Age In Place
In the US, a huge percentage of the average person’s income is spent on housing – around 40%. This is considered normal. When you want to retire, how do you sustain your lifestyle when you don’t have an income?
The goal should be to own your home outright. Lew Mandell, Economist and author of “What To Do When I Get Stupid: A Radically Safe Approach to a Difficult Financial Era”, emphasizes what Economists call, “Implicit income”. This defines the income that is gained from owning a home and other possessions outright. Mandell goes on to to explain that the income needed to comfortably support ourselves in retirement may be far, far less than the income we earned while we were working and paying for all of these things.
What can you do?
Get into the conversation stage and go visit nursing facilities (with a family member or friend). There are many more group homes now – I think if you find a good one, it is a great way to be comfortable, but it depends on the insurance/medicaid/medicare plan you will be using.
Here is a link to some of the facilities on Bainbridge and in Poulsbo:
- Liberty Shores (takes Medicaid)
- Martha and Mary
- Messenger House
- Christa Shores
- Madison Ave Retirement Center (this is the new one)
- Island Health and Rehab
Another adult homes:
- BAILEY MANOR 2
1534 Whited Place
Bainbridge Island, WA98110About Bailey Manor 2Nestled in a quiet cul-de-sac on Bainbridge Island, Bailey Manor 2 provides a warm and loving home for senior adults who need daily living assistance. Our friendly, professional caregivers are dedicated to meeting each resident’s individual needs and providing a clean, safe and positive family environment. Bailey Manor 2 is an Adult Family Home licensed by the state of Washington
- EMERITUS AT MONTCLAIR PARK
1250 NE Lincoln Rd
Poulsbo, WA 98370
Ask Lorna Jean Giger a question.