Many seniors choose to move to be closer to family and friends.

Housing design and amenities are important factors for any home buyer including those 55 or older.  However, a new study indicates that financial concerns have become more prominent than prior to the recession.

The study, entitled Housing Trends Update for the 55+ Market, was conducted jointly by the National Association of Home Builders (NAHB) and the MetLife Mature Market Institute (MMI). 

Using data from the recently released Census Bureau’s 2009 American Housing Survey, the report found that only 55 percent of new home buyers 55+ reported that their down payment came from a previous home sale.  That figure is significantly down from more than 90 percent in 2005 and 2007.  In 2009 seniors used cash or savings for up to 45 percent of their down payment.

However, despite the recession and a desire for less expensive housing, the study noted that the overwhelming motivation for mature movers is the wish to be near family and friends.

Another significant factor starting to affect housing trends is the aging of the Baby Boomers.  According to David Crowe, NAHB’s chief economist, “By the year 2020 almost 45 percent of all U.S. households will include someone at least 55 years old.  The number of those households seeking housing better suited to their changing needs will therefore rise dramatically.”   Crowe noted that housing starts in 55+ communities are projected to rise from about 54,000 units in 2011 to roughly 79,000 units in 2012.

Developers and designers will surely take note of recent statistics underscoring the trend toward delayed retirement.

• “Proximity to work” as an important factor for those relocating to age-qualified, active adult communities is up from 2 percent in 2001 to 12 percent in the 2009 report.
• The share of 55+ single-family homeowners who say they work at home is also increasing.

Perhaps the most positive finding according to Dr. Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute is that, “Most 55+ consumers – those who chose to move and those who stay in their homes – report that they are happy with their homes and communities.”  Additionally, “those who did move to an age-qualified community – about 3 percent – reported the greatest satisfaction, rating their homes and communities at nine on a one-to-ten scale.”

At Home Instead, we understand the importance of helping a loved one find the right housing option.  Whether it’s your parents, a grandparent, aunt, uncle or a cherished friend you’re looking out for, we have the expertise to help you discuss these important matters and the experience to help you make the right decision – wherever home may be.

For more information on how Home Instead Senior Care of Richmond can provide care and companionship to help aging loved ones in the Richmond and Northern Neck areas remain living independently in their homes, please give us a call at our Richmond (804.527.1100) or Tappahannock (804.443.4883) home care offices any time, or view our digital brochure.

Needless to say, everyone is looking for the best ways to save some money these days. People are taking a look at the everyday things they buy, and looking for the best opportunities to make a change for the better.

Prescription drugs are one of those daily necessities that can cost a bundle. On his popular Dr. Oz Show, Dr. Mehmet Oz gives some tips to save on the cost of your prescription drugs.

First, buy generic. Name brand drugs may seem to have a legitimacy missing in the generic brands, but such is the magic of advertising to create that image. The fact is that generic drugs are made to the same standards as their name-brand counterparts, under the rules of the FDA.

Second, split your pills. You have to be careful with this tip – only certain medications will be suitable to split in half. Any pills with an enteric coating – time-release or extended-release pills in particular – should never be broken as it can result in too much medication being delivered to the system too fast. But if your medication amount (in milligrams) exceeds your prescription, consider splitting if you have solid, non-capsule pills. Always consult your physician first!

Third, shop around! You’d be amazed at the wide range of prices for the same medications found in different drug stores. Just because the closest store to you has you prescription doesn’t mean it will be the best price. Check for deals such as $4 for 30-day supply or $10 for 90-day supply. Also, don’t be afraid to ask your doctor for free samples.

Fourth, be sure to get a loyalty card for your pharmacy of choice. Most pharmacies offer this service, and the saving can be quite substantial – particularly for any long-term prescriptions. Also be sure to ask for senior discounts, as well as to sign up online for newsletters.  And keep an eye out for coupons and special deals via e-mail.

 Fifth and finally, don’t be afraid to shop online. While there are plenty of disreputable websites out there offering questionable products, there are also plenty of legitimate options for purchasing your prescription drugs online. Dr. Oz points out that you should always look for the seal of approval – a blue oval that says VIPPS (Verified Internet Pharmacy Practice Site).

To double-check the website you’re considering, search for it through the National Association of Boards of Pharmacy’s website here.

Home Instead Senior Care and various senior care and financial experts offer a few more tips to help seniors stretch their dollars:

• Look for deals on generic medications. Contact your Richmond area pharmacist about ways to save money on your prescriptions.
• Walk when you can. If gas prices are cutting into your social life, organize a walking club or walk with friends.
• Carpool when you can’t walk. There’s economy in numbers.
• Close off parts of the house you’re not using to cut down on utility costs.
• Financial planner Sheryl Garrett says the ability of seniors to live at home helps cut costs as well. 

If you or a loved one needs assistance around the house, contact Home Instead Senior Care of Richmond at 804.527.1100 or visit our local Richmond website.  You’ll be glad you did. Want to see more tips?  Click here.

Home Instead Senior Care and various senior care and financial experts offer the following tips to help seniors stretch their dollars:

• Seek the services of an objective financial planner.
• Get a second opinion on investments and financial purchases.
• Contact your local Area Agency on Aging if you’re having trouble paying for food and gas.  For more information or an office near you, log on to National Association of Area Agencies on Aging at www.n4a.org.
• Get back to gardening.  Yes, gardening!  The economic downturn is generating a resurgence in gardening, and the over 55 crowd traditionally has been among the most avid gardeners.  Growing vegetables can save thousands of dollars annually in produce.
• Avoid convenience foods, which are more expensive.  Watch for sales on fresh or canned fruits, vegetables and meats.

If you’re a senior caregiver, then these are great reminders for your family member.  If you’d like help with caregiving services, please contact your local Richmond VA Home Instead, at 804.527.1100.