An AARP survey found that more than 80 percent of us want to stay in our homes as we grow old. And as boomers go, so goes the remodeling industry.
These days, preparing for retirement doesn’t just mean stabilizing your finances, preparing your estate, or securing affordable health insurance. For many, planning for retirement means making in-home renovations for a more accommodating lifestyle.
As a recent article in Bloomberg highlights, assisted living costs are on the rise. Consequently, many individuals nearing retirement are opting to renovate their homes to avoid increased assisted-care costs. If you are heading towards retirement, it is vital to your financial health and the stability of your estate that you consider “Remodeling as Retirement Planning.” Substantially remodeling your home to further accommodate an aging body may cost a pretty-penny up front, but it may pale in comparison to the yearly cost of a nursing home.
According to a MetLife Mature Market Institute study, the US National Average for yearly nursing home costs is just over $75,000. Accordingly, a relatively simple $10,000 renovation to your home might provide you with extra years of independent living, and save you thousands in assisted living costs along the way.
Even though many renovations come with a lofty price tag, some can be as simple as removing area rugs to reduce the risk of tripping. If you’re interested in renovating your home, consider consulting this recent Bloomberg article for a few retirement-friendly renovation tips and tricks.
Reference: Bloomberg (November 29, 2012) “Remodeling as Retirement Planning”