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5 Popular Home Renovations for Retirees

By U.S. News & World Report

Last year I took a spill in my shower. I slipped as I was getting out, grabbed for the soap dish and pulled it right out of the wall. I tumbled over the side of the bathtub onto the floor, bringing the entire shower curtain and shower rod with me, and gave myself a huge bruise in the process. A purple splotch as big as a basketball emerged along my side, from armpit to waist, and several weeks later there was still a brownish shadow all along my side.

That’s when my wife and I decided to renovate our bathroom, complete with the installation of a grab bar in the shower, and we put a grab bar in the other bathroom as well. I haven’t really needed to use them ever since. But now and then, when my eyes are closed and the soapy water is running down across my closed eyes, I reach over and touch the bar, feeling more secure just knowing it’s there.

Whether we relocate to another region of the country after we retire or decide to age-in-place at the family homestead, most of us have a deep emotional connection to our home. We also have a strong financial interest in our home, and so we are prepared to spend some money to improve our house in terms of convenience, appearance and safety. According to a survey by the financial firm Merrill Lynch, people over age 55 account for nearly half of all spending on home renovations in the United States — about $90 billion annually. Furthermore, while younger households slowed their home improvement spending over the past decade, spending by those over age 65 increased by a substantial 26 percent.

Here are five areas where retirees are looking to improve their homes:

1. A home office. The favorite home renovation is not grab bars or any other safety equipment, but the addition of a home office. Some 35 percent of those surveyed reported converting a bedroom or other space in their house into a home office. Perhaps when people are no longer going to a place of business they feel the need to carve out a place in the home for their paperwork and financial matters. Or perhaps it’s because an empty space begs to be filled. The kids are grown up and gone, so something has to be done with that empty bedroom, and converting it to a home office is a practical, low-cost project.

2. Outdoor features. The next most popular renovation is improving the curb appeal of the home, perhaps including freshening up the landscaping, applying a new coat of paint, installing a fence, replacing gutters, repaving the driveway or adding shutters or a new front door. Some of these measures are necessary, while others are cosmetic, but they all support a person’s pride of ownership.

3. Kitchen and bathroom upgrades. Upgrading the kitchen and bathrooms are next on the list. Popular fixtures in the bathroom are glass shower doors, new cabinets, and upgraded mirrors and lighting. Common improvements for the kitchen include stainless steel appliances, new counter tops, tile or wood floors, new windows and skylights.

4. Tech solutions. Seniors are also interested in outfitting their homes with modern technology to make their homes more convenient, connected, secure and healthful. These items include air purifiers and humidifiers to improve air quality, smart thermostats and apps to control appliances, smart phones, devices to communicate with loved ones, garbage disposals, compactors and even cleaning robots to help maintain the home.

5. Age safely. Many retirees are getting over their reluctance to admit they need some degree of age-proofing in their homes. That might mean mounting grab bars in the bathrooms, installing brighter lighting for better visibility or outfitting the kitchen with easy-to-use kitchen utensils. Science writer Rachel Adelson, author of “Staying Power: Age-Proof Your Home for Comfort, Safety and Style,” has two more recommendations you might not think of right away: Get rid of the scatter rugs around the house and install a wood floor or wall-to-wall carpeting. Scatter rugs may be charming, but they pose a hazard for older people who can trip over them. Her other safety tip: Affix traction tape along the front edge of your steps in contrasting colors to make them more visible and help prevent falls on the stairs.

Tom Sightings blogs at Sightings at 60.

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5 Popular Home Renovations for Retirees originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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