The Most Popular Choices For Senior Housing
Housing is a major component of your budget at any age. Perhaps, when you applied to rent an apartment when you were young, the rental office told you that your monthly income needed to be at least three times the rent in order to qualify. Even people who own their own houses spend about a third of their income on mortgage payments. If you visit an estate planning lawyer while you are in the throes of paying your home mortgage while also trying to save enough money to ease your children’s transition into financial independence, your lawyer will probably try to cheer you up by reassuring you that your housing costs will be lower after you retire. You will have some housing costs, though, and how much they will be will depend on which housing option you choose. Your choice will depend, in part, on your health and your financial means, but a Washington DC estate planning lawyer can help you hope for the best while preparing for the worst.
Aging in Place or Moving to a Group of Tiny Homes Built Just for Like-Minded Seniors
The only way to be finished paying for housing when you still have many years of life ahead of you is to own a house unencumbered by a mortgage. The best ways to do this are simply to stay in your empty nest after you have paid off the mortgage, also known as aging in place, or to sell your house and move to a smaller, less expensive one in a retirement community. Aging in place is an attractive option because you get to stay near the neighbors and neighborhood hangouts that you have known for decades. As your mobility needs change, you may need to install handrails on the walls of the rooms of your house and replace the front steps with a ramp, but these additions and renovations are not very expensive. Moving to a senior living community is also a wise move, financially, because the houses there tend to be less expensive than the suburban McMansion or urban condominium you are moving from, which means that you will be able to spend part of the proceeds of the sale of your empty nest on your senior tiny home and keep the rest in the bank for necessities, fun, or generosity.
Planning for Long-Term Care Without Knowing What Kind of Care You Will Need
No matter how healthy and optimistic you are, you should always include long-term nursing care in your financial plans. If you age in place or move to a senior living community, you may still need to pay for home health aide services. Residence in an assisted living facility costs about as much as renting an apartment, but long-term care insurance makes the cost of assisted living much more affordable.
Contact Us About Housing Decisions After Retirement
An estate planning lawyer can help you explore your options for housing during your golden years. Contact Tobin, O’Connor & Ewing today.