How much money do I need for my future? Will I run out of money? It's an all-too-common concern among retired and about-to-retire seniors.
According to AARP, about 8 percent of seniors worry about just that, while another third of those surveyed are uncertain about their ability to pay the costs of future long-term care should it be necessary. It’s difficult to plan and enjoy your retirement when it’s clouded with worry.
Financial Planning for Seniors
Gain peace of mind by planning for your future housing, lifestyle and care now. It’s never too early to start your research into senior living options and retirement communities.
As part of your financial planning, tour a few independent living communities and see what is available in assisted living. Have you considered a Continuing Care Retirement Community (also known as a CCRC or Life Plan Community), where you gain housing, an active lifestyle and the continuum of care for short- and long-term medical needs.
A CCRC such as Twin Lakes Senior Living Community in Montgomery offers independent living patio homes and apartments, assisted living, skilled care, memory support, and even rehabilitation therapy.
Create a list of important questions and analyze your personal financial situation. Use a Retirement Community Checklist as you tour various communities and a cost comparison worksheet to help you break down costs. Before making this important decision, take the time to thoroughly investigate various options.
What Will My Children Think about My Investment in a Senior Living Community?
How much should I spend on “me” often leads to, “what will I be leaving for my children?”
The goal of most retirees is to continue to lead a comfortable and satisfying life, whether it's completely independent or requires a little assistance. If assistance is required, the greatest concern is often costs and the spiraling need for additional care in the future. That sometimes triggers feelings of apprehension, even guilt.
There is a sense that leaving money to one's heirs is somehow more acceptable than providing for a comfortable and enjoyable lifestyle for oneself.
Your choice about how and to whom you leave an inheritance is, of course, a very personal decision. But, if you were to ask your children and grandchildren about it, we think the overwhelming answer would be, "Spend it on you."
Talking honestly with children and grandchildren, or with your personal financial adviser, is the best way to alleviate any fears about money running out, and to quash those feelings that you're somehow squandering the kids' inheritance. Trust that your future heirs care more about visiting you in a secure and pleasant retirement community than about receiving a sizable nest egg later on.
At What Age Do You Invest in a Senior Living Community?
Age may be marked by dates on the calendar, but there is no magic age when it comes to choosing a senior living community.
In fact, when the subject comes up, most of our residents say they wish they had made the move when they were younger.
Whenever you start asking yourself ‘is it the right time,’ it usually is. Along with being an investment into your future, a senior living community should provide an active lifestyle for you now. Choose a senior living community that encourages involvement, learning, joy, exercise, and both mental and physical well-being.
For those qualities, there is no age limit. Actually, the sooner, the more opportunity to enjoy the many services and amenities provided by a senior living community.
Who Lives at a Senior Living Community?
A wide variety of people with one common goal — to live an active and fulfilled life. At Twin Lakes, some of our residents still work on a part-time basis. Others are actively involved in cultural interests and still others regularly volunteer with community groups and charitable organizations.
Research shows the secret to happiness in retirement is having a sense of purpose and feeling fulfilled. Just as you plan financially for how you want to live in retirement, also plan for how you will invest your time and talents and share yourself with the world. Think about your interests, your hobbies, and what you’ve always wanted to do. Incorporate these into your plans and investment into your future.
At Twin Lakes, many of our residents laugh about how their life, interests and friendships have grown since they moved in. They joke about being "busier than ever before." A common refrain is, "We wish we had made the move earlier."
See what living at Twin Lakes in Montgomery is all about. Call today at 513-247-1300 or contact Twin Lakes online to schedule your tour. See the homes, tour the community and meet the residents. We can’t wait to meet you!