At Raskob Kambourian, one of our goals is to help people anticipate life’s changes. One important life change we all have in common is aging. The question is – Can we realistically plan on staying in our own home as our medical and physical abilities decline? When asked, many express a strong desire to “Age in Place.” In other words, they want to stay in their own home as long as reasonably possible. Aging in place depends on each individual’s unique situation.
Assisted living and nursing homes are expensive, with costs ranging from $40,000 to more than $100,000 per year. Long term care insurance and some other insurance can help offset these costs, but costs not covered by insurance can drain assets. Aging in place may be more affordable than moving into a facility.
People who have lived in the same home for years know the area and have many friends and family members nearby giving them the sense of belonging to the community. As attached as people get to their homes, they also get attached to their neighborhood. Aging in place allows them to stay close to the people and places they know and love.
As we age, we need to depend on a variety of services to enable us to continue to do things independently. For example, if dementia or failing eyesight prevents us from doing simple chores around the house or going to the grocery store, someone needs to help. Family members are often too busy with their own lives, so it may be necessary to hire a company that provides the necessary assistance.
One reason aging at home is preferable for many people is because they can create an atmosphere that is uniquely their own rather than living in a facility that tries to appeal to many different interests and may not satisfy any.
The idea of maintaining freedom and comfort in one’s own home, a place that is filled with meaningful memories, is very appealing to most people and perhaps one of the most important factors in the aging process.
At Raskob Kambourian, we have established many professional contacts throughout the community to call on for help in making the best possible decision regarding aging in home.
Raskob Kambourian Financial Advisors is an independent, fee-only comprehensive financial advisory firm registered with the Securities and Exchange Commission. We offer expertise, competitive pricing, and personalized financial services to meet your “Life Planning” needs.