Investors Community Bank's Podcast

Money Matters with Matt - July 10, 2020

July 09, 2020 ICB
Investors Community Bank's Podcast
Money Matters with Matt - July 10, 2020
Chapters
Investors Community Bank's Podcast
Money Matters with Matt - July 10, 2020
Jul 09, 2020
ICB

On today's episode, learn some tips for keeping your home safe, comfortable and affordable so you can "age in place." 

Show Notes Transcript

On today's episode, learn some tips for keeping your home safe, comfortable and affordable so you can "age in place." 

Speaker 1:
And now, Investors Community Bank welcomes you to Money Matters with Matt on 1240 Radio, WOMT.

Jim:
Matt Lemke, hello. Welcome back.

Matt:
Thank you, Jim. How are things?

Jim:
Just wonderful. And we've got a topic today. I looked at this topic, said, "Well, how could ... Okay, it does matter, though." I couldn't figure out how this money matters, but it does matter. Tips for seniors to live at home longer. It seems the big three words these days is called aging in place: staying in your home as long as you can. And it makes sense to me, because that's where you're comfortable.

Matt:
That's right. People don't want to have to leave their home that they were comfortable in. They don't want to have to potentially pay large bills for a nursing home. They would much rather consider, financially, how do they stay in the home that they've been in for potentially their whole life?

Jim:
And everyone's familiar with it, and they're comfortable with it and everything. So Investors Community Bank can help us with this. We have some tips today.

Matt:
Yeah. The first one that relates directly to banking is take a good, hard look at your finances and really understand what financial resources you have, how long they're going to last. And then importantly, if you're going to stay there, what sorts of costs are associated with aging in place and staying in your home? Are you going to need to make any modifications? Is your homeowners insurance going to change? Are you going to have to have any caregivers that potentially come in? Are you going to have to hire somebody for upkeep? All of these things are a drain on your finances.

Jim:
Yeah, everything is related to ... You want to stay in, age in your home, stay in place and be comfortable, but you have to pay for that and figure out how to take care of yourself.

Matt:
Correct.

Jim:
And that's a great thing to do, and it is more cost-effective to stay in your home. I figured that one out, too. So there's a couple of modifications that maybe are necessary to help you at home. 

Matt:
Yeah, and you hit on it before. You want it to be safe and comfortable as you are advancing in the years, and so some of the big ones are make sure that you have at least one step-free entrance to your home. Make sure that you've spent time updating lighting, both inside and outside of your house, so the walkways, stairs are all well-lit. Make sure that you've got clear pathways throughout your house, so you're not tripping, potentially, and that the floors are even. And then as you think about the bathroom space, make sure that you've got grab bars in bathtub, shower, or potentially near the toilet.

Jim:
Yeah, it's all about safety and taking care of yourself and being self-sufficient and staying comfortable. Security also was something to think about.

Matt:
Yeah, we've talked plenty of times here on this show, that oftentimes, older Americans are targets of scams and other criminal behavior. So you just want to make sure that you're cautious about who is allowed into your home. You've updated and installed easy-to-use locks, things like a peep hole or easily visible windows to the outside, and maybe even security systems.

Jim:
Anything else we have to be ready for?

Matt:
Well, I think you're always going to want to, in the back of your mind, prepare for any kind of
emergencies. Consider keeping a list of emergency contacts by your phone, refrigerator. People have cell phones; they used to keep it by their landline. But maybe even program it into your phone. Have your house number visible from the street, so if there does need an emergency, that they can easily find you and get to it. And again, like we've talked, make sure that you've got money and that you've looked at your finances and you've planned.

Jim:
That rainy day fund.

Matt:
That's right.

Jim:
Yeah, when it rains, you have to be ready. And all this is a great conversation to have with your financial person at Investors Community Bank.

Matt:
Yeah, we would suggest involving banker, financial advisor, if you have one, trusted family members. It's not a decision that you want to take lightly, and you want to make sure that you've thought through, planned it out, and make the best decision for you, whether that's staying in your home or potentially moving on. 

Jim:
And this is just part of planning for retirement.

Matt:
That's right.

Jim:
You've been planning all your life to retire, and when you finally do it, this is just part of the plan. Make sure all your Is are dotted, your Ts are crossed. You're home. You're comfortable. And everyone knows your wishes.

Matt:
That's right. Make sure you've communicated.

Jim:
Fantastic way to do it. And you have some really qualified people to talk to at Investors Community Bank, about this or any other financial information.

Matt:
Any one of our personal bankers or bank service managers would be more than happy to have this conversation with you and your family.

Jim:
What's the best way to do that? Stop by?

Matt:
Stop in or call any one of our four locations. We'd be happy to help.

Jim:
All right, Matt. It's been great talking to you.

Matt:
Thank you, Jim.

Speaker 1:
You've been listening to Money Matters with Matt, presented by Investors Community Bank. Let your money work for you. To learn more, visit investorscommunitybank.com, and don't forget to tune in to Money Matters with Matt every Friday morning here on 1240 Radio, WOMT. Investors Community Bank: We promise to walk in your shoes. Member, FDIC.