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.
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Reference: Bloomberg (November 29, 2012) “Remodeling as Retirement Planning”