You are among the majority if your ideal senior life includes the desire to stay in your home. About 90% of Americans want to remain in their homes as they grow older.
It sounds like a goal that most people can achieve, but perhaps you have not considered all the possible expenses of aging in place. When you factor in these potential costs, you might understand the value of advance long-term care planning.
Health care expenses
Although you may be fit and lead a healthy lifestyle, you will likely need increasing medical care as you age. Some age-related conditions (examples below) can strike even the fittest individual.
- Dementia
- Neck and back pain
- Pulmonary conditions
- Osteoarthritis/osteoporosis
- Vision and hearing problems
Health maintenance is costly, but it allows you to take preventive steps and get early treatment if a medical condition develops.
Residential expenses
Those who own their homes outright do not have the burden of monthly mortgage obligations. However, it still costs money to remain in your home. You must pay your property taxes, insurance premiums and possibly homeowners’ association (HOA) dues as well as upkeep, cleaning and general maintenance expenses.
If you should need renovations in the home like ramp installation, non-slip flooring and bathroom grab bar installation, your residential expenses will likely soar.
Whether you are still young or approaching your golden years, you have the power to preserve your future independence and security while still having something to leave to your loved ones after you’re gone. An ideal way to start is by becoming familiar with New Jersey estate planning law and its many components.
If you are already a senior citizen, it is not too late to learn more about planning for possible adversity as you continue aging. The steps you take right now can increase your chances of being able to remain in your own home.