Plan for Retirement Beyond the Bucket List
You may have big retirement plans, like writing a memoir, traveling to Machu Picchu, or crocheting sweaters for Christmas. However, one thing many overlook is saving enough money to support senior living expenses.
Planning for retirement isn’t just about fulfilling dreams; it’s about preparing for the cost of care that may arise as you age. Whether you need minimal help—like driving assistance as your vision declines—or more advanced care, it’s crucial to have the funds in place. Relying solely on government benefits isn’t a future to look forward to.
1. Start Saving Today
If you’re part of the sandwich generation, you may feel overwhelmed—balancing college tuition for your children with elder care costs for your parents. It’s a lot to manage, but every bit of savings counts.
Find areas where you can cut back, and put that money into savings. You’ll want to explore and enjoy life in retirement, but chances are that at some point, you’ll also need some senior living support. Financial preparation ensures you have choices rather than being limited by finances.
2. Start Talking Today
Conversations about senior care can feel uncomfortable, but it’s far better to have them before a crisis arises. When families wait until help is needed, emotions tend to run high, making it harder to make good decisions.
Talk with your parents early—ask about their plans for senior living, their preferences, and any research they’ve done. You might be surprised to learn that they’ve already considered their options. Starting these conversations now helps everyone feel prepared when the time comes.
3. Start Looking Today (or Soon)
Just like college applications, many senior living communities have waitlists or fill up years in advance. Researching your options early ensures that you’re not caught off guard when it’s time to make a move.
It’s also time to drop the outdated stereotype that retirement communities are dull places. Many communities today offer exciting amenities and activities, so you can stay active and engaged. However, if you wait until your care needs become significant—like needing help shaving or dressing—you might miss out on the best experiences these communities offer.
Homeownership vs. Senior Living: Should You Downsize?
You might wonder, “Why would I give up my house for assisted living?” While keeping your home may seem like the obvious choice, it’s worth exploring whether downsizing or moving into a senior living community makes more sense financially and practically.
Today, there are free tools available to help you analyze whether it’s more cost-effective to own or rent. With the rising costs of home maintenance, moving into a retirement community could offer better value than maintaining a home.
We’re Here For You
At Concierge Care Advisors, we’re here to help you explore the best senior living options and plan for a secure future. Contact us today for a free consultation and get expert advice on financial planning, senior living communities, and care options tailored to your needs.
