As the population ages, there is a larger problem of what and how the elderly will get through their Golden Years. Many seniors are active and healthy well past 70 and 80 years old. That’s great, but not the same for everyone. Many seniors in the Bay Area have lived here many years. Their homes have appreciated in value and may be paid for, but their income is limited through pensions and social security.
Most of the time, they need special help with deferred maintenance to their large homes where they raised a family. Other times health care expenses cause them to struggle to meet their bills. In both these cases by deferring on these issues, they are lowering their quality of life.
Many seniors want to age in place. They have not thought about where they want to go, if anywhere, to spend the rest of their lives. They really have no idea what options there are when it comes to moving. What are the ramifications? What do they do with the amount of proceeds they receive? It can be sizeable. Are there taxes to pay? Maybe and maybe not. Is moving the right thing? Maybe you can’t afford the home anymore. Property maintenance, property taxes etc. Can you tap into the equity to age in place? Perhaps.
I’ve never understood why people don’t plan for their lives in this way. I know it’s a difficult subject, but don’t you want to make the decisions for yourself? Why have someone else make it for you? I have an aunt who recently what put into an assisted living facility. She lives in another country. My mom and uncle had to fly to check on her and found that she couldn’t live on her own anymore. Long story short, they cleaned out her apartment and social services help her find a new residence in an assisted living center. This was a stressful process for all.
What's the point of this all? Don’t let someone else decide what will happen with your life “in the event something happens”. Make those choices and find out what’s possible. There are many options out there. You need to learn about them and figure out which is best for you. Talk to a professional who can introduce you to the professionals needed to evaluate your situation. Contact your realtor, estate planner, tax professional, Financial Planner, Senior Care Specialist etc. You need these professionals in your back pocket to help you understand all your options and determine what is best for you!!! That’s really what it’s about, YOU!!