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8 Issues You Must Address if You Plan to Retire in Place

By U.S. News & World Report

It’s fun to imagine the possibilities for exciting and exotic, yet affordable places you can live after you retire. But most people don’t actually follow through with a move to a new place. According to an AARP study on aging in place, nearly 90 percent of people over 65 want to stay in their home for as long as possible, and 80 percent believe that their current residence is where they will always live.

[See: 10 Tips for Finding a Great Place to Retire.]

Just as there are good reasons to move after you retire, there are several compelling reasons to stay right where you are. You may love your current home and have a strong emotional connection to it. Perhaps you want to remain close to your network of family, friends and support systems rather than start over with making new friends, learning a new area and finding new doctors and other service providers. If you are planning to start a business, you will need the network you have built up over many years. Sometimes moving is not financially feasible. Or perhaps it boils down to inertia and it’s easiest just to stay put.

If you want to remain in your current home for the rest of your life, here are several considerations that will help you decide whether this is the best choice for you.

1. Does your current community have good infrastructure for supporting seniors? This includes good public transportation or perhaps the availability of city-sponsored transport vans, good health care and a strong senior center that provides activities as well as support services. You should also consider whether you live close enough to public transportation and if the places you visit regularly are on transportation routes.

2. Is your house adaptable to meet your needs as you grow older? A one-story floor plan, or at least a floor plan with a bedroom and all necessary facilities on the first floor, will make it easier if you should require a walker or wheelchair during your later years. You might need to make other adjustments, such as replacing door knobs with lever handles, adding ramps and retrofitting your bathroom with handrails. If you or your spouse should someday require a wheelchair, you should evaluate whether doorways are wide enough and if countertops, cabinets, closets and bathroom facilities will still be accessible.

3. Are your house and yard small enough to maintain as you get older? This concern can be managed if you have nearby family members who are willing to assist you or you can afford to hire people to help you with cleaning and maintenance. Keep in mind that family members may move.

[See: 10 Ways to Reduce Your Housing Costs in Retirement.]

4. Is your current house in good condition and energy efficient? Depending on your house’s age and condition, you may incur costs to repair or replace an aging furnace, air conditioner, carpet, appliances or roof. Occasional home maintenance tasks such as repainting or removing dead plants may become things you can no longer do yourself.

5. Are most things you need available within a reasonable distance? Driving all over town and maneuvering on high-traffic freeways will become more challenging as you get older.

6. Are the amenities you wish to enjoy during retirement close by? While you worked, you were probably most concerned with living a reasonable distance from your workplace. After you retire, your work commute will be replaced by trips to play sports, take classes, hike and participate in other activities that you select to be part of your retirement lifestyle.

7. Will your neighborhood still be safe? As you get older, safety will become an increasing concern. While it is impossible to know what transformations your area of town may undergo in the coming years, you may be able to assess whether your surroundings are improving, holding steady or declining.

8. Does your area have good assisted living or nursing homes that you would want to live in? It may be decades before you need them, and a lot may change over the course of those years. When you reach the age where you will need to move into such a facility, your search will probably be limited to your current area. Try to determine whether your local facilities are pleasant and affordable and if there is a long waiting list for spaces.

[See: 10 Retirement Hot Spots in the U.S.]

After considering all of these questions, you may still conclude that remaining in your home is the right choice for you. There are also steps you can take now in order to ensure that your home will continue to serve you well as your needs change.

Of course, you can remain in your current city and downsize to a smaller home. That way, you’ll retain your familiarity with the area, proximity to your social and support network and your preferred medical professionals. If you anticipate moving locally, it will probably be to your advantage to relocate sooner rather than later while you have more stamina for a move. Downsizing will probably reduce your housing costs, leaving you more money to enjoy your retirement in other ways.

Dave Hughes is the founder of Retire Fabulously.

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8 Issues You Must Address if You Plan to Retire in Place 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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