Aging
WellDesign your retirement exactly as you wish.The welcome
transformation of retirement living continues, and examples of this new and
improved way to live life during your senior years can be found in sought-after
communities throughout Dallas. The demand for luxury living is high, so its
never too early to start planning and touring to explore everything
offeredfrom cocktail hours and pickleball games to continuing education and
daily chef-crafted meals. On the long
list of things to check off in life, enjoying a nice retirement is usually at
the top. What far too often keeps getting pushed to the bottom of the list is
saving money to fund this goal. At the
beginning of ones career, retirement seems so far away that its difficult to
envision, which means big-ticket items often take priority over saving for
retirementpaying off student loans, weddings, traveling, buying a home, and
building the kids college funds among them. Those in good health who have
managed to plan and save for retirement in between lifes milestones have a
good shot at the opportunity to design and enjoy their retirement exactly as
they wish. For those who are behind, its never too late to start saving, but
financial planners advise to begin today. There is much to love about todays
retirement living options, making it even more imperative to work with a
financial planner and remain committed to a plan so that retirement is something
to look forward tonot to fear.By the year
2034, the U.S. census projects that older adults will outnumber children for
the first time in our historythats a significant transition, says Russell
Crews, president and CEO of Dallas CC Young senior living community. And from
2024 to 2039, the population in the U.S. of those age 75 and older will
increase from 20 million to 45 million. These demographics are almost
overwhelming to consider. Right now, there are some Baby Boomers at CC Young,
but within the next 15 years, the majority will be in this group. One of the
biggest challenges for them will be affordability. No one has the answer, but
the message is that you cant start planning too soon.All roads lead back to planning. We
plan for college, weddings, and buying a home. Planning for retirement is just
as important. Russell Crews, CC YoungInflation and
continuing discussions about a looming recession have upended the economy,
leaving those who are newly retired and soon-to-retire panicked about the
losses in their portfoliosthe savings that will fund this life of fun and
freedom. Those who are 10 to 15 years away from retirement are also impacted,
as there is little time to make up for the losses. A resetting is taking place
and as older adults are coming to terms with how much they will need to fund
their goals. Retirement
living is only going to get more expensive through the years, Crews says.
Inflation has created chaos in rates that are needed to support the operations
of senior living communities. Historically, most communities have had standard
3% to 4% increases, but we have been seeing 6% to even 15%. When seniors look
at that and do the compounding, its easy for them to become distraught. Sadly,
inflation has wreaked havoc on senior living cost structures. Of course,
funding retirement is only one aspect of long-term planning. Taking the time to
reflect on what you want for yourself in retirement is also critical. Staying
healthy, active, and engaged with friends and family as well as making the time
to pursue interests is just as important as saving money in preparation for
retirement so the change in routine isnt such a shock. Financial advisors
recommend examining assets and liabilities. Think about downsizing. Tackle
debts and limit liabilities, such as financially supporting older children.
Work with a financial planner about options for saving, including weighing the
pros and cons of purchasing long-term care insurance. Also consider what you
can realistically afford after you stop working and try to mimic living that
lifestyle now as much as possible to become adjusted to it.Some care
expenses can potentially be offset through personal savings, private insurance
policies, or government initiative, such as Medicare, Medicaid, and benefits
for veterans, says Chad Hubbard, executive director with the Preston of the
Park Cities, a Watermark community. For those planning for the future, I
recommended starting a dedicated savings plan early and exploring long-term
care insurance. Its essential to work with a financial advisor to create a
solid financial plan tailored to your unique needs. Jen Grant, a
Certified Financial Planner with Perryman Financial Advisory, says many of her
clients start becoming more focused on retirement savings once their kids have
graduated from college and live on their own. An official empty nest is the
signal to think about the next stage of liferetirement.There is a
stage of life where you arent ready to retire and still enjoy working, but you
are also aware that retirement isnt far off, Grant says. I always tell my
clients to really focus on their careers at this point. These are likely the
highest income-earning years. Maybe you havent taken a promotion or moved for
a better job because you didnt want the changes to affect your kids. With this
is no longer an issue, its time to step up.Here, Grant
shares her top tips on retirement planning and saving while you are still
working. Reevaluate your
career. If you arent happy where you are now with your job, find
something else where you can really dig in and enjoy your work and makeand
saveas much money as you can as you prepare for retirement. These should be
your high-income years, so be strategic about your plans.Play catch up. With
most employer-sponsored retirement savings accounts, such as a 401-K, this is
likely the time you can make catch-up contributions or invest more from your
pay. Take every opportunity you can to increase contributions.Pay off debt. This
is major, especially if you have co-signed on student loans. Make sure the kids
are ready to launch and take over their own student loans. Take your kids off
your health insurance, car insurance, and cell phone planseven Netflix
subscriptions and Amazon Prime accounts. It all adds up, and there are a lot of
areas where you may not realize how much you are paying to support someone
elses lifestyle.Live on one
salary. If you are in a household with two working people, try to live on
one persons salary and sock away that second persons salary. Its a great
feeling if you can manage it. If possible, divert that money into a retirement
savings account so you arent always fighting with your own personal desire for
things once you have a relief point.Its never too
late. Having something saved for retirement is better than nothing at
all. If you are still 10 to 15 years away from retirement, its time to make
some big adjustments. Its easier to spread investments out over a decade
rather than a few years. If you wait, youll have fewer options. The next
couple of years will feel tighter than they have in the last 20 or so, but
having plan now will make life easier for everyone when you are no longer
working. The Choice Is YoursTodays
retirement communities offer everything you need and want.The primary
reasons senior living communities throughout the Dallas area are undergoing
change are savvy developers and consumer demand. Todays seniors who are
transitioning from their long-time homes to retirement communities want their
move to feel like a lifestyle upgradesomething that mimics the resorts where
they have been vacationing during the past decade or so. They want to continue
with their lives as usualbut without the hassles of home ownership. When
weekly happy hours, on-site spa services, front-door meal deliveries, and
planned trips and excursions are part of the deal, they know they are
home. Senior living
community developers often own or manage 20 or more communities. They are
committed to keeping up with emerging trends and thinking ahead so that
residents can always take advantage of the latest amenities and services.
On-site medical clinics, golf simulators, upscale salons that rival what youll
find in Uptown Dallas, movie theatres, multiple libraries, and on-site
bankstodays senior living perks make it easy for residents to enjoy the best
of everything right at home. There is a lot of brain power at work, and
developers are constantly thinking about whats next, says John Falldine,
executive director of Edgemere. In this industry, there will always be new
things coming to the market, and developers and managers listen to and incorporate
what their customers want.Approximately
53 million people in the United States are age 65 or older, according to the
U.S. Census Bureau. By 2060, this demographic is projected to double in size,
meaning that within the next several decades, one in five people will be senior
citizens making decisions about where, and how, they want to retire. The next
question is when to retire? If savings goals have been met, how do you know
when its time to make the move? Hubbard says this decision always varies from
person to person. Moving to a retirement community before your physical and
mental abilities require you to do so is often the smartest choice.It makes the
transition easier, Hubbard says. If you find it challenging to access
services or activities that enhance your quality of life, it may be time to
consider a move to a community where those amenities are very accessible
through assisted living or memory care. Common fears about moving to a
retirement community often involve the loss of independence and the unknown.
Many seniors worry about leaving their homes and familiar surroundings.
However, many are often surprised to discover they gain a newfound sense of
independence, social connections, and a vibrant lifestyle due to the emphasis
on social connection and community living.Once seniors
become more open to the idea of moving to a retirement community, theyll do so
with one caveatthe senior living community they choose cant resemble where
their grandparents and parents spent their senior years.The Preston of
the Park Cities, a Watermark community, offers a vibrant lifestyle with
resort-style amenities that arent too far off from those of a luxury
hotelgourmet dining options and fitness and wellness programs among them. A
concierge medical partnership offering access to in-house physicians and
medical treatments, Watermark University for continuing education, multiple
dining venues, and high-tech programs like EngageVR that offers the opportunity
to explore the worldand outer spaceright from the community are other perks
members enjoy. Within most Watermark communities, residents use a key fob for
entrance into and throughout the community, and the fob is what they use to
charge meals or even order a cocktail in the lounge. Watermark University, or
WU, addresses three circles of wellnessMind: Growth, Creativity, Curiosity;
Body: Motion, Health, Nutrition; Spirit: Peace, Insight, Wisdom; and Community,
Connection, Purpose, Legacy. Students can take classes ranging from guitar
lessons and music theory to gardening and tai chi at WU.Communities are devoting square
footage to incorporate more opportunities for overall wellnessnot just
physical fitness. There is a move toward more holistic care.John Falldine, EdgemereHighland
Springs, an Erickson senior living community in North Dallas, recently opened a
new clubhouse, a new residential building, and its eighth restaurant on campus
so that residents have even more options for living, dining, and entertainment.
With three fitness centers, an events space, and a long list of
activitiesincluding the resident-requested pickleball and an updated
woodworking shopthere is always something going on and plenty of activities to
join. The customer
for any senior living community today is very different from the customer a
decade ago, says Christina Christie, director of sales for Highland Springs.
There is a huge emphasis on wellness in our community and we have been
proactive in offering opportunities for folks to stay physically active and
mentally sharpeverything from outdoor yoga to disc golf. We also recently
opened our labyrintha space for residents to take time to reflect and
meditate. We want our residents to know that this community can be anything
they want it to be, as the majority of our programs are resident driven.By the end of
2023, Anthology of Highland Park will be welcoming to residents to its 11-story
boutique community that offers a range of care, including independent living,
assisted living, and memory careplus an on-site, upscale restaurant that is
also open to the public. Homes are designed to mimic what residents are
accustomed tojust downsized for an easier lifestyle. Some units offer two
bedrooms, and every unit includes a kitchenette and washer and dryerperks not
often in found assisted living communities. We refer to the community as an
assisted living community because residents can live here and be totally
independent and not need any assistance yet, but may need assistance in the
future, giving them the ability to stay in their apartment, says Sherye
Groebe, director of sales and marketing for Anthology of Highland Park. Having
a kitchen and a washer and dryer helps them keep the independence they are used
to. There are also one-bedroom and studio units to meet a variety of needs.Crews
attributes the spike in demand for more senior living options to seniors
wanting more socialization and an easier, stress-free lifestyle. I think in
the next five or so years, the ability to tour around North Texas and take your
pick of senior living communities may not be as simple as its always been;
options are limited as we get into these exploding demographics, he says.
Its very important during the early planning process to make sure the senior
living community you choose suits your lifestyle and has a culture that
supports your values. People tend to think a retirement community is where you
just fade awaythats definitely not what happens here.CC Young Senior
Living has made it a priority to listen to what their residents truly want to
experience, and this includes sophisticated dining options, a full array of
life enriching and engaging activities at all levels of care, and new additions
to the offerings such as technology and language classes, technology throughout
the campus and on-campus technology support. CC Young also offers continuing
education classes through the OLLI program at UNT as well as enrichment
programming. The Point & Pavilion, CC Youngs 20,000-square-foot enrichment
center, serves thousands of visitors each monthresidents and non-residentswho
participate in all the programs. The Point includes an art gallery, a
meditation area, caf, and more. Seven dining venues, a dedicated move in
coordinator, a fitness center, and massage therapy are only a few of the
offerings at CC Young.Edgemere
recently transitioned from a large entrance fee a to a one-time community fee
and monthly rental fee that covers all maintenance, dining, and base utilities.
Falldine says Edgemere has incorporated all the latest trends in senior living,
including the addition of a more casual caf for residents who want an
alternative to formal dining and will soon have an on-site medical clinic and
expanded sundry store that also offers Italian desserts and coffees. Overall
wellness is a focus at Edgemeresocial, physical, intellectual, and spiritual.
One of the most dangerous things for seniors living at home is isolation,
Falldine says. At Edgemere, as well as at other senior living communities,
residents have much opportunity to stay busy and socialize. Residents are
embracing those opportunities and are thriving.Shopping AroundThe first step
to finding a retirement home is knowing which type of care you need. Continuing Care
Retirement Community (CCRC). This is a community that provides all levels
of care, including independent living, assisted living, memory care, and
healthcare or nursing care (sometimes called skilled nursing) in one community.Independent
Living. This is often a choice for those who are active, independent, and
dont need any type of health or daily living assistance. Residents typically
live in apartments and create their own schedules.Assisted
Living. This type of community provides housing options for seniors who
may need assistance with daily living tasks, such as dressing, bathing,
medications, meals, and activities. Fees vary depending on the level of
assistance required. Care can be increased or decreased as needed. Residential
Care Home/Group Home. These are private homes that serve residents who
live together and receive care from live-in caretakers. Assistance with daily
activities is typically provided, and care is customized to each residents
needs. Because the resident-to-staff ratio is low, residents get more
one-on-one, personalized care.Memory
Care/Alzheimers Care. These are secure communities that offer 24-hour
support with a specifically trained staff that specializes in caring for
patients with dementia or other types of loss of memory or Alzheimers disease.
Structured activities and assistance with meals and healthcare and daily tasks
are provided. Most communities have private pay and costs vary per month
depending on the level of assistance required. Medication management and
24-hour monitoring by licensed nurses and caregivers are typically included in
the price.Nursing
Care/Skilled Care/Long-Term Care. Nursing care is typically designed for
someone who requires a high level of care for a short period of time, such as
recovering from a hospital stay or therapy services. Long-term care is for
residents who need a high level of care with complex medical conditions who
require a licensed nurse for a long period of time. Both levels offer around the-clock
care, meals, activities, and rehabilitative service under one roof. By D Partner Studio | November
27, 2023|7:00
amhttps://www.dmagazine.com/publications/d-magazine/2023/december/aging-well/
