Sample Aging-in-Place Projects and Associated Costs1
| Project |
Description |
Average Cost |
Amount Needed?
(Ex:
3-bath home) |
Your Cost |
| 16-foot ramp |
A permanent ramp that allows you to enter your home using a walker or wheelchair |
$1,600-$3,200 |
|
|
| Grab bars |
Place grab bars at entry points to the shower and beside the toilet |
$140 for three grab bars |
|
|
| Door widening |
Widen doorways to at least 34 inches to accommodate a walker or wheelchair |
$700 per doorway |
|
|
| Chair lift |
Allows access to upper levels with a chair lift |
$3,000-$12,000 |
|
|
| Full bathroom remodel |
Complete remodel, including flooring, toilet, sink, faucets, and shower |
$3,000-$35,000 |
|
|
| Curbless shower |
Creates a barrier-free shower for walking or wheeling into |
$5,000-$6,000 |
|
|
| Changing faucets to those with lever handles |
Makes it easier for those with arthritis to turn on and off the water |
$400 each |
|
|
| Installing handrails on either side of steps |
Assists in safely navigating stairs |
$100 per linear foot |
|
|
| Installing anti-slip ADA approved American Olean bathroom flooring |
Prevents slips and falls in the bathroom |
$1,300 |
|
|
| Ceiling lift |
Assists in moving from wheelchair to bed or other seating for those with mobility issues |
$1,500-$5,000 |
|
|
Walk-in tub
|
Makes bathtubs accessible for those with mobility problems |
$5,000-$10,000 |
|
|
| Raising or lowering countertops and cabinets |
Makes the kitchen more accessible for those who have trouble bending or those who need a wheelchair |
$15,000-$20,000 |
|
|
Based on the sample projects and costs above, tally up the total cost of modifying your home. For comparison’s sake, consider this a one-time fee. ____________________
Next, consider your monthly budget as it stands now. Don’t forget to average out quarterly expenses, such as exterminators or landscapers, to get the full sense of your expenditures.
Calculate Your Monthly Budget to Age in Place
| Expense |
Cost |
| Rent/mortgage (including HOA fees, if applicable) |
|
| Homeowner’s insurance |
|
| Property taxes |
|
| Home maintenance/repairs |
|
| Landscaping/property maintenance |
|
| Utilities |
|
| - Electricity |
|
| - Water |
|
| - Gas/Oil |
|
| - Cable/internet/phone |
|
| - Sewer |
|
| - Trash removal |
|
| Health insurance |
|
| Housekeeping/laundry assistance |
|
| Home aides and/or other health or in-home assistance |
|
| Groceries |
|
| Entertainment (dining out, movies, museums, shopping, etc.) |
|
| Activity fees (gym memberships, swim clubs, etc.) |
|
| Subscriptions such as Netflix, Spotify, etc. |
|
| Car loan/lease payments |
|
| Auto insurance, gasoline, maintenance/repairs |
|
| Public transportation or ride-hailing services if no longer driving |
|
| Pets: food, veterinary care, grooming/board |
|
| Alimony |
|
| Miscellaneous expenses |
|
Total Monthly Expenses _____________________
The Costs of Moving Out
To estimate the costs of relocating, start by researching and identifying communities that appeal to your lifestyle and tastes. Then visit each community to get a feel for the culture and ask questions, such as which utilities and services are included in your rent. Once you’ve got your short list, you can get down to comparing the nitty gritty details.
Calculate Your Monthly Budget in an Assisted Living or Retirement Community
| Expense |
Location #1 |
Location #2 |
| One-time “move-in” fee (compare this to the cost of home modifications required to age in place) |
|
|
| Rent/mortgage (including HOA fees, if applicable) |
|
|
| Homeowner’s insurance |
|
|
| Property taxes |
|
|
| Home maintenance/repairs |
|
|
| Landscaping/property maintenance |
|
|
| Utilities |
|
|
| - Electricity |
|
|
| - Water |
|
|
| - Gas/Oil |
|
|
| - Cable/internet/phone |
|
|
| - Sewer |
|
|
| - Trash removal |
|
|
| Health insurance |
|
|
| Housekeeping/laundry assistance |
|
|
| Home aides and/or other health or in-home assistance |
|
|
| Groceries |
|
|
| Entertainment (dining out, movies, museums, shopping, etc.) |
|
|
| Activity fees (gym memberships, swim clubs, etc.) |
|
|
| Subscriptions such as Netflix, Spotify, etc. |
|
|
| Car loan/lease payments |
|
|
| Auto insurance, gasoline, maintenance/repairs |
|
|
| Public transportation or ride-hailing services if no longer driving |
|
|
| Pets: food, veterinary care, grooming/board |
|
|
| Alimony |
|
|
| Miscellaneous expenses |
|
|
Total Monthly Expenses ____________________ _____________________
The Costs That Most Don’t Think About
Now that you have a sense of the financial impact of staying at home or relocating, what nonfinancial costs should you consider? Part of what makes it so difficult to decide where you’ll live in retirement is weighing out abstract factors that don’t have clearly assigned values.
For example, living alone can be isolating, and in some cases it can even be unsafe. But relocating to a retirement or assisted living community often has the stigma of giving up your independence. The following questions help you weigh nonfinancial aspects such as these and prioritize what’s most important to you.
Social Costs: How Would Relocating Impact…
| |
Better |
Worse |
| Your proximity to family and friends? |
|
|
| The size of your daily social circle? |
|
|
| Your access to your daily activities and the places where you recreate and congregate (favorite coffee shop, restaurant, shops, clubs, place of worship, etc.)? |
|
|
| The stress levels of family caregivers? |
|
|
Health Costs: How Would Relocating Change…
| |
Better |
Worse |
| Your physical activity level? |
|
|
| Your ability/amount of effort needed to seek healthcare? |
|
|
| Your overall safety? |
|
|
| Your confidence and stress levels? |
|
|
If either option is financially feasible, the ultimate question to ask yourself is this: Where will I have the best quality of life in retirement? The answer likely won’t be black and white, and you’ll need to discuss this with your loved ones to decide what will work best for you.
If aging in place is the right fit for you, proactively address home modifications that can improve your safety. Falls can be serious, and even small changes in your home can make a big difference in preventing these common injuries.
On the other hand, if moving to a retirement or assisted-living community makes more sense, start the process by getting your name on waiting lists for any of your top choices. Often, due to high demand, there are waiting lists for apartments, which could prevent you from getting into your top choice as quickly as you hope.
Next, include your financial advisor in your plans. He or she can help you weigh your budget, assets, and income for either scenario, and can also walk you through any insurance or programs that could aid your financial situation, such as long-term care insurance.
Finally, it’s important to remember there’s no cookie-cutter way to decide where to live in retirement. However, using this worksheet as a starting point can get you thinking and help make the process less overwhelming.
