Are you concerned about having enough income to meet your needs during retirement? Or are you taking care of a loved one and responsible for his or her financial and health care needs? If so, you might feel overwhelmed with all of the choices and options available to you. Researching, creating a longevity plan, and asking the right questions takes a lot of time and energy. However, it’s important to begin the process now so you have a longevity plan in place and make the right choices when the need arises.
But where do you begin? How can you make sure a loved one gets the most out of retirement? Here are five important areas you should start planning for now:
Financial
On average, US adults will need 2.5 million in retirement to maintain the lifestyle they have now. Of those surveyed, only 40% of respondents reported they were “very confident” to retire at the age they want to. With the average adults spending one hour and 20 minutes a day worrying about their retirement funds; that adds up to 475 hours a year! Most individuals worry about spending most of their savings on an injury, illness, medical or long-term care. The possibility of outliving your retirement savings and inflation rates are very real. Working with a financial planner who specializes in assisting seniors, can help you prepare for retirement so you can live comfortably without worrying about your retirement funds. You can also avoid some common mistakes people make such as underestimating medical expenses or taking out too much money from their savings.
Home Care
If you want to live age in place, having home care is a great solution. A home care aide can visit your home and help with daily activities such as dressing, bathing, cooking, and light household chores. It’s important to find a licensed home care agency with qualified staff who will provide you with quality care.
Legal
This is one of the most important areas to consider as it takes proper planning and preparation. This includes everything from estate planning, power of attorney, trusts, wills and advance health care directives. If possible, you should work with an elder law attorney who focuses on working with seniors and their families. Unlike most general practitioners, elder law attorneys are well-versed in handling issues such as real estate, taxes, trusts, Medicaid, and estates.
Housing
Are you thinking about selling your home and downsizing to a smaller home? You probably have many questions about putting your home up for sale, moving, and finding a new place. Working with a senior real estate specialist (SRES) can make a big difference since they are knowledgeable about both financial and real estate issues for seniors. A SRES can also refer you to a senior relocation specialist who can assist you with packing, moving, and unpacking your belongings at a new home.
Care Coordination
Navigating the healthcare system can be complicated and confusing. Deciding what treatment is best, keeping track of medical records and tests, and getting a second opinion are just a few examples of the challenges facing seniors. Having a health care advocate on your side can help you make choices that are best for you and your situation.
Create a Longevity Plan Today
Whether you or a loved one is healthy or dealing with a medical issue, it’s a good idea to plan ahead so you can make important decisions in the right frame of mind. Also, working with qualified experts in the five areas discussed above ensures you get the best advice and longevity tips for your situation.
The Long-Term Living Association (LTLA) offers specialists in each of these five areas. Instead of working with five different agencies or services, the LTLA can take care of all of your needs. You can schedule a free phone consultation with one of their care advisors. To start your longevity plan today, you can also call the LTLA at 1-800-868-1193 or visit their website at longtermliving.org.
Financial Planner
Michael B. FitzPatrick
Licensed Home Care Provider
Ethan Kassel
Eldercare Attorney
Shana Siegel
Certified Senior Relocation and Transition Specialist (CRTS)
DIANE VEZZUTO
Geriatric Care Manager
LORIE GARDNER, RN BSN
