https://retirementplanningscottsdale.com/2018/08/13/anil-vazirani-says-aging-retirees-without-kids-or-that-live-far-away-may-require-assisted-living/ Anil Vazirani says: Aging Retirees without kids, or that live far away, may require assisted living. An article in FinacialPlanning.com published on August 8, 2018 by Ann Marsh states that “When you don’t have kids, it can often feel so lonely and daunting that you don’t want to think about it as early as you should,” says Manisha Thakor, vice president of financial education at Brighton Jones, an RIA in Seattle. “For many people, the thought of moving into assisted living can feel like entering a long, dark tunnel that is leading towards the end of your life.”
While most elderly people receive some care from family members, the number of those able to help “is unlikely to keep pace with future demand” as people live longer, the study found. At this sensitive juncture in retirees’ lives, financial advisors can help them successfully make the transition, advisors like Thakor say.
Retirement planners offer the following advice:
- Start early, often at age 65. The earlier retirees begin examining their options for assisted living, the more peace of mind they will have and the better decisions they will make.
- Gather documents. Before reviewing facilities.
- Brainstorm. Brainstorm a list of places and get a sense of cost and services to see if it is a good fit.
- Cafés, hospitals or nature? Find out what the proximity is to medical facilities, restaurants, or parks.
- Go on a journey. Visits the facilities.
- Meet the caregivers. Talk to the people at a facility who work directly with residents, not just the sales staff.
- Buy in without moving in. At a cost you can buy into a program that preserves a spot on the facility’s wait list should you eventually choose to move in. In the meantime, you can visit the facility for meals, exercise programs, and its medical center.
- Consider paying up-front. When a retiree is ready to make the move, it may make sense to pay a steep upfront buy-in fee. In subsequent years, that fee can allow the client to move from an independent wing of the facility, to assisted living, to memory care for people with dementia and, finally, to skilled nursing, without an otherwise very high bump in monthly costs.
- Employ a caregiver service. Retirees without family could benefit from services provided by elder care companies.
- Build a community. A church or synagogue, or a local senior community center can provide visitors to spend time with residents.
- Stay in touch with caregivers. Talk with the caregivers.
- Be optimistic. Seniors without kids are free to make decisions based on what they really want to do, not what the children think.
See the full article here: https://www.financial-planning.com/news/financial-advisors-help-childless-adults-find-assisted-living-facilities
RETIRE AND STAY RETIRED,
SAFE, SMART, AND SECURE!
Call today for a Complimentary
Strategy Session: 1-800-957-5604 x 200
Secured Financial Solutions
14301 North 87th Street, Suite # 216, Scottsdale, AZ 85260