness Considerations
Retiring in place isn’t about slowing down—it’s about staying vibrant and engaged. To that end, try to find healthcare providers who understand your goals for aging independently and focus on maintaining wellness rather than simply treating illness. Take advantage of telehealth services if you are in a remote area or have mobility issues.
Your social life is equally important, especially since isolation can be a real risk for seniors. Local community centers offer a wealth of activities, from exercise classes to educational workshops. Volunteer opportunities not only help your community, but also provide a sense of purpose and social interaction. Consider exploring hobby groups that align with your interests, whether they’re gardening clubs, book discussions or art classes.
Building Your Support System
In addition to family, neighbors and friends, local services are often overlooked treasures. Many communities offer transportation assistance, meal delivery and support groups specifically designed for seniors. Don’t be shy about exploring what’s available—these programs exist to help you maintain your independence and quality of life.
For those times when you need extra help, consider occasional in-home assistance. Whether it’s help with heavy cleaning, yard work or personal care, professional in-home services can bridge gaps and help you continue living comfortably in your own space.
Legal and Estate Planning
It’s important to let your loved ones know your intention to age in place, and to make the necessary legal arrangements for that to continue if your physical or mental health deteriorates. This is where estate planning is essential.
A living will outlines your medical preferences in situations where you are incapacitated or unable to make decisions, and a power of attorney designates a trusted person to make financial and medical decisions on your behalf. Some types of trusts can also be helpful. For example, an irrevocable living trust may protect your property and other assets from being seized to pay for medical costs, without impacting Medicaid eligibility.
Home Sweet Home
Retiring in place isn’t about clinging to the past—it’s about thoughtfully designing your future. Start your preparations early, involve trusted advisers and loved ones in your planning, and approach each decision with both your head and your heart. With these tips and a positive outlook, your home can continue to be your safe haven for your golden years—and a launchpad for new experiences.
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