The True Cost of Aging in Place: How Much Money You Really Need
The Challenges of Aging in Place for Seniors: Costs and Considerations
The trend of seniors choosing to “age in place” is on the rise, with 77% of adults 50 and older expressing a desire to remain in their current homes, according to AARP. However, while this option may seem appealing for many, it can also come with its challenges.
According to Samara Scheckler, a research associate at Harvard University’s Joint Center for Housing Studies, 70% of seniors will require some form of assistance to be able to age in place successfully. This assistance can range from help with daily activities to more advanced care, with the average cost of a home-care aide being $27 an hour.
Additionally, the cost of in-home care is on the rise, with Genworth’s Cost of Care report showing a 12.5% increase in the annual median cost of a home health aide to $61,776. Homemaker services, which include tasks like cooking and cleaning, have also seen a 10.64% increase to an annual median cost of $59,488.
In addition to care costs, seniors may also need to consider supplemental home costs such as modifications to their homes to enhance mobility. MarketWatch reported that when factoring in the cost of care along with housing expenses, only 14% of single individuals aged 75 and older will be able to afford a daily visit.
As more seniors express a desire to age in place, it is important for individuals to carefully consider the financial implications and necessary support systems to make this choice a viable option.
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