Although my work involves helping seniors downsize and relocate, I do receive a lot of questions from seniors who are exploring whether to “age in place” rather than endure the inevitable stress of a move.
Aging in place simply means you’ve chosen to remain in your family home – perhaps making some changes to accommodate physical limitation. People feel comfortable with familiarity, and it provides a sense of independence.
According to AARP, 77% of adults aged 50 and older prefer to stay in their homes.
Samara Scheckler from Harvard’s Joint Center for Housing Studies points out that while many seniors want to remain at home for independence, 70% will need some form of assistance to do it. This assistance ranges from daily activities to more advanced care, often requiring economic resources that may be out of reach.
A recent article looked at how much money seniors really need to age in place.
The cost of in-home care is a significant factor. MarketWatch reports that the average cost of a home-care aide is $27 an hour, and Genworth’s Cost of Care report shows that these costs are on the rise. A home health aide now costs a median of $61,776 annually, while homemaker services cost about $59,488 per year.
Additional Home Modifications
Beyond direct care costs, seniors may need to make modifications to their homes to ensure safety and accessibility. This could include installing ramps, grab bars, or other mobility-enhancing updates, adding to the financial burden.
Financial Reality
Given these expenses, only 14% of single individuals aged 75 and older can afford a daily visit from a caregiver, according to MarketWatch. While the desire to age in place is strong, it’s crucial for seniors and their families to plan and consider all associated costs and necessary modifications.
Aging in place offers comfort and familiarity but requires careful planning and resources to ensure safety and well-being. As this trend grows, it’s essential to address these challenges to help more seniors live independently at home.
>>Read the full article on how much it costs to age in place.
>>Discover how technology is helping more seniors age in place.
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