Category: Lifestyle

In a Forbes article from a few years back entitled “The Five Phases of Retirement Planning,” author Bernard Krooks discusses the various stages of retirement and steps that seniors should take to prepare for each. Krooks, an elder law attorney, defines “mid-retirement” as beginning at age 70, lasting as long as a person is still “able-bodied and high-functioning.” It is during this phase—when you are still in good health—that Krooks suggests considering what decisions you would want your family to take should you experience a significant decline in your mental or physical health.

The article goes on to describe the “late-phase” of retirement: the point after which a person’s health has begun to decline, and they require significant help in order to function on a day-to-day basis. Krooks notes that, “The hope is that by this point, all the planning done in prior years makes this transition as manageable and life-affirming as possible.”

A longer life means a longer retirement

The number of older Americans is rising rapidly as the Baby Boomers reach retirement. Also thanks to advances in modern medicine and technology, people are able to live longer. Think about this: In 1960, the life expectancy of a man in the U.S. was 66.6 years, and for a woman, it was 73.1 years, according to the CDC. As of 2015, those numbers had increased by nearly a decade: For men, average life expectancy was up to 76.3, and for women, it was up to 81.2, per the CDC. Today, a healthy 70-year-old in the U.S. can probably expect to live another 10 to 15 years on average—and many will live even longer—but rarely without the need for at least some degree of assistance, such as long-term care services.

Longer lifespans, combined with the potential need for extended long-term care, means that people must take an even more forward-thinking approach to planning for the later phases of retirement than in previous generations. Unfortunately, however, families and financial advisors too often fail to make a proactive, specific plan for this stage of life. The result is that most seniors and/or their families find themselves having to be reactive in addressing lifestyle and healthcare needs that may arise in the “late-phase” of retirement.

The scenario often goes like this: A senior has a significant health issue that develops suddenly. The spouse, adult children, or other family members must quickly shift into crisis-management mode, urgently researching care options, regardless of the flexibility of their personal schedule, their physical ability, or their emotional capacity to take on such a daunting task. Perhaps you experienced a similar situation with your own aging parents.

The most important choice in your retirement plan

If you are approaching (or are already in) the “mid-retirement” phase, it is the perfect time to make a plan for your “late-retirement” years—while you are still active and in control of your own decisions. Putting off such important decisions about your potential future needs could leave you and your loved ones facing tough, and often costly, situations down the road.

I would argue that one of the more important and complex decisions to consider in the retirement planning process is where to live. Admittedly, there are a lot of options in this day and age. Many seniors plan to stay in their existing home for as long as possible; others choose to relocate to a 55 and over community, while still others opt for a continuing care retirement community (CCRC, also called a life plan community), which offers residents a so-called continuum of care that addresses any assistance needs as they arise.

As you consider the many senior living options, keep in mind that paying for care and access to care are two very separate issues. For example, you may have long-term care insurance and/or you may have a substantial amount of savings and assets, all of which will help you pay for care. However, having adequate money does not address the other aspect of the issue: where and how your care needs will be provided if and when you require assistance.

This is one reason why a CCRC appeals to some people. After paying the entry fee, new CCRC residents typically move into the independent living area of the community, where they will usually have things like housekeeping, home maintenance, and one meal a day provided as part of their monthly fee. However, should health issues arise, the appropriate level of care services will be given to the resident within the same campus. It not only affords residents with the assistance and support they need, when they need it, it also provides them and their loved ones with a tremendous amount of peace of mind.

Making your plan

Wouldn’t it be nice if there was a simple way to make a plan for every possible retirement scenario? While no one knows exactly what the future holds, you do have the power to prepare for many of the situations that commonly arise as we age.

I advise seniors to do these three things to help plan for the unknowns of their retirement years: 1) research and understand your senior living options, 2) consider the pros and cons of each, and 3) have detailed conversations with family members, medical providers, and other professional advisors (legal, financial, etc.) about your options and wishes. Taking these three steps can potentially help you and your loved ones avoid some difficult choices in the future.

The above article was written by Brad Breeding of myLifeSite and is legally licensed for use.

There are certain adages you may recall your parents saying when you were a child: “Don’t judge a book by its cover,” “Things are not always what they seem,” plus, of course, “You won’t know until you try.”

Clichés are repeated again and again because most often, they are true. And it just so happens that these three sayings don’t just apply to the important lessons of childhood — many adults would do well to adhere to these proverbs as they go through life.

In fact, it recently struck me that seniors who are considering their various senior living options may want to keep these very adages in mind as they ponder the possibility of moving to a retirement community, such as a continuing care retirement community (CCRC, or life plan community).

Don’t judge a book by its cover.

When you hear the phrase “retirement community,” what comes to mind? Perhaps you envision the nursing home your elderly parents or grandparents were in, with people staring at a TV or eating off of cafeteria-style trays. Or, maybe you think of “a bunch of old people” sitting around all day or playing bingo. (For the record, I think bingo is pretty great!) If this is what you imagine a CCRC or other active living-type retirement community to be like, I would recommend you take time to learn about today’s retirement communities and how, for many, they can even offer a healthier and more holistic lifestyle than the alternatives.

Many people have a negative preconception of senior living that may not match what is currently available in today’s CCRC marketplace. Yes, some of the community’s residents may require a wheelchair or walker, and the on-site availability of a continuum of care services for those who need it is one of the many appealing aspects of a CCRC. But the reality is that a majority of CCRC residents are living active, highly fulfilling lives — a dynamic lifestyle that is encouraged and even supported by the CCRC itself.

Today’s CCRCs offer resident-led activities from lecture series and continuing education classes to volunteer tutoring and various affinity groups…and much more — programs that keep residents mentally and physically active and involved in their larger community.

And that institutional food on a cafeteria tray you were picturing? Retirement communities of today have begun to address this stereotype with gusto. Indeed, improvements to both the dining atmosphere and food quality are hot topics across the industry. In most CCRCs, you will find an array of healthy, freshly prepared menu options, served in on-site settings that range from a dining room, to a bistro café, to a casual pub. In some CCRCs, you may even enjoy gourmet meals prepared by five-star chefs using fresh, locally grown produce.

As you can see, our parents may have advised, don’t judge a book by its cover — and don’t assume the realities of a CCRC will match the outdated idea you have in your mind.

Things are not always what they seem.

Which leads me to my next point: Making an informed decision about ANY topic involves putting all options on the table, gathering the facts about each, weighing pros and cons, and making an educated decision. This methodical process of conducting in-depth research is especially important for your senior living decision.

For example, choosing to remain in your home may seem like a wise choice on the surface. You are comfortable there, both mentally and physically. You may own your home outright, and it seems like the most practical, economical option. Furthermore, you are still independent and active, so you don’t “need” to move to a retirement community.

Yet, many people who have chosen to move to a retirement community report that their net monthly expenses are not much more than they were spending previously; sometimes even less. And they describe how their lives are healthier and more carefree, with the bonus of developing friendships with residents who have common interests and shared life experiences and accomplishments.

And then there are the “what ifs.” What if you are no longer able to manage the upkeep of your home — the housework, the yardwork, the day-to-day maintenance needs? Who will do those chores? Is that a burden you want to put on your adult children, or is that a cost you can afford to incur?

What if you suffer a health issue that prevents you from navigating the stairs to your bedroom, makes it difficult to dress and bathe yourself, or even requires skilled nursing care? Who will assist you with those activities of daily living that you can no longer manage on your own?

Are these caregiving responsibilities you want to put on your adult children or other loved ones, and if not, how much will it cost if you need to pay for either part-time or round-the-clock care in your home? Bear in mind that the national average cost of in-home care is around $3,800 per month, based on just 44 hours of care per week, or around 6 hours per day. Adding in evening hours and overnight care could increase this cost substantially.

On the surface, it may appear that a CCRC will be costlier than just remaining in the home you currently live in, but when you tally up the costs of upkeep and the care services you may one day require, things indeed are not always what they seem.

You won’t know until you try.

Although a retirement community like a CCRC may not ultimately be the right choice for everyone, I think everyone should at least consider it as a senior living option. And while doing diligent research is important to understand contract terms, services, and amenities, the best way to determine if a particular community is right for you is to experience it first-hand.

Once you have narrowed down the possible CCRC options to a select few, spend as much time as you can on their campuses. Take a tour…possibly more than one, and at different times of day. Eat in every one of the dining options, multiple times. Many CCRCs will even allow you to participate in community activities and use some of their facilities if you put down a fairly modest deposit. Use the fitness center. Walk the sidewalks and trails around the community. Talk to current residents to get their impressions of what it’s like to live there.

Many communities offer a guest suite where you can even spend the night on-site to get a true feeling for what it is like to live in the community. Is it clean, up-to-date, and quiet? Do residents seem to be embraced and well-respected by staff. Some providers are clearly better than others, and thus, you can learn a lot about a CCRC by experiencing their guest suite.

There is a New York Times article that addresses the topic of people who were at-best skeptical about moving to a retirement community. In the article, one community resident acknowledged that he had once said to his wife of 45 years, “By God, I’ll sit in the burned-out, firebombed ruins of this home before anybody pulls me out!”

After years of back and forth, he begrudgingly made the move to a retirement community to appease his wife, but since they have settled in, “I’ve done a 180 on this.” A few days after moving in, the man explained, “It just hit me: I really wished my mother or my sister or my aunt could have had this experience, to feel that safe and secure. At that point, it was like a light bulb going on. It was an instant turnaround for me.”

There’s no single senior living choice that’s right for everyone, and ultimately, a retirement community may not be the right choice for you, but when you really weigh things out and hear stories from so many people who are living vibrant and active lives at retirement communities, it’s hard to think that more people shouldn’t at least give it a look with an open mind.

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The above content is legally licensed for use by myLifeSite.

Although the vast majority of people who live in Continuing Care Retirement Communities report that they are happy with their decision, there are many who delay a move indefinitely because they feel they are not ready yet.

Of course, moving to a CCRC is an important decision. It requires appropriate planning and should not be rushed. Yet, delaying the decision too long could mean missing the opportunity because a common entry requirement among CCRCs is the ability to live independently. Furthermore, even if your health remains good, delaying means missing out on many of the benefits that such a community could provide for you in the first place. Click the link above to read more about what CCRCs have to offer and why you may be more ready than you think.

When a person dies without having made a Last Will and Testament, and they have property titled in their name alone, whether it is a boat, house, bank account or a motorcycle, there is a good likelihood that they have made life more difficult and more expensive for their surviving spouse or children.

By not leaving a Will, the deceased has not had the opportunity to name an Executor; therefore, the survivors must apply to the Court for the right to probate their estate. The process of transferring assets of a decedent to those people who rightfully should receive the assets is what is referred to as probate. Without a Will, the survivors must apply to the Court for the right to be named Administrator. Then, they are required to post a bond and obtain permission of the Court to transfer the assets. Without a Will appointing an Executor and waiving bond, the survivors of the decedent will be required to post a bond, which is generally twice the amount of the personal property value. This value is usually somewhere between $50.00 and $500.00 per year for the minimum bond requirement.

Also, without a Will, real estate title vests in a decedent’s loved ones. If there are minor children, they each will have rights in the real estate that is left behind. However, in order to sell that property, the Administrator must apply to Probate Court for permission to sell, with notice to all interested parties. If the Administrator sells any of the real estate, then the money received from the sale increases the amount of personal property and the bond must be increased. This can be a stressful and frustrating situation but can easily be avoided by simply preparing a Will naming an Executor, granting certain powers, and directing that no bond is required.

Without a Will, there is sometimes a lengthy period where nobody is in charge or has authority over a loved one’s assets who has passed. During this time, assets can often disappear, and the disappearance can be the cause of family strife and costly litigation.

In many cases, attorneys can help prepare the simplest will to avoid the problems stated above or can help craft an estate plan designed to control assets from beyond the grave, or in larger estates, design a plan to take advantage of any tax saving opportunities.

The above article was written by John W. Hoppers, Esq. of Strip Hoppers Leithart McGrath & Terlecky