One of the important pillars of SuperAging—the 7A’s—is Autonomy. And one of the most familiar expressions of this desire is “Aging in place.” This isn’t to say that moving—for an example, to a Retirement community—is an undesirable thing, but a significant number of SuperAgers prefer to stay where they are, and maintain their connections to their friends, community, and health resources.

“Aging in place” is a category of its own, and it’s particularly active right now with a steady stream of new products and services, many driven by AI, designed to make it easier.

Of course, they all cost Money. And precisely because there are so many solutions available now, it no longer makes sense to look at the items piecemeal, as individual costs to be borne (or not) as you go along. It’s more important than ever to have a financial overview, including up-to-date knowledge of where to find the money. There are many options, and if you’re not aware of them all, you may be short-changing yourself and not taking full advantage of the “aging in place” potential.

That’s why we found this article helpful. It provides a good overview of what’s out there, and could serve as a good template for evaluating your own plans.

Most of the report deals with home renovation, which is often the key component of aging in place: “In order to remain in your home as you age without an increased risk of injury, you may need to make home improvements to ensure your home is safe and secure. This may involve adding ramps, handrails, grab bars, and non-slip flooring, along with updating your Security system. You may also want to install a bathroom on the main floor, so you can live primarily on the ground floor, or add an extra bedroom or dwelling unit for a family member or caregiver.”

Financing options

There is a wide range of financing options, including personal loans, home equity loans, and reverse mortgages.There are also opportunities for tax credits, depending on where you reside: “Older adults can deduct the cost of many aging-in-place improvements on their tax returns, and seniors in certain states may be eligible for tax credits and grants… Keep in mind that any home improvements you make for medical purposes are entirely tax deductible if they don’t increase your home’s value. Additionally, a growing number of states offer tax credits to residents who make home modifications for the purpose of aging in place, including Colorado and Virginia. Multiple nonprofit organizations also are also able to provide no-cost home modifications for low-income seniors thanks to grants from the United States Department of Housing and Urban Development.”

The article ends with a useful checklist on the advantages and “challenges” of renovating to age in place.The key takeaway from the SuperAging perspective is that this topic demands a wider lens, and some organization and planning. It should become a permanent item on any periodic review you conduct with your financial adviser, if you have one:

• What changes will be required in my existing home if I want to age in place? (This list should be re-examined periodically, to take into account new products and services that are constantly being developed—and of course, we’ll keep reporting on these)
• How much will it cost?
• What’s the best strategy for obtaining the funding? How can some of the costs be offset by tax savings?

By periodically looking at the subject, even if no immediate action is taken in any given year, SuperAgers can significantly improve their chances of optimizing all of their opportunities for aging in place and Autonomy.

More on aging in place:

Aging in place: Everyone wants to, but how many can?

The most serious barrier to aging in place may be money

Study reveals gap between wanting to age in place and actually being prepared for it

ADUs are hot — and address many SuperAging needs. Do you know about this?

Drones delivering drugs? It’s starting to happen

Content on this site is for informational purposes only and is not a substitute for professional medical advice. Always check with your qualified healthcare providers with any questions or concerns regarding a medical condition.

David Cravit SuperAging News

Our mission is to curate the avalanche of news, research reports, expert advice and other content about longevity and healthy aging, to give our readers a practical blueprint for "getting older without getting old." In a short period of time, we have seen steady audience growth and, in particular, strong growth in our social media presence, which is now generating over 200,000 impressions a month. We offer a mix of original content and links to useful content from a wide range of sources.