How does the cost of senior living compare to the cost of aging in place?
How do the financial pieces stack up?
Aging isn’t cheap, especially when you factor in everything from healthcare to living arrangements. In particular, many families don’t think they can afford senior living communities.As it turns out, however, aging in place (a person who lives in a residence of choice) comes with its own set of financial challenges many of which are unknown and therefore left out of the planning process.
The aging in place quandary
Many older people imagine themselves gracefully growing older in their family homes with everything staying the same around them. Unfortunately, this is usually a misguided vision. As people age, their circumstances invariably change – everything from deteriorating health to the loss of nearby friends and neighbors can quickly turn a pleasant fantasy into a stark reality.The expenses associated with these unexpected changes can be staggering. Not only that, but age-related declines in mobility, strength, and energy can make everyday tasks either unsafe or impossible.
Other challenges associated with aging in place include purchasing and preparing nutritious food, safety and security, and transportation. Managing each of these comes at a cost — one that may grow, as your aging loved one’s abilities decline.
While there are resources for getting help around the house, including mobile apps and digital marketplaces for finding service professionals, hiring help introduces a new set of costs, whether at a monthly or hourly rate. For retirees who need more significant help, engaging a professional homemaker may be necessary, but keep in mind that the average monthly cost of a homemaker is $3,994.
The senior living alternative
The upfront expenses associated with senior housing can initially seem cost-prohibitive. However, when you factor in the hidden costs of aging in place, as well as the many advantages of senior living, the picture can start to look very different.
From eliminating driving- and home maintenance-related stresses to ensuring that seniors are eating right and having plenty of opportunities for socialization, these expenses are built into the price tag. Many families even report improved family relationships when aging loved ones move into senior living communities — a priceless benefit.
Perhaps one of the biggest impediments to realizing the upsides — financial and other — of senior living is the lingering stigma associated with it. But the truth is that today’s retirement communities are very different than those of the past.
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