Are you – or someone you know – deciding whether to downsize and move or age in your home? This is a huge decision with many considerations.  Most importantly, the “right” decision will vary from person to person, so what is best for one person may not be the same for you. If this is weighing heavily on your mind and heart, please talk with your family, healthcare providers and financial advisors so you have all the information you need about your own personal circumstances in order to make informed decisions.

Our Aging Population

First, I thought you might be interested in a few current demographics regarding our 65+ population.

According to the Population Reference Bureau, the U.S. the over-65 population is on track for to nearly double in size from 52 million in 2018 to 95 million by 2060, an increase from 16% of the general population to about 23%. The age of retirement has fluctuated over the years, but the current trend is for Americans to work longer into their senior years. In 2018, 24% of men and 16% of women age 65 and older were still working. By 2026, those percentages are expected to increase to 26% and 18%, respectively. However, don’t read too much into this because even the experts’ crystal balls are not shiny enough for them to agree on what the future holds for aging Baby Boomers. (Data is from prb.org/aging-unitedstates-fact-sheet/)

Additionally, the increase in divorced seniors, combined with those who have been widowed, has increased significantly. The overall total of those living alone rises with each age group (75 – 84, and 85 and older).

Things to Consider about Where to Age

Let’s explore some of the questions you should ask yourself to choose which option will work best for you now, and going forward. Some of these questions may be difficult for you to answer in the respect that sometimes we do not want to admit that our capabilities have changed as we have aged. Honest, thoughtful answers will help you reach your best decisions.

• Do you have a spouse, partner or companion who lives with you? If so, what is your overall health situation, and theirs? To age in your home, you will want to think about whether you can do that independently (as in, continue to take care of yourselves) or if you already require assistance. How much help do you require? Is the same true for each of you or are there things that can impact your choice?
• Do you have family who may be able to help with some things, or do you require outside help (such as from one of the many home care services)? Sometimes family wants to be helpful, but they cannot be as consistent or involved as you may need and they would like.
• Is someone available in times of emergency? If you are alone, you may want to consider carrying a cell phone with you at all times or having an emergency call medallion. Having a family member or friend available for daily check-ins, even by phone, may be good, too.
• Is your home aging-at-home friendly? Think about how often you negotiate stairs. Are there changes you can make so your living space is more easily accessible? Will it easily accommodate a walker or wheelchair? Do you need to declutter pathways?
• Are you able to drive safely on your own? If you cannot, you will need a means to get to doctors’ appointments, the pharmacy, grocery store, and tend to other needs outside your home. Home delivery and online ordering services could help with this. There are companies that will provide transportation for a fee.
• Social interaction is important at all ages. If you are unable to drive and do not have transportation support, you may begin to feel isolated. Give this careful consideration. A senior community (independent or assisted living) offers a plethora of activities and social interaction, along with meal plans and perhaps some transportation.
• Will your budget support round-the-clock care if you need it? Note, the cost increases depending on your care requirements. Weigh this against the cost of moving to a community, especially before you have those needs, where you would have assistance available 24/7.
• Is your home secure? Are there neighbors around who know you and your needs?
• Is your home larger than you need and can you manage it on your own? As we age, we tend to use less space in our home on a daily basis. You may have noticed this yourself. Can you keep up with home repairs and maintenance, or do you have someone who can assist?
• Are you able to prepare well-balanced meals and keep your home tidy? Do you enjoy cooking for yourself? While there are many services that will deliver ingredients regularly, you still have to prepare the meals. Your health is a huge factor in your independence, so healthy meals are a must. Do you enjoy eating alone or would you prefer to dine with friends?
• Are you able to manage medications for yourself or do you require assistance? It is important that you do not miss required dosages.

What’s Next?

Do you worry that you may be a burden to your family? This is often an unspoken concern. Your family wants the best for you and is hopefully willing and able to work with you to achieve that. Open lines of communication are important. Say what you think and feel and give them a chance to verbalize their concerns as well. Once your loved ones know you are healthy, safe and happy, they will worry less, and so will you.

Do you know your options? There are many. Determine which are best for you and your individual situation. The list above is not exhaustive, but it will help you consider your needs and options.

Feel welcome to contact us for referrals to experienced professionals who can advise you.