Six Key Housing Factors to Consider as You Age

6. Personal health and care needs

Can someone help you enjoy ice cream if you lose your physical or cognitive capacity?

It’s essential to consider both your current and potential future care needs.

According to the U.S. Department of Health and Human Services, 70% of adults 65 and older will need long-term care in their lifetime, with men typically needing 2.2 years of care and women requiring 3.7 years. Intentional aging in place may require additional support for activities of daily living (ADLs), such as bathing, dressing and meal preparation.

If you choose to age in place or move, research the availability of Meals on Wheels, home maintenance services, healthcare providers, home healthcare services, family caregivers, long-term care services and senior living communities.

It’s essential to assess both your current and future needs for home accessibility, social support, healthcare access, transportation, financial considerations and personal health and care needs. Additionally, don’t neglect your emotional well-being in your future planning. Consider factors such as estate planning, advance care directives and long-term care insurance.

Lastly, share your plans with family members, beneficiaries, healthcare professionals, elder law attorneys and financial advisers in your life, so they can carry out your healthcare, legal and financial wishes if you become incapacitated.

Tell them your favorite ice cream flavor so they can bring you some when getting together.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.