Only half of 65+ say they’ve had frank talk with loved ones about how to meet their future needs
Almost 90% of Americans aged 65 and older live in their own homes. Almost 80% want to continue. That’s not news—anyone familiar with SuperAging knows that “Aging in place” is a big desirable.
But can it be achieved? What are the needs? What are the costs? Who will pay? What is the role of family members—particularly, adult children—in providing help?
These are the questions dealt with in a must-read report in The Wall Street Journal.
The report points out that “only about half of adults 65 and older say they have had serious conversations with loved ones about future needs—who will help take care of them and how they will pay for it—according to a recent survey by KFF, a health-research nonprofit.”
The report quotes Ken Dychtwald, 74, co-founder of Age Wave, a consulting firm specializing in age-related issues: “Frank discussions with our kids can be unnerving. We talked about vacations and hopes and dreams for their lives. We need to have the same discussions about what to do when we get older.”
One good example is in-home care, which, the article points out, “can be more expensive than people think and generally isn’t covered by Medicare.”
“More expensive” is putting it mildly. According to the article, the median national cost for round-the-clock in-home care is about $24,000 per month. Many families will need long-term care insurance, tapping into home equity, or some combination of both. The home equity is there—the article quotes a Harvard study showing that 60% of homeowners aged 65 to 79 are mortgage free on their primary homes—but how and when to utilize ad requires careful financial planning.
It may also impact the next generation. Ronna Lichtenberg, 73, owner of the social media platform Granny Ronna, 73, “told her adult stepchildren that she and her husband were financially stable but handling their own expenses meant less wealth to pass on. ‘That Money will go to take care of us. If you want an inheritance, speak up now,’ she recalls saying. None did. ‘I just forced the conversations once I realized how hard they are.’”
There are other expenses that need looking at, and at the same time require some expert advice. We’ve reported on them previously here, here and here.
Home modification is one example: “Less than half of adults ages 65 to 79 lived in single-floor homes with a no-step entry, according to a 2023 Harvard University study. Steps can be a hazard. One-fourth of Americans 65 and older fall each year. Home elevators are an option but can cost between $20,000 and $100,000.”
Smart home Technology is rapidly advancing, and gives security both to the older adults aging in place and to their adult kids who may live far away. But again, costs can be a factor and it’s best to have those adult kids be part of the conversation. There are professional consultants who will come in and do “aging in place” audits to recommend changes. We report often -on smart home technology—for example, here and here — precisely because it’s moving so quickly and there’s so much to keep up with.
Bottom line: aging in place can be an exciting, liberating idea. And the fact that there are now so many products and services that can enable it is also exciting. But it does require some no-nonsense honesty as well as expert advice.
