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Making Your House Retirement Ready

As retirement nears, many Americans say they would prefer to retire in their current homes. However, their needs and abilities are bound to change as they get older. If you’re looking forward to retiring in the home you already live in, take a look around and imagine what your day-to-day life would be with less strength, mobility and visual acuity than you have now. Wherever you see potential issues, consider modifications you can make to help your house stay livable and comfortable late into your retirement. Here are a few suggestions:

  • Safer stairs. If you live in a multi-story home, you may want to consider how you’ll adapt in the event that walking up the stairs becomes too difficult. You may want to convert a downstairs den into a bedroom or add a bathroom on the first floor if you don’t already have one. And for staircases that you’re sure to keep using, such as those up to a front door, make sure you have sturdy handrails on both sides.
  • Brighter light. It’s natural for your vision to change as you age. Many seniors find they need more light to be able to see clearly – even if they don’t have diagnosable eye problems. To bring more natural light into your home, you can add additional windows or skylights. More overhead lighting or even a few freestanding lamps, can also make a big difference. If your new lighting feels to bright at first, have your electrician install dimmer switches.
  • Accessible bathrooms. You may love your sunken tub today, but at some point, getting in and out of it without assistance could become difficult. Consider how you could retrofit at least one full bathroom to make it safe and accessible regardless of your physical abilities. Consider shower stalls that don’t require a step up and having a bathroom door swing out (rather than in), which can give you more space inside a small bathroom.
  • Easy-to-use kitchen. If you love to cook, keeping your kitchen accessible should be a top priority. Can you reach everything you need without relying on a step stool? Is there counter space that you could use to prep meals while sitting down? Make sure that all of your essentials are easy to reach and use, without bending or lifting. When you buy new appliances, choose those with buttons and knobs that are easy to press or turn.

For older homes that haven’t been renovated recently, retrofitting for accessibility can sometimes be too complicated and costly to feel worth it. And many retirees living on a fixed income aren’t interested in heating and cooling an entire multi-bedroom home just for themselves. If you are unsure about being able to retrofit or maintain your home, you may want to consider downsizing and moving into something smaller. If you’re very attached to your home and don’t want to sell it, consider renting it out. The income you bring in may be enough to cover your rent somewhere that better suits your needs.

Connect with an advisor in your area to find out if your retirement is on track.

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Within Ten Years of Retirement

Risk Management:
How prepared is your portfolio for a market downturn?

I haven’t thought about what a big market drop would do to my savings.

I know a downturn would hurt, but I’d probably recover over time.

I’ve already adjusted my investments, so a downturn won’t derail me.

Optimization of Income:
How clearly do you know the income you’ll need in retirement?

I’m not sure what I’ll need or where it will come from.

I have a ballpark number, but no detailed plan.

I’ve calculated my income needs and know exactly how I’ll fund it.

Unexpected Expenses:
If something happened to you tomorrow, how prepared would your dependents be?

They’d be financially lost without me.

They’d manage for a little while, but eventually struggle.

They’d be more financially secure because I’ve planned ahead.

Tax Efficiency:
How well do you understand the taxes you’ll pay on retirement accounts?

I have no clue how retirement withdrawals are taxed.

I know the basics, but I’m not sure how it affects me.

I fully understand and have strategies in place to help minimize taxes.

Estate Planning:
How prepared are you with wills, directives, and estate plans?

I don’t have anything written down.

I’ve started, but my plan is incomplete or outdated.

I have a complete and current estate plan in place.

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Risk Management: How prepared is your portfolio fora market downturn?
Optimization of Income: How clearly do you know the income you’ll need in retirement?
Unexpected Expenses: If something happened to you tomorrow, how prepared would your dependents be?
Tax Efficiency: How well do you understand the taxes you’ll pay on retirement accounts?
Estate Planning: How prepared are you with wills, directives, and estate plans?
Thank you for taking our risk assessment quiz! Please fill out this form, so we can help tailor a more risk-free retirement plan suited for your needs.

At Retirement Age

Risk Management:
How would a market swing affect your lifestyle right now?

It could force me to delay or change my plans.

I might need to tighten my budget for a while.

It wouldn’t change my retirement lifestyle.

Optimization of Income:
How certain are you about your retirement income sources?

I don’t really know where the money will consistently come from.

I know the main sources, but I haven’t planned how to use them.

I’ve mapped out all income streams and how they work together.

Unexpected Expenses:
How prepared are you for long-term care costs?

I haven’t planned for them.

I’ve thought about them, but I haven’t secured coverage.

I have protection and funding strategies in place.

Tax Efficiency:
How well do you understand taxes on your withdrawals and RMDs?

I don’t understand them at all.

I have a general idea, but not a detailed strategy.

I fully understand and have a tax-efficient plan.

Estate Planning:
How prepared is your estate plan?

I don’t have one.

I’ve started, but it’s incomplete.

I have a complete, updated plan in place.

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Risk Management: How would a market swing affect your lifestyle right now?
Optimization of Income: How certain are you about your retirement income sources?
Unexpected Expenses: How prepared areyou for long-term care costs?
Tax Efficiency: How well do you understand taxes on your withdrawals and RMDs?
Estate Planning: How prepared is your estate plan?
Thank you for taking our risk assessment quiz! Please fill out this form, so we can help tailor a more risk-free retirement plan suited for your needs.

ALREADY RETIRED

Risk Management:
How do you feel about market volatility?

It makes me anxious that I’ll run out of money.

It worries me sometimes, but not always.

I feel secure no matter what the market does

Optimization of Income:
How secure do you feel about sustaining your income?

I’m worried I’ll outlive my money.

I think I’ll be okay, but I’m not fully certain.

I’m confident my income will last.

Unexpected Expenses:
If you faced a major medical expense today, what would happen?

It would devastate my finances.

It would hurt, but I could manage.

I’d be covered without stress.

Tax Efficiency:
How prepared are you for taxes on withdrawals, RMDs, and Medicare penalties?

I haven’t planned for them at all.

I know about them, but I don’t have a strategy.

I’ve implemented tax strategies to help reduce their impact.

Estate Planning:
How updated is your estate plan?

I don’t have one.

It exists, but it needs updates.

It’s current and clearly protectsmy wishes.

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Risk Management: How do you feel about market volatility?
Optimization of Income: How secure do you feel about sustaining your income?
Unexpected Expenses: If you faced a major medical expense today, what would happen?
Tax Efficiency: How prepared are you for taxes on withdrawals, RMDs, and Medicare penalties?
Estate Planning: How updated is your estate plan?
Thank you for taking our risk assessment quiz! Please fill out this form, so we can help tailor a more risk-free retirement plan suited for your needs.

Retirement Readiness Self-Assessment Survey

____ RISK MANAGEMENT

My retirement accounts have been stress-tested for various market conditions.

My investments are safeguardedagainst market crashes.

Fear won’t stop me from enjoying retirement when the market drops.

My current investments match my risk tolerance.

____ OPTIMIZATION OF INCOME

I know how much income I need to support my retirement goals.

I know how much I can spend without touching my principal.

I have calculated inflation into my need for retirement income.

I don’t fear running out of money because I have a solid income plan.

____UNEXPECTED EXPENSES

If I were not here tomorrow,my dependents would be fine financially.

I’m prepared for the cost of future medical events.

I can handle long-term care expenses without running out of money.

My current investment strategy will keep up with rising medical costs.

____ TAX EFFICIENCY

I understand how retirement accounts are taxed,and I’m paying the minimum.

I have a plan to help minimize taxes on RMDs from my 401(k)s and IRAs.

I have implemented a conversion strategy to help maximize my tax savings.

I have a plan in place to help minimize IRMAA penalties.

____ ESTATE PLANNING

My estate plan establishes proper distribution of my assets.

My estate will not have to payprobate fees.

I have POAs for healthcare, medical,and a living directive.

I’m protected from anyone contesting my last wishes.

"*" indicates required fields

____ RISK MANAGEMENT
_____ OPTIMIZATION OF INCOME
_____ UNEXPECTED EXPENSES
_____ TAX EFFICIENCY
____ ESTATE PLANNING