Let our advance worrying become advance thinking and planning.
~ Winston Churchill
Guest post by Scott Fulton
Aging in Place: The IDEA Series
Enough money for retirement?
In this example, Aging in Place improvements protects the family from running up a ~$500,000 debt by making improvements early, allowing them to remain living at home 4 more years. The result is a net benefit of over $600,000! Which situation would you choose?
The odds are not in favor of waiting, in fact, they’re stacked so badly you could argue it’s rigged. The couple below started with $1.45M in total equity, but a hospital visit and sudden need to move to a facility would have wiped them out, leaving their heirs with nothing but debt and regret. That’s not the way anyone would plan their retirement, yet we’re seeing this occur more and more as people fail to make realistic plans.
Adult children of aging parents need to step up and get engaged early as well, as once the free fall starts, the good options are long gone and they can be left holding the bag.
Scott is on my list of Aging in Place 50 Influencers You May Not of Heard of. He is the Owner/President Home Ideations LLC and has over 35 years in engineering and business, and personal experience working with the physically challenged, it has long intrigued him how easily homeowners can get caught up in colors and textures and almost forget the importance of personal fit and function in a design. He notes: Much like the foundation that supports your home, fit and function are the cornerstone of any great design and not something you can easily go back and change once the build is complete. The finished project should look fabulous and speak to your own unique tastes, but if the result hasn’t materially improved the quality of your life or markedly improved the equity of your home, you’ve missed out on a big opportunity. My first renovation project was in 1975, the basement of the house my father built. My pitch was “if you buy the materials, I’ll do all the work”. Little did I realize then, at age 16, that it would define a big part of my life. Four decades later, my passion to build, innovate and improve people’s lives is stronger than ever.Scott is also a university lecturer and teaches a comprehensive course on Aging in Place. I encourage you to connect with Scott and look into his offerings.
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Thanks, Scott for contributing to the IDEA Series.