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Buying for your senior years takes careful consideration - of your finances, your health and your lifestyle. There are at least three stages to the senior housing phase of your life:
1) Selling your previous home in preparation of moving into the appropriate home for your senior years.
2) Buying the best home in which to spend your active senior years.
3) Selling your individual senior home and preparing to move into appropriate "independent", "assisted" or "care" facility.
There are many factors to consider in each of these processes - the following are among the most important:
- Capital Gains - Federal tax law now allows a $250,000 ($500,000 for married couples) capital gains exclusion on your prmary residence if you have owned it more than two year. Thus, capital gains taxes will be a factor only if you have a very large gain. Be sure to consult your tax advisor on capital gains.
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- Appropriate Housing - What stage are you at in your life and lifestyle? Do you expect to need assitance for everyday living matters at any time in the near future? Many senior/retirement centers are now offering graduated levels of care either in the same facility or even in your own residence, be it an apartment, condo or villa.
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- Disbursement of Your Residence - You may be leaving a single family home, a townhome or a condo to reside in a senior/retirement facility or community of some sort. Or, you may be changing the type of housing you in which you reside in anticipation of your senior years. In the first case, you need to consider whether you need the funds from the sale of this property to live in your new residence. If not, you may want to consider either keeping it as a rental property or deeding it to children or other relatives for asset preservation. Check with your financial advisor on these options. If you do need to sell your current home, be sure to work with a qualified Realtor® in order to assure getting the maximum market value when you sell. If you are purchasing your "later years" home in which you intend to stay as long as possible, make sure you are buying a property that will have good market value and be readily marketable when you or your heirs dispose of it. Or, that is will make a good rental property if you or your heir keep it after you move out.
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- Staying at Home - If you intend to stay in your current or new home until the absolute last minute, you should consider asset preservation. You can transfer ownership of your residence to your children or a relative with the intention of making sure that it is not taken by the federal government should you run out of assets later in life and need assistance (Title 19). If this is not done soon enough, the government can still take your home. Be sure to check with your tax advisor on this option.
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- Home Mobility and Care - If you choose to stay in your own home as long as possible, consider whether your current residence is suitable. Will a wheel chair or electric scooter navigate you existing doorways, for example. Will ramps, safety bars and other aids need to be installed. Would a different type of residence, now or used, be better suited for your expected situation?
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- Proximity - How close is your intended Senior residence, be it house, townhome, condo or apartment, to those to whom you wish to be close? It's one thing to buy a sunbelt retirement home as a primary or secondary residence when you are relatively healthy and fit for living away from relatives and close friends. It's quite a different matter when you become more dependent on the care and/or support of others.
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This page will be expanded with more information in the future.
Carolin has helped many Seniors buy the right home for their retirement and sell their homes when the right time comes.
Information Links for Seniors and Caregivers
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AARP - The American Association of Retired Persons - a leading organization representing the interests of people over 50 years of age.
Elder Care:
Elderweb.com - Award-winning online eldercare sourcebook
Elder Care Advocates
ElderCareLink - We can help you find qualified, local eldercare providers and senior services
Empowering Caregivers - National Organization For Empowering Caregivers (NOFEC)
a 501(c)(3) charitable non profit organization.
Family Caregiver Alliance - A public voice for caregivers
Hospice of Central Iowa - Serving patients and their families in 34 counties throughout central, south-central and southeast Iowa
Iowa Association of Area Agencies on Aging
National Family Caregiver Support Program - The U.S. Administration on Aging is an agency in the U.S. Department of Health and Human Services, is one of the nation's largest providers of home- and community-based care for older persons and their caregivers
Health Information and Support:
Alzheimer's Association - Greater Iowa Chapter
American Diabetes Association
Housing:
Down Sizing Assessment - a screening tool to help you evaluate what kind of senior housing or care is best for you or your loved one.
SeniorHousing.Net - a website dedicate to finding independent and assisted living facilities, nursing homes, retirement communities, and other elderly care housing and apartment options.
Senior Lifestyle and Services:
About-Retirement.com - Enjoy the Best Years of Life
Aging Resources of Central Iowa - This Area Agency on Aging serves central Iowa in Boone, Dallas, Jasper, Madison, Marion, Polk, Story, and Warren counties
Polk County Senior Services
Senior World Online - For active seniors in the digital age
Social Security ENews - Official electronic newsletter of the Social Security Administration
Social Security Support - Official website of the Social Security Administration
FirstGov Portal - The U.S. Government's official portal - seniors section
WiredSeniors.com - A portal site to serve all the needs of the over 50 age group.
| Contact Carolin Gibson to discuss senior housing options. |
