We’re going to continue this series of videos for folks approaching retirement on important items to have on your “aging checklist.” Today, we are going to discuss housing items.
Here are some thoughts to consider.
- Is your current housing situation suitable for an elderly person? Meaning, are lots of stairs and many different levels.
- Should you downsize? If so, when is the right time to do this?
- Do any changes or modifications need to be made to the house as preparation for aging in place.
- Have plans been made in the event of illness, disability, or death of a spouse?
- Is there money available to pay for those eventualities (e.g. long-term care insurance or savings)?
- Where is the deed to your house?
- And here’s a Planning Tip:Is relocating a consideration? Be sure to carefully consider this decision from both a social and financial planning perspective. Relocating is not a topic frequently discussed by personal finance gurus. It’s tough to uproot and leave family, friends, and a community to which you’ve grown accustomed. In other words, it’s quite an unpopular suggestion. However, some of the largest expenses for families are those associated with where they choose to live. If you really want to lower your expenses, there are few life decisions more impactful than moving to a community with a cheaper cost of living.