Written By: Anna Carlson

Did you perfectly time your mortgage payoff date to align with your retirement? Or perhaps you’re flush with retirement income and have decided to continue with a mortgage payment? Whatever your case may be, you likely have a well-thought-out plan in place. That plan should – probably does – include the typical homeowner expenses, such as a new HVAC system or replacing a roof down the road. But have you prepared for any other costs that might arise in the future? Especially if you’d rather spend as many years as possible in your home rather than moving to a retirement community or assisted living facility.

The term “aging in place” means you plan to live at home for as long as possible during your golden years. 80 percent of baby boomers plan to age in place…but only about 10% of homes in the U.S. are considered fully accessible.  This includes features such as stair-free entryways, first-floor bedrooms, and first-floor bathrooms with all the accessibility accoutrements installed. Although it may not contribute to the room’s aesthetic, I think we can all agree that those fancy walk-in bathtubs do have a certain appeal. Side note: Can we also all agree that their commercials are stuck in an endless state of cheesiness? But I digress. More than likely, you will have substantial costs when aging in place due to necessary home modifications later on. So, it’s important to create a retirement income strategy that includes these factors along with other potential long-term health care costs. 

According to Grid¹:

• 28 percent of older adults have trouble using some part of their home without assistance.
• One in three adults say they will need to make major repairs or modifications as they or other family members age.
  • 79 percent anticipate bathroom modifications.
  • 70 percent plan to make access modifications at the entrance or inside the home.
  • 60 percent will install a medical emergency response system. 
• These “aging in place” costs aren’t often covered by medical insurers or government programs.
• The region where you live matters:
  • In the mid-Atlantic, just 6% of homes have accessibility features.
  • 14 percent of homes in Arkansas, Louisiana, Oklahoma, and Texas were “aging-ready” based on the area’s home style. 
  • Older homes in the Northeast are typically multi-story. 
• 70 percent of retirees will need some type of long-term care, according to the US Department of Health & Human Services.
  • So, it’s not a sure thing, but chances are, you or your spouse will need long-term or nursing care of some sort. Even if you live a long & healthy life, you still may eventually get to the point where you really can’t live on your own anymore. 
  • The costs vary quite a bit by location, but the median cost of a private room in a nursing home is around $100,000 per year. And as we all know, that number will increase as the years go by.

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How many documents do you still have to sign? If you still need to ink your John Hancock on a regular basis but you hate your signature … calligraphy consultants can help you with a custom-designed signature for as little as $10.  These “signature doctors” can help develop a new signature that fits your style and personality, and provide you with templates and stencils you can practice your new signature. 

This week in history

1601 – The first St. Patrick’s Day Parade took place in St. Augustine, Florida. 

1869 – The Cincinnati Reds become the first professional baseball team. 

1879 – March 14, 1879 is Albert Einstein’s birthday.

1933 (90 years ago) – FDR broadcasts his first “fireside chat” during the Great Depression.

1964 – The Beatles set a new record for advance sales in the US with 2.1 million copies of their single, “Can’t Buy Me Love.”

2008 – Bear Stearns, an 85-year-old investment bank, collapsed and was sold to JP Morgan Chase at $2 per share.

If you have any questions, we’d love to chat! Call us at 844-CARLSON (844-227-5766) today!

¹  Anna Deen. “Baby boomers want to age in place. U.S. houses aren’t designed for them to do that.” Grid, https://www.grid.news/story/economy/2023/03/02/baby-boomers-want-to-age-in-place-us-houses-arent-designed-for-them-to-do-that/. Accessed 03/15/2023.