Most Americans say they want to remain in their homes as they age. But that goal can come with tradeoffs tied to mobility, caregiving, home maintenance and family support.
In an interview with elder law attorney Harry Margolis, author of Get Your Ducks in a Row, the discussion focused on why retirees may want to reassess their living situation before a health or financial crisis forces a decision. Margolis said age 75 is often an ideal time to evaluate whether aging in place still makes sense and whether a move closer to family, services or care options might improve quality of life.
Below is a transcript of the interview with Margolis, edited for brevity and clarity.
Why aging in place may not work forever
Robert Powell: So 90% of people, according to AARP, want to age in place. That means from age 65 through death. But maybe that’s not the best solution for folks.
Harry Margolis: I think you’re right. It isn’t necessarily the best solution for folks.
Houses are a lot to take care of, and it may not make sense when you’re older. I read recently about what happens to the value of houses as people age. They often decline because homeowners stop putting in the maintenance they might have done when they were younger. So they lose some equity over time.
And the house might just not be in a good place to live.
If you’re no longer so mobile, and you live in the suburbs where you have to drive everywhere, driving can become dangerous. Of course, we have Uber now, and soon we’ll have self-driving cars, so that may help. But you’re still not as flexible and mobile as you once were.
And if you start needing assistance, it may be difficult for home health aides to get to you. They may not have cars, or they may have to drive long distances, and you’ll be charged for that. That can become problematic.
Then there’s the question of family. Maybe your children live next door or down the block, and staying put makes sense. But what if they’re across the country? It can be difficult for them to step in and help if needed.
Why age 75 matters
Harry Margolis: There’s a fellow elder law attorney named Rajiv Nagaich who practices in Washington state, and I’m borrowing this idea from him. He says that at age 75, everybody should take a close look at where they live and whether that’s where they should stay for the long term.
Age 75 is a good age because you’re probably still healthy and able to make a move if you want to. You’re probably mentally competent and able to make decisions. You’re likely retired, so you’re mobile and can move more easily. You also have a pretty good understanding of your finances.
You’re not in a rush. You’re not under pressure to sell your house because you have to move to assisted living or a nursing home tomorrow. You can make decisions judiciously.
And if you have children, they may be settled enough that you know which ones may be able to help you, or whether living closer to them makes sense.
A lot has settled in your life by age 75, but you’re still able to make changes. Everybody ages differently, of course, but if you’re going to pick one age, I think that’s a good age to sit down and make the assessment.
The risks of waiting for a crisis
Robert Powell: More often than not, people seem reluctant to move for one reason or another. Then a crisis occurs and all heck breaks loose. Suddenly you have to decide what to do with the house and move into assisted living or a nursing home under duress.
It seems to me that if you want to avoid being a burden on loved ones, you’d make these decisions while you still had a keen mind.
Harry Margolis: That’s what I think.
I understand why it’s difficult because, until that happens, you may be better off living in your original house. It’s where you’re comfortable. It’s where you have community. It’s where you know everybody. If you garden, you have your garden and all of that.
So there are arguments for not moving. I’m not saying everybody needs to move. But it’s a good time to assess your situation, make a decision and plan ahead.
The go-go, slow-go and no-go years
Robert Powell: People sometimes refer to the three phases of retirement as the go-go, slow-go and no-go years. Age 75 seems to be around the point when many people enter the slow-go years. Maybe you don’t travel as much, but you’re still active. You haven’t become mentally or physically incapacitated.
Harry Margolis: Exactly. Everybody ages differently, but it’s a time to think about it, talk to your family and make some decisions about the future.
