“Remember when we all piled in the van to head to Blockbuster, then ordered a pizza from a rotary phone?” ☎️🍕 Sure thing grandma. Let’s get you to bed. 👵🏻
A recent article spilled all the tea on how much it costs to grow old in your home versus heading to a home. Spoiler alert: it’s…pricey. 🤑
Here’s Five Fast Facts on the cost of aging at home:
- 👴🏽The Golden Age - According to AARP, over 11,000 people in the U.S. are turning 65 every day. Most Americans 50 and older (77%) say they want to stay in their current homes for the long haul. However, about a fourth of those individuals will eventually need more than three years of support services.
- 💰Caring Costs - Just like everything else, the cost of in-home care has gone through the roof lately. In 2023, the median cost of a home health aide in the US was $33 an hour. That’s up from $20 an hour in 2015.
- 🏘️Your Place, Or Mine? - Need 24/7 care? That median cost is roughly $290,000 a year. That’s double the median annual cost of a private room in a nursing home, and 4x the median annual cost of a private room in assisted living.
- 🐖Stash Those Savings - In-home care is wonderful…if you can afford it. Roughly one third of retirees can’t afford even one year of minimal care. Only 10% of adults 65 and older have long-term care insurance, which can help foot the bill.
- 🔧Fixer Upper - In addition caregiver services, setting a home up to properly age in place costs a lot, too. Housing costs and aging-friendly renovations like railings and walk-in showers account for 52% of out-of-pocket costs for in-home care.
🔥Bottom line: No matter how you choose to do it, getting older costs a pretty penny. Actually, the amount of pennies is…pretty ugly. Knowing how much it’ll cost to live out our golden years makes us wanna save a lot more. Need a place to start? Read up on these sneaky money wasters and stay smart!
Are you caring for an aging loved one?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
