The different approach of today’s retirees is spilling over into a different type of investment: real estate they already own.
Instead of preparing for the costs of a nursing home or investing in a fixed annuity, many are investing in their homes, remodeling them to fit their needs as they age.
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Only 30% of remodelers refit their homes with the targeted purpose of accommodating the needs of their bodies as they age.
A survey of Certified Aging in Place Specialists (CAPS) notes that most of the calls they receive are connected to emergency renovations connected to an accident or illness.
Of course, any renovations could end up being for naught if retirees become mentally incapacitated or physically disabled in a way that prohibits staying in one’s own home.
But remodeling homes in anticipation of needs as we age increases satisfaction of life during retirement and increases the satisfaction of living at home before the time comes when living at home is no longer a viable option.
The renovations also cut time spent in assisted living arrangements or nursing homes, even if those needs eventually arise.
These may be questions your clients are asking themselves and they are possibilities you can help them prepare for financially