Start with a budget
Creating a budget and assessing your financial needs should be the first step in planning for aging in place. A budget will help you determine how much money is needed each month to cover all expenses, from housing and food to medical bills and social activities. This will give you an idea of what kind of income you’ll need each month and if it’s feasible for you to age in place.
Create a Financial Plan that includes Money for Home Modifications Aging in place requires careful financial planning to ensure that you have enough resources to support your lifestyle throughout your later years. You may need to adjust your budget to accommodate the costs of any modifications you may need to make around your home, as well as for increased health costs or any other unexpected expenses.
Planning and Preparation are key to Aging in Place Aging in place is a great way for seniors to maintain their independence and control over their lives. However, there are many financial considerations that must be well-thought-out when planning for the future. With the right planning and preparation, seniors can make aging in place a reality.
Financial Coaches/Consultants or a Financial Planner
If you don’t have a budget or plan in place, it is never too late to create one. Financial counseling and coaches are available to help you put a plan together if your income is smaller. If you have a more robust budget but no plan, contact a financial planner who specializes in working with older adults. Look for consultants and planners who are fee based and talk with them to make sure you feel comfortable working with them. Getting a budget and plan together can help bring peace of mind and a strategy to create an aging in place plan to fruition. Don’t wait until something happens and you are left scrambling to pull a plan together. This almost always results in costing you more money than it may need to.