Those who are able often take care of the elderly people in their families themselves, or hire caregivers to assist in the home. Many people expect that their children will eventually take care of them, but I do not intend to have children, so I will almost certainly have to fend for myself in my old age. I will certainly need savings to take care of daily needs, and I will need a place to live. Paying rent does not seem like the best plan for an elderly person with limited funds, so I've decided I need to purchase or build a house.