Planning for Retirement

Posted on

Oct 26, 2018

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What chapter of life are you in? If like me, retirement is approaching, but not quite here. Are you prepared? Five hundred and five seniors, aged 75 or older, were surveyed by Home Instead, Inc. about preparing for their future. While many people know they should plan for retirement, get their financial affairs in order, and decide on their final resting wishes, most seniors are underprepared when it comes to creating a plan for their long-term care. Planning for care along with family members can be difficult, but it must be done for your future and optimal quality of life. Although we know in the back of our minds we should be preparing for our end, we truly dont want to face it. Eight-nine percent of surveyed seniors are comfortable discussing their own future, but only 68% find this to be an easy useful conversation to have.
Of surveyed seniors, 23% have thought about and planned for their long-term care, and of those, only 21% have made their arrangements. Our average life expectancy in the United States is 76.1 years for males and 81.1 for females. If we are fortunate enough to live to this, or into our 80's and 90's, then we must start thinking about what will happen if we no longer can care for ourselves. Our retirement chapter can be a blessing if we have a plan. We may have opportunities to access our saved funds, down size our homes, or move to be closer to family, but most of us dont plan for aging in place when our personal needs and safety are compromised to the point that we need help. Long-term care is expensive. Regardless of whether we have one-on-one in-home care or reside in an assisted living or skilled nursing facility, we tend to underestimate these costs. On average, a year in a skilled nursing facility is 64% higher than what seniors estimate. The message here: Plan for your care and put money aside for these costs! Of seniors surveyed, 46% have not saved enough money to cover a year of: in-home care, an assisted living (53%) or a skilled nursing facility (59%). Too often seniors outlive their money or spend their savings on care for a spouse, leaving little for themselves. They may depend on family or government for assistance, which unfortunately puts stress not only on the senior but their family as well. What happens if Medicaid policies change, all money is spent, and families have no other resource to supplement care? For those currently in this position and with little income, help is available through grants, previous employer resources, government sources, Veterans Affairs benefits, as well as local support services such as the Senior Source in Dallas. If there is time, then you must plan for your future. Decide on your plan of care, set aside resources, and discuss this with adult children so they can plan with you. Most importantly, your family will know your wishes and feel comforted that a plan is in place.
Editorial Note: This article was written by Dr. Nancy Oppenheimer-Marks with Home Instead Senior Care. She may be reached at 972-239-3934. See ad page 115

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