Planning for Retirement Starts at Home in Ann Arbor
December 18th, 2012
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
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
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.
To talk with an attorney concerning your Retirement needs for estate planning, visit www.elderlawannarbor.com.
Reference: Bloomberg (November 29, 2012) “Remodeling as