Alice B. has lived in the white colonial at the end of Pine Street since she got married 53 years ago. Her kids still stay in their old bedrooms when they come to visit, and her grandchildren love the tire swing at the back of the property as much as their parents did.
Many of Alice’s friends have moved on to warmer climates, smaller homes, and, in some cases, assisted living facilities. But Alice is happy where she is, and she’s able to stay there because she and her late husband did some careful planning years ago.
Staying where you are after you retire may seem like a simple solution, but it actually requires some advanced preparation. If you’re considering aging in place, here are some key factors to consider.
The house that seems affordable when you’re working may not be such a bargain once you’ve retired. You can head off problems by carefully reviewing your post-retirement income from pensions, social security, and investments and comparing that to expenses such as property taxes, utilities, repairs, and maintenance. Remember to budget for things you may not always be able to do for yourself like mowing the lawn and snow removal.
Consider the availability and quality of healthcare services in your current location. Is the nearest hospital a few miles down the road or hours away? Can you get to see your doctor easily? Are there pharmacies nearby? Find out if your community offers free or senior assistance with healthcare transportation. You may not always be able to drive yourself.
Do you have lots of friends nearby? Are you active at church or synagogue? Do you volunteer regularly? Take a hard look at your social network and support system. Make sure you will have friends, family, or community resources available to provide companionship, assistance, and support as needed.
Some communities offer a wealth of recreational and social activities to their residents. Others go dark early and offer relatively little to do. Now’s the time to investigate what your community offers in the way of arts, sports, and entertainment.
Even the most committed do-it-yourselfer doesn’t want to be on a ladder painting at age 85. Think about how much maintenance your home requires now and what it will need in the future. Consider how much it will cost to hire help for household chores, repairs, and upkeep if you can no longer perform these tasks yourself.
Even if you stay in the same house, you may need to make some changes to ensure you can live there safely as you get older. Consider whether your home is safe and accessible for aging in place including mobility challenges, stairways, bathroom modifications, and emergency preparedness.
Some people would be happy to live in the same house all their lives. Others see a move as a chance to have new experiences and new adventures. Think about your emotional attachment to your current home and community. Do you love it so much you can’t imagine leaving, or would you like to try another setting?
Prepare for the possibility of needing extended periods of care in the future. Investigate options such as home care services, assisted living facilities, or continuing care retirement communities available in your area.
Review and update your estate plan to confirm your wishes regarding your home and assets are clearly outlined and legally documented.
Aging in place may be the right choice for you, or it may not. You need to choose the lifestyle that gives you the best chance of happiness. Consider how staying in your current home aligns with your values, goals, and aspirations for retirement.
By carefully considering these factors, you can make an informed decision about whether to stay in your current home or explore other retirement living options that better suit your needs and preferences.
This article is provided for general informational purposes only. Neither New York Life Insurance Company, nor its agents, provides tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
SMRU #6459506 exp. 4/2/2026