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Aging in place is ‘financial necessity’ for many older Americans by Chris Clow for HousingWire

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A survey of more than 1,000 older Americans found that while 76% of all respondents said they plan to age in place in their home, one in six respondents viewed it as a “financial necessity” given the rising costs of other care settings and living facilities, and that one in four (25%) respondents do not expect to receive any help as they age.

Nearly half of respondents (47%) characterized aging in place as both a preference and a financial necessity in tandem.

The survey, conducted by caregiver supply marketplace Carewell, also found that there were several associated concerns that older Americans have with aging in place.

“Where seniors live also affected their outlook on aging at home, with some experiencing safety concerns or uncertainty about staying at home,” the organization said.

The leading concern, for 64% of respondents, was health. This was followed by safety (41%); family or caregivers struggling with care needs (39%); and isolation or loneliness (36%).

One-third of respondents (33%) were concerned with becoming a burden to friends or family, while 29% were worried they would not have enough support from either family members or their local communities.

The survey also found that seniors residing in rural parts of the country were more likely (81%) to say they’re planning to age in place, compared with those living in urban (77%) and suburban (73%) areas. Those living in suburbs were “the most uncertain — 27% felt unsure or unwilling to stay,” the survey results said.

The lack of expectation for any assistance in later life by one-in-four respondents was seen as “alarming” by the organization. This could shape any plans or broader goals they may have for independent living in later life, a priority for most older Americans as the population gets older with time.

But long-term care services are also seen as essential for opening up the possibilities of remaining in the home.

A recent study authored by researchers at Johns Hopkins University’s Bloomberg School of Public Health suggests that the integration of health, social services and community-based support systems must be improved to better accommodate the desires of older Americans.

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