The senior population is growing. I think we can all agree on that. In fact, the number of Americans ages 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. The 65-and-older age groups share of the total population will rise from 16 percent to 23 percent.
Age sneaks up on us, seemingly without warning. We may be happily enjoying our day feeling like we are in our 30s, suddenly pass a mirror and say to ourselves When did my mother get here?. All of a sudden, the kids are grown, mom and dad are needing more assistance, and the pitter patter of little feet we hear may be our beautiful grandchildren. As our lives change and grow, so do our housing needs, and those of our parents.
Some will consider joining the ever growing snowbird population who sell their home and head for warmer weather, perhaps buying something smaller and easier to maintain here in Connecticut to be near the children. If we are lucky enough to have our parents still with us, we have even more to consider when planning our future. Senior housing? In home care? Do they move in with us? Should we add an in-law suite? Then, there is the option of selling two homes and combining finances to buy one that offers the perfect in-law solution. Many of the beautiful homes we see in Greenfield Hill offer opportunities for in-law suite options. Those considering selling should discuss with their agent strategic ways to market this fact effectively.
Seniors who wish to stay where they are should become educated on the best ways to make the home safe with the proper equipment. Of course, there is also the fact that we, or mom and dad, have so much stuff, how can we possibly even begin the daunting task of rightsizing. And what about estate tax implications? Or Medicare for senior housing? With countless options and things to consider, the process can be overwhelming. Finding help through the process is your first step. One option is a company called AIRE Senior Lifestyles which offers a network of Senior Real Estate Specialists, Senior Move Managers, in home care providers, a variety of Senior Living Facilities, Elder Law, Wealth Managers for seniors, home equipment and so much more.
Change is inevitable. Embrace it with enthusiasm. The next chapter of life can and will be amazing. Our advice? Dont try to do it alone when so much help is available.