Senior Living Planning
People are living longer! That’s the good news. But there’s a downside: Living longer is costly.
Most financial plans built over the past 30 years were based on life expectancies up to age 87—and most did not envision the cost of continuing care for an extended period of time. But times have changed. The 80-plus age group is growing five times faster than the overall population. For today’s 65-year-old couples, there’s a 50% chance that one partner will live to 92—and a 25% chance one will live to 97. And experts predict that advances in medicine could push life expectancies to well over 100 over the next 10 to 20 years.
No wonder a recent survey found that the biggest fear for those retiring wasn’t dying, but outliving their savings. The survey pinpointed rising healthcare costs and long-term care as top reasons respondents feared running out of assets. Furthermore, more than 65% of adult children said in a recent survey that they expect to be caregivers at some point to family members. More than 50%, meanwhile, expect to provide financial support.
When planning for longevity, especially for senior living, the options are extensive, the needs are often unknown and the costs are high. As a result, most senior living plans are made in a panic during a medical emergency. Money Plans can help you develop a plan if you are asking questions such as:
- Where should I move my parent(s), who are still active but need more and more care?
- Should we modify our home to age in place, or should we move?
- Should I quit my job to take care of my parent?
- Will downsizing improve our overall financial situation?
- When is the right time to consider senior housing and to incorporate into my financial plan?
Our job is to help you prioritize, evaluate, budget and plan. If you're thinking about downsizing we'll show you the numbers, and help you decide if purchasing or renting is more feasible. If you're thinking about senior living options for yourself or a loved one, we'll crunch the numbers and let you know what type of housing and care you'll be able to afford.
BUDGETING AND PLANNING
In considering where to live, affordability is paramount. Running out of assets and needing to move yet again can be devastating. With so many unknowns, it is hard to know where to begin. That’s where we come in. Together, we will help you:
- understand senior living options and their costs
- factor in the costs for different levels of service and care
- be realistic about your current and future needs
- develop a budget
- evaluate and incorporate cost-saving strategies (i.e. tax strategies, veteran benefits, long term care insurance, etc.)
- tackle Medicaid planning
We have the personal knowledge and professional expertise to put together a dependable plan for you, your parents or a loved one. We know the various senior-living options, we know the associated and hidden costs, and we know strategies to help stretch your dollars.