Suze Orman: Options for Retirement When Downsizing Isn’t Possible

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The current housing market has made it increasingly difficult for those nearing retirement to downsize due to high mortgage rates and a lack of available homes. Suze Orman took the time to address this challenge.

Orman provided valuable advice for those who decide to stay in their current homes. According to her, the key is to do your best to make sure your home is safe and comfortable enough for your retirement years. Here’s what she had to say.

Making Your Home Retirement-Ready

Orman suggests that the time to consider home renovation is now, especially when you are healthy and can oversee the necessary modifications to accommodate aging. A critical aspect to consider is the feasibility of living comfortably on the first floor of your home. This consideration is crucial for avoiding the risks associated with navigating stairs, which can become a significant issue as one ages.

Prioritizing Safety and Accessibility

Orman highlights the importance of planning for safety and accessibility in home renovations. She points out that many older individuals find themselves needing to remodel their homes to include a bedroom and a bathroom on the ground floor, often after an accident or due to the challenges of old age.  

“Ask any contractors who have done work for older clients, and they will tell you that they often get a call after there has been an accident or just the wear-and-tear of old age,” said Orman in her column. “There is a need to remodel the downstairs to have a bedroom and a bathroom that can accommodate a walker and a walk-in shower that doesn’t require stepping into a bathtub. The client wants it done ASAP, but the contractor tells them it will be a minimum of two months or longer.”

Small Changes, Big Impact

Orman also discusses smaller projects that can significantly enhance safety and comfort. Removing rugs to prevent tripping, upgrading lighting, raising appliances to reduce bending and lifting, and installing grab bars in bathrooms are all practical suggestions. These changes not only make the home more accessible but also help in preventing accidents.

“I respect you may love the rugs throughout your home, but the reality is they can become a serious tripping hazard as you age,” said Orman. “Wall-to-wall carpeting removes that risk. Upgrading your lighting is another area to focus on.”

Resources for Aging in Place

For those seeking more ideas on making their homes more suitable for aging in place, Orman recommends consulting the National Association of Home Builders’ aging-in-place checklist. This resource can provide a comprehensive guide for making thoughtful and effective modifications to your home.

Takeaway

Downsizing in retirement may not be feasible for everyone, especially in the current housing market. However, Orman’s insights offer a roadmap for making the most of your existing home, ensuring it’s a safe, comfortable, and accessible place to enjoy your retirement years. By focusing on practical modifications and safety improvements, you can create a living space that supports your needs, allowing you to age in place with confidence and peace of mind.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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