The Costs of Senior Living vs. Staying at Home from Dr. Karl Pillemer

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Video Transcript

Dr. Karl Pillemer…: It’s a very interesting issue, how much is this going to cost, especially people on fixed incomes and especially say the boomers who kind of thought they were going to keep earning forever and now are learning to live on fixed incomes. I think as people consider the kind of things that they’re spending money on, they ought to look at the hidden costs of staying in their own residence and the possible health and psychological costs, if it’s difficult to really maintain.

Dr. Karl Pillemer…: My parents-in-law had a lovely large old house and it worried them almost every day of their lives. That’s something that people find difficult to give up, but it can really reduce the kind of psychic burden. A lot of what people are spending out of pocket winds up being healthcare costs. If you’re in a situation where you’re eating better and more inclined to exercise and more socially engaged, you may find a reduction in those kinds of expenses, so I think that’s another important aspect of it. You also are likely to save on transportation costs and other issues. I think the people do need to very carefully weigh costs and benefits, but make sure that the costs are realistic.