How Much Should You Spend on Aging in Place?
Aging in place—the idea of staying in your own home as you grow older—offers both independence and comfort. But while the idea sounds appealing, the financial reality of making it happen can be more complicated than many anticipate. From home modifications to in-home care, there are a variety of costs to consider and plan carefully. Let’s break down the key costs associated with aging in place, and how you can manage them to stay on track with your financial goals.
Home Modifications: Preparing Your Home for the Long Term
As you get older, your home needs to be safe and easy to navigate. If you’re noticing that everyday tasks, such as walking up stairs or stepping into the bathtub, are becoming more difficult, now is the time to think about home modifications.
Key Modifications to Consider:
Stairs and entryways: If you have trouble with stairs or walking, adding ramps or installing a stairlift can improve safety and mobility.
Bathroom updates: Consider a walk-in shower, grab bars, or a raised toilet seat to reduce risks.
Wider doorways: If you use a walker or wheelchair, widening doorways can make it easier to move around.
These updates could cost anywhere from a few hundred to a few thousand dollars, but they’re far less expensive than medical bills from accidents caused by unsafe living conditions. Fortunately, there are financing options such as home improvement loans and grants specifically for seniors, and some modifications may even be tax deductible.
Financial Tip: Look into financing options early to avoid unexpected financial strain. Research grants, loans, and tax benefits to help cover the cost.
Home Maintenance: Planning for Ongoing Costs
As you age, maintaining a home becomes more difficult. If you’ve lived in a large house for years, you might find that tasks such as mowing the lawn, cleaning gutters, or even managing repairs are becoming overwhelming. At some point, you’ll likely need help with these tasks.
Maintenance Tasks to Plan For:
Lawn and yard care: Lawn mowing, snow shoveling, and landscaping
Routine repairs: Plumbing issues, fixing appliances, roof repairs
Cleaning services: Regular cleaning to keep the home tidy and safe
For many older homeowners, these costs add up quickly. The expense of hiring help for even basic upkeep can reach thousands of dollars annually, depending on your location and the services you need. Planning for these ongoing expenses now can help prevent surprises down the line.
Financial Tip: Set up a dedicated maintenance fund specifically for these types of expenses. This allows you to manage regular costs without tapping into your retirement savings.
In-Home Care Costs: How to Prepare for Assistance
As time passes, most people will need some help with daily activities, whether it’s preparing meals, managing medications, or getting dressed. These costs can add up quickly, so it’s important to plan for them in advance.
Types of Care to Consider:
Personal care aides: These professionals assist with daily tasks such as bathing, dressing, and meal preparation. They usually charge an hourly rate.
Skilled nursing care: If you need more specialized medical help, such as physical therapy or medication management, a nurse may be required. This is generally more expensive than personal care aides.
The cost of hiring an aide for even a few hours a day can run into thousands of dollars per month, depending on your location and the level of care needed. If you don’t already have long-term care insurance, now is the time to consider it to offset these future expenses.
Financial Tip: Check whether your health insurance covers any part of in-home care, or if Medicaid is an option in your state. And if you don’t already have long-term care insurance, look into options that might suit your needs.
Financial Sustainability: Making Sure You Can Cover the Costs
Aging in place requires long-term financial planning to ensure that you can cover all these costs without depleting your savings. You may need to explore different strategies for funding your home modifications, maintenance, and care needs.
Options to Consider:
Downsizing: If your current home is large or costly to maintain, selling it and moving to a smaller, more affordable property can free up cash.
Long-term care insurance: This can help cover the cost of in-home care, helping protect your savings when your care needs increase.
Financial Tip: Downsizing is a significant financial decision. Speak with a financial advisor to fully understand its long-term implications before moving forward.
When Aging in Place Becomes Too Costly
At some point, you may find that the costs of aging in place—or the physical demands of maintaining your home—become too great. If your care needs increase or home maintenance becomes too difficult, it’s time to reassess whether staying in your home is still the best choice.
For example, you might start with part-time in-home care, but as your needs grow, you may find that full-time care is necessary. The costs of full-time care and maintaining your home could exceed your budget, making other options, such as assisted living, more appealing.
Financial Tip: Regularly reassess your needs and expenses. If aging in place becomes unmanageable, consider speaking with a financial advisor to explore other options, such as transitioning to assisted living, before you reach a crisis point.
Plan for the Long Term
Aging in place is a great goal for many, but it requires thoughtful financial planning. From home modifications to in-home care and regular maintenance, understanding the full scope of the costs involved will help you set realistic expectations. By budgeting carefully, exploring financial options, and reassessing your needs periodically, you can ensure that aging in place remains a viable option that allows you to live comfortably in your own home for as long as possible.
FAQs About Aging in Place
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Aging in place means staying in your own home as you get older rather than moving into assisted living. While it provides independence and comfort, it also comes with costs like home modifications, maintenance, and in-home care. A Glastonbury-based wealth advisor such as Atlantic Wealth Advisors can help you plan ahead so these expenses don’t deplete your retirement savings.
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Costs range from a few hundred dollars for simple updates like grab bars to several thousand for stairlifts, bathroom remodels, or wider doorways. Atlantic Wealth Advisors helps Connecticut residents plan realistically for these expenses while exploring financing, tax deductions, and senior-specific grants.
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Tasks like lawn care, snow removal, and home repairs can add up to thousands per year. Setting up a dedicated maintenance fund and working with a Glastonbury wealth advisor ensures these recurring costs fit into your retirement budget without financial strain.
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In-home care varies widely: personal care aides charge hourly rates, while skilled nursing care is more expensive. Even part-time help can cost thousands per month. Atlantic Wealth Advisors can guide you through options like long-term care insurance, savings strategies, and health coverage to manage these expenses
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For some, selling a larger home and moving into a smaller, more manageable property frees up equity and reduces maintenance costs. Because downsizing is a major financial decision, a Glastonbury wealth advisor can help you weigh the pros and cons for your situation.
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Regularly reviewing your income, savings, and care expenses is key. If costs begin to exceed your budget, it may be time to reassess options like assisted living. Atlantic Wealth Advisors offers financial reviews to help determine if aging in place remains realistic for your long-term goals.
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We create personalized strategies that cover home modifications, ongoing maintenance, and long-term care. Using tools like long-term care insurance, income planning, and tax-efficient withdrawals, Atlantic Wealth Advisors helps protect your retirement savings while supporting your goal to remain in your home.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2025 FMG Suite.
