As many people think about retirement, a significant consideration is how accessible their homes will be as they age. A desire to remain in a familiar space leads many, including young parents, to contemplate necessary renovations, which can be overwhelming due to costs. However, certain home modifications related to accessibility might qualify for tax breaks, provided medical expenses exceed a specified threshold. Recent research shows that a large percentage of seniors prefer to age in place rather than relocate, highlighting the need for thoughtful planning regarding home adaptations for older age.
A lot of people don't know that you can take medical expenses as a deduction on your tax return. The downside is that your expenses have to exceed 7.5% of your income and need to be higher than your standard deduction.
More retirees are aging in place. According to a recent study by AARP, 75% of older adults want to stay in their current home, rather than downsize or move to a retirement community.
Collection
[
|
...
]