An overwhelming majority of older adults want to remain in their homes as they age. A survey by AARP found that 77% of adults 50 and older want to age in place. Other surveys have found that the percentage is even higher—nearly 90%.
It’s one thing to want to age in place. It’s another thing altogether to actually be able to make it work. That’s because there are several financial factors that can jeopardize adults’ ability to remain in their homes as long as possible. In fact, without adequate financial security and safeguards, living independently at home isn’t possible.
It’s important to understand the financial risks that can make it difficult to age in place and to take steps to reduce those risks.