Australians prefer to stay in their own home as they age. Can you afford the renovations required?
A retirement village, residential aged care, downsizing to a small unit or apartment … they’re generally not at the top of the retirement bucket list. If you’ve been thinking that you want to age at home you’re not alone. As reported in YourLifeChoices last week, safety and security – and ageing at home – are important to retired Australians.
Feels like home
Australians prefer to stay in their own home as they age and why not? Your family home has been the centre of your life for years; it has witnessed events and milestones, and many memories are stored within its walls. A familiar location influences your perception of safety, helps you maintain social connections within your community, and provides access to services and proximity to family and friends.
It’s not surprising you would prefer to spend as much of your retirement in your own home as possible.
Fit for purpose
Research points to the fact that retirees enjoy a better quality of life and live longer if they can stay at home; however, the suitability of the home for retirement is important. Is your home comfortable, safe and secure? Will it remain so for the next five, 10 or 20 years?
To retire comfortably at home, you may need to make some minor modifications. These may be to make it easier for you to get around or be safer in wet areas such as bathrooms. It might be new guttering with a mesh insert, so there’s no need to climb ladders for regular cleaning.
Such modifications come at a cost, which can impact your retirement funding. Despite diligently saving for retirement, not everyone has a contingency fund to draw upon and pension income – whether from superannuation, the Age Pension, or both – seldom covers larger expenses.
Don’t avoid the opportunity to live safely and comfortably in your own home – if you need to fund renovations or modifications, visit Household Capital today to see how we can help you use the savings in your home to make it safe and comfy for your retirement years, so you can live well at home.