As more of us move into our later years, many Australians are choosing to stay in the comfort of their own homes for as long as possible. Referred to as ageing in place, it’s about maintaining independence, dignity, and strong social connections.

Of course, staying at home isn’t without its challenges. From making the house safer to covering health costs, it can take some planning. But with the right strategies, ageing in place can be both affordable and deeply rewarding.

A little planning today can help ensure the home you love remains the best place to enjoy life tomorrow.

What to think about before ageing in place

If you’re planning to age in place, a little preparation can go a long way. Start by making sure your home is safe and easy to get around — simple changes like adding grab bars in the bathroom, ramps, or wider doorways can make everyday life much easier.

It also helps to think about the bigger picture: staying connected with friends and family, getting to healthcare when you need it, and having transport options. And don’t forget your finances — planning ahead for medical and care costs can give you peace of mind down the track.

Financial Adviser Andrew Nicolaou from 360 Financial Strategists suggests that when it comes to the financial aspect of ageing in place, retirees should “look at downsizing the home or making renovations so that it is appropriate for when stairs may be an issue”.

“Cost of care & medication is also a big consideration. All of these things can add financial stress and anxiety in what should be a positive time,” Nicolaou says.

He also highlights that “having a fixed level of income in an environment (particularly now) where the cost of living is increasing puts pressure on the budgets of retirees.”

“Some retirees are also entering these years with mortgages and debt and cannot financially afford to stay in the same home on their retirement income,” Nicolaou says.

“Additionally, travel and doing the things that you have put off doing whilst working is usually at its peak in the earlier years of retirement – make sure that this is accounted for in your retirement plan.”

But ageing in place isn’t just about money — it’s also about keeping your body, mind, and social life healthy.

• Staying physically active is essential to maintaining your health as you age. Regular exercise can help prevent falls and other health issues, and it can also help you maintain your independence.
• Social isolation can be a problem for retirees, especially those who live alone. Staying socially active can help prevent depression and other mental health issues.
• Engage in mentally stimulating activities like reading, doing puzzles, or taking classes. This can help keep your mind sharp and prevent cognitive decline.
• Technology can make it easier to stay connected with family and friends, access healthcare services, and stay engaged with the world.
• Many communities offer resources and services specifically designed for seniors, such as transportation services, meal delivery programs, and home health care services.
• Regular medical check-ups and preventive care can help you stay healthy and catch health issues early.

How to age in place successfully

Beyond lifestyle and financial considerations, there are practical steps that can make ageing in place easier. Seeking professional advice — and even working a little longer — can help you build valuable financial reserves for the years ahead.

Nicolaou suggests retirees should “plan ahead as much as possible and account for the unexpected (it’s never an issue to have too much money).”

“Additionally, I all too often see that retirees (particularly ones that what to age in place and have a sense of independence) are not selfish enough – they worry about retaining a house or asset for their children and would rather save every penny than actually enjoy their retirement years,” Nicolaou says.

“Having had many clients where both parents and children are clients, their children are financially better off and would much rather see their parents enjoying their twilight years than getting a bit more in an inheritance. Another option to consider (usually as a last resort) may also be reverse mortgages, to supplement that additional income if the family home is the only asset and in receipt of age pension.”

By planning ahead and being proactive, you can give yourself the best chance to age in place successfully and enjoy independence well into your golden years.

As Nicolaou reminds us, “some people think that it’s too late when they are 60” to prepare to age in place, “but the likelihood is that they will have another 25 years left – 25 years of proper planning is certainly not too late.”

With the right mindset and preparation, ageing in place can be a safe, comfortable, and deeply rewarding experience.

IMPORTANT LEGAL INFO This article is of a general nature and FYI only, because it doesn’t take into account your financial or legal situation, objectives or needs. That means it’s not financial product or legal advice and shouldn’t be relied upon as if it is. Before making a financial or legal decision, you should work out if the info is appropriate for your situation and get independent, licensed financial services or legal advice.