You have probably heard the saying, “We don’t plan to fail, we fail to plan.” Well, it is especially true in the case of aging in place. Aging in place refers to when an older person is able to live their golden years in the residence of their preference and are still able to access the everything they need for daily life. In order for you or your aging parent to “age in place”, you must first have a plan. That means preparing yourself, your household and your family to deal with the issues that come along with aging.
WHAT TO CONSIDER
At present, many senior persons +65 or older live either with their spouse or by themselves in their own homes. Most them have issues with everyday tasks, taking care of their health doing everyday activities even within their homes.
There are many factors that go into deciding what type of aging in place residence or facility is best for you or your parent. There are independent houses and flats, individual housing in senior communities and care homes with minimal assistance. The choices are varied to suit all needs, tastes and budgets.
Aging in place means you will ultimately need to ask yourself or your aging parent some hard questions:
- How do you see yourself spending your retired years?
- Which type of home environment best fits your needs – individual, community, assisted?
- What special health care do you require or think you will require?
- What other types of supplementary services you may require?
- What options have you provided for in case of emergencies, life-changing events, accidents etc.?
- Have you considered long-term care options
WHEN TO START PLANNING
Aging in place often factors in everyday activities. With age often comes physical complications (poorer eyesight, loss of hearing) or medical conditions that impede doing tasks such a gardening or lifting heavy things when cleaning the house. These changes are inevitable, whether you start seeing the changes at age 50 or after age 70. Plan for your future residence now so that you can live out your later years as comfortably as possible. You can always change, revise and adjust your financial plan at a later date.
At Financial Consulting Group, Inc, we want to be your resource. As experienced financial advisors, we take pride in our ability to help clients simplify and improve their financial lives. If you are wondering what steps are involved in creating a custom financial plan and investment strategy to ensure that you have a plan to age in place, book your free, no obligation consultation today. There is no time like today to plan for tomorrow.