What separates the home you want to retire in from the home that best suits your retirement needs? Some work and investment.
According to a survey of wealthy investors by financial firm UBS, 89% want to stay their current home well into their retirement. Just 54% consider assisted living an appealing option, 15% would consider moving into their child's home and just 12% would be OK with a nursing home (12%). A survey by insurance company Nationwide, meanwhile, found that 67% of women say they would rather die than live in a nursing home. 73% would like to receive long-term care in their own home, but only 51% think they will.
"The sacrifice women make for their families at the expense of their health and finances does not come cheap," says Shawn Britt, director of long-term care initiatives for the advance consulting group at Nationwide. "Many women spend much of their lives taking care of others, giving up earned income and benefits, which makes planning for long-term care so much more important."
As a survey by senior care site Caring.com made clear, only 53% of people would consider an assisted-living facility for themselves. Of those who rule it out altogether, 41% say they would prefer to live on their own. That option, however, comes with a cost attached. Another Caring.com survey found that four out of 10 family caregivers -- mostly spouses and children -- spend $5,000 or more on caregiving expenses. Those costs include food and clothing (62%) and transportation (60%), followed by medications and other medical costs (44%).