Daily Money - An Unexpectedly High Retirement Expense

Of all the plans you make for retirement, housing has to be one of the most important. After all, home is where you spend most of your time. It’s also among the biggest expenses you’ll face in your non-working years.

Relocating for a better climate or a more manageable space is common. After all, you may want to age in place — in a different place. But don’t overlook the option to stay put and make some modifications to make life safer and more comfortable in your current home as you get older.

The two most important rooms to consider renovating are the kitchen and the bathroom. The dangers from grease fires, slips, scalds from hot water and cuts from sharp objects mean lots of chances for injury in these two rooms, according to Fixer.com, a home renovation site. And the risks increase as you age.

The average homeowner can expect to spend $3,000 to $15,000 on home remodeling for aging in place. For instance, adding a walk-in or roll-in shower to a bathroom with safety grab bars and non-slip flooring will run to about $9,500. You might consider installing faucets and door knobs with lever handles for easier turning throughout your home: a much smaller expense, at around $350, according to Fixer.com. Check out the site’s cost guide for various modifications for aging in place.

For more on home expenses in retirement, read Money reporter Brenden Rearick’s story.

— Jill Cornfield, deputy editor

Here’s a speedy way to boost retirement confidence: make a plan. It turns out, just writing down your goals and plans substantially boosts your outlook, according to a survey from LIMRA, the financial services industry organization. Their research on retirement investors with at least $100,000 in investments found that 87% of people with a formal written plan felt confident, while only 70% of those with an informal plan said the same.

Don’t ignore that one little word “formal.” A formal plan includes nailing down a few numbers and questions, such as determining your income and expenses in retirement, figuring out a plan for health care coverage, and estimating how long your assets and investments will last.

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