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There’s no place like home — especially as you age.
Most adults ages 50 and up — 77% — want to stay in their homes long term, according to AARP.
Yet many are putting off the necessary improvements and upgrades to their homes to make that possible.
“People might say, ‘I want to age in place as the default plan, because that’s what I’m already doing,'” said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place.
“But they’re not really considering, ‘Well, what does that mean?'” Chiang said.
Chiang’s clients typically fall into three categories — those who have an urgent need after a first-time fall or other emergency, those who have a neurodegenerative condition such as Parkinson’s disease, and those who are proactive adults planning ahead.
“They’re the ones who know that if they ignore something on the front end, they’re going to pay twice as much on the back end,” Chiang said of the latter category. “And I kind of wish everyone was like that.”
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Carolyn McClanahan, a certified financial planner and physician who helps clients prepare financially for retirement, recently took her own advice when she enlisted Chiang’s help for her own home.
“She made us think through what an aging-friendly bathroom would look like,” said McClanahan, noting that because she and her husband do not have children they wanted to get an early jump on planning for their elder years.
“People are usually remodeling their homes every 10, 15, 20 years,” said McClanahan, a member of CNBC’s FA Council. “So making certain — especially when you hit your 50s and 60s — that you remodel it … does make it easier as you get older to stay home.”
The costs of the upgrades necessary…
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