“Aging-in-Place”

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Plan Ahead If You Wish To Stay In Your Home

According to the U.S. Census Bureau, by 2030, over 70 million Americans will be age 65 or older, representing more than 20% of the population. As Americans age and begin making financial and emotional preparations for a comfortable retirement, a potentially vexing concern lies with living arrangements.

Staying in one’s home is a common objective, but one that is often not easily realized.  Most homes – fewer than 1% according to some credible estimates – are properly equipped to address the challenges of an aging population.  Many impediments may exist such as mobility hurdles caused by stairs and doors, potentially unsafe bathroom fixtures, and difficult kitchen logistics.  These and other physical obstacles can compromise the ability to safely stay in one’s home.

 

 

What Factors Should I Consider?

Stay at home options are rapidly growing to accommodate increased demand. $1 billion is being invested in 2019 alone in “aging-in-place” technologies according to 4Gen Ventures, double the level of three years ago.  There can be very real benefits to remaining in the comforts of one’s home.  Broadly speaking, individuals who “age-in-place” tend to:

  • Spend less money for their living arrangements and care;
  • Find it easier to maintain family, friends and social networks;
  • Have a better quality of life and a more optimistic outlook;
  • Maintain greater cognitive function for longer

Living arrangements are a very personal decision and there is no one right or wrong answer.  But for those wishing to age-in-place, planning ahead with prudent reflection and thoughtful foresight is critical.

 

Our Recommendations

The likelihood of staying in your home for as long as possible demands a willingness to address a number of important questions well in advance of having to make a decision.  We urge clients to think about their personal wishes and speak with family and/or advisors.

  • Have you thought about the stress that not having a plan could cause your loved ones?
  • Have you done a safety/aging assessment of your home?
  • Have you considered your likely future healthcare needs?
  • Should you consider scenarios outside of the home?
  • Have you evaluated a caring giving/nursing home option with a parent or grandparent?
  • What services, such as meal delivery or preparation, cleaning or additional household support may be needed?

For additional insight and perspective, we also suggest visiting www.aginginplace.com                               

How can we help you?  Please contact:
Jim O’Neil, Managing Director, 617-338-0700 x775
privateclient@appletonpartners.com
www.appletonpartners.com

 

This commentary reflects the opinions of Appleton Partners based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation. Views regarding the economy, securities markets or other specialized areas, like all predictors of future events, cannot be guaranteed to be accurate and may result in economic loss to the investor. While the Adviser believes the outside data sources cited to be credible, it has not independently verified the correctness of any of their inputs or calculations and, therefore, does not warranty the accuracy of any third-party sources or information.  Specific securities identified and described may or may not be held in portfolios managed by the Adviser and do not represent all of the securities purchased, sold, or recommended for advisory clients. The reader should not assume that investments in the securities identified and discussed are, were or will be profitable. Any securities identified were selected for illustrative purposes only, as a vehicle for demonstrating investment analysis and decision making. Investment process, strategies, philosophies, allocations, performance composition, target characteristics and other parameters are current as of the date indicated and are subject to change without prior notice. Registration with the SEC should not be construed as an endorsement or an indicator of investment skill acumen or experience. Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal.

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