Plan early for life after retirement, not just retirement

Retirement is commonly referred to as the “golden years” due to the freedom afforded to seniors after decades of working.

Transitioning to this stage of life may also include relocating from a family home, and there are many options available. Choosing a new living situation requires taking stock of current physical and mental capabilities, and planning for the stresses and changes of continued aging.

It’s important to have the discussion surrounding geriatric, or elder, care as early as possible. Planning makes things go smoother than the burden of crisis-driven decision making. So, what are the signs that it is the right time to start thinking about these decisions seriously?

Caryn Utberg, a professional care manager and owner of Senior Care Management Associates, noted changes in a person’s physical function or mental status may indicate it is time to consider new living situations.

“Poor hygiene, neglecting household responsibilities,” she pointed out. “One thing we see a lot is, if we see a person who’s been on medication and they forget to take it, or they have trouble remembering the names of medications and why they are taking them.”

Caregiving conversations can be difficult, but Utberg suggests removing as much emotion from the discussion as possible. One strategy she suggests is asking about friends and acquaintances that have changed their living situation. From that point, the key question becomes, “what do you want?”

It used to be a given that if mom or dad needed ongoing care they would move in with the kids. Today, that’s not always possible with families living around the country and with two-income families the norm.

If adult children live close they are often more than willing to help. But once the responsibilities of the caregiver start to grow beyond just a few hours a day, it might be time to explore other options. Most family caregivers have lives and responsibilities of their own.

A professional or private caregiver could be a good option for those who are still largely independent and want to remain in their homes. These folks can help with groceries, give reminders about medicine, help cook meals, even assist with personal activities like bathing and dressing and give updates to family members.

Hiring a private individual could be cheaper than through an agency, but in that case you become that person’s employer, it opens up insurance, payroll tax, and other potential liabilities. Agencies are more expensive but come with certain benefits.

“As far as holidays, you’re having to work that out with a private person, whereas an agency has people that will work that out for you,” Utberg explained. “And with an agency, if the caregiver is not a good fit, you have options. If you cancel, you don’t have to worry about that person getting paid.”

“Decline in the mental or physical function of the older adult is an obvious reason to seek other living options; however, the burden on the caregiver, especially when it is a friend or family member, can be an equally important reason to explore a new living situation,” said Cameron Tribbett, co-founder of Summit Senior Solutions. “Because so much of their time is spent tending to someone else, caregivers oftentimes compromise their own physical and emotional health. Their social lives may also be negatively impacted. When older adults assess their living situation, it’s important that they consider the potential negative impact on their loved ones who are providing them with care.”

There are many different categories of 55 and older living communities for seniors to choose from depending on their lifestyle and level of care required.

“Each one has a different feel,” Utberg said. “I tell people to go ahead and look all the time. Will you feel isolated in your apartment, or are there options for entertainment? Is transportation available if you’re no longer driving? What are the activities on site?”

These resort style apartments, villas or homes are best suited for healthy, active adults over the age of 55. They provide many social activities and events. These communities do not provide in-home care as part of the cost of the apartment; and if residents need in-home assistance, they’ll need to set this up themselves.

Residents here are still independent, but may have some limitations they require assistance with. These communities will offer a multitude of daily activities, restaurant-style dining, and access to healthcare and daily living services if needed.

Ideal for individuals who require a higher level of care on a regular basis. Care giving professionals are on site 24 hours a day and offer assistance with the activities of daily living and some medical care. Memory Care options are available for those with Alzheimer’s or dementia.

Offering a continuum of independent living, assisted living, skilled nursing or even memory care, these communities are great options for couples that require different levels of care. They give residents the opportunity to stay in one community as their needs change.

Paying for these facilities might seem daunting, but planning ahead can alleviate the financial burden. Long-Term Care Insurance will help cover the cost of care if you have a chronic condition wherever you end up living. But it’s important to purchase this insurance before a problem manifests as those with a current diagnosis may not be eligible.

“I’m a proponent of purchasing it as early as you can,” Utberg said. “It is something you have to get when you’re healthy, something you should consider in your 50s. People need to plan early. They need to have these conversations early on. How do they see [themselves] aging?”

People are living longer and healthier lives than ever before. So while the majority of people realize the importance of planning financially for their retirement, it’s equally important to also plan for the living and care needs that are a result of living a long life.