In this example, Aging in Place improvements protect 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.