Fall Planning Checklist for Older Homeowners in Connecticut | SRES®

Fall is a season of preparation. We service the furnace, clean the gutters, put away the patio furniture and get the house ready for colder weather.

But it’s also a good time to check in on something bigger: Are your financial, legal and housing plans still working for the life you’re living today — and the one you want in the years ahead?

For older adults and their families, a little planning now can mean more choices later.

Here are six areas worth reviewing this fall.

1. Review Your Medicare Coverage

Medicare Open Enrollment runs from October 15 through December 7. Even if you’re happy with your current coverage, plans, premiums, prescription coverage and provider networks can change.

Take the time to review your options and make sure your current plan still meets your needs.

2. Revisit Your Estate Planning Documents

When was the last time you looked at your will, power of attorney or healthcare directives?

Life changes. Families change. Wishes change.

Having updated documents — and making sure the right people know where they are — can save families tremendous stress later.

3. Double-Check Your Beneficiaries

Beneficiary designations on retirement accounts, life insurance policies and certain financial accounts can easily be overlooked.

Marriage, divorce, a death in the family or other life changes may mean those designations no longer reflect your intentions.

Consider reviewing them periodically with your financial or legal professional.

4. Take a Fresh Look at Retirement Income and Expenses

The cost of living changes, and so can your expenses.

Review your regular income and spending, upcoming major expenses and whether your current financial plan still supports the lifestyle you want.

This can become especially important when you're considering changes to your home.

5. Talk About Scams Before They Happen

Unfortunately, older adults continue to be targets for increasingly sophisticated scams.

Families should have conversations about suspicious phone calls, emails, texts and requests for money or personal information. Consider establishing a trusted person to call before responding to anything questionable.

Having that conversation ahead of time can make it much easier to recognize when something isn't right.

6. Don't Forget to Review Your Home

This is the piece I would add to almost every financial planning checklist.

For many older homeowners, their home is one of their largest assets — but it's also where they live every day.

Ask yourself:

Is the home still comfortable and manageable?

Are stairs, maintenance or yard work becoming more difficult?

Could relatively simple improvements make it safer and easier to age in place?

Would one-floor living make life easier?

Do you want to be closer to children, grandchildren, healthcare or activities?

Would downsizing actually improve your lifestyle — or do you love where you are and want to stay?

There isn't one right answer.

As a Seniors Real Estate Specialist® (SRES®), I don't believe getting older automatically means it's time to sell your house. Sometimes the best decision is to stay exactly where you are and make modifications. Sometimes it's downsizing. Sometimes it's moving closer to family. And sometimes it's simply gathering information now so you'll know your options later.

That's why I encourage older homeowners and their adult children to start these conversations before there's a crisis or an urgent need to move.

A good first step can be as simple as understanding what your home is worth, what improvements may or may not make sense, and what other housing options are available in your area.

You don't need to have all the answers today.

You just want to make sure that when life changes, you still have choices.

Debbie Huscher, SRES®
The Huscher Team at REAL
Serving older adults, families and homeowners throughout Middlesex County and surrounding Connecticut communities.

This article is for general informational purposes. For specific financial, legal, tax, Medicare or estate-planning advice, consult the appropriate qualified professional.