Aging is the sign of a successful life. After all, when you think about the alternative to aging your perspective about getting older shifts. You should start seeking self-sufficiency for your retirement years well before the age of sixty-five. But, even if you have not done so, don't shun the planning stages. You need to address planning no matter what your age. Some preparation is better than none at all. It can provide you with some peace of mind and can take pressure off of family members who would have to make their own income adjustments to be able to provide money to support your cost of living. No one wants to become a burden to their children or otherwise extended family. It feels good to be able to provide for oneself (and one's spouse) no matter how lavishly or modestly. It is a relief to know that you have solid plans as well as contingency plans for the future. Although it can be hard work and tough to realize how much it will take to cover your future living expenses, putting off the planning stage does not lead to easier or better outcomes.
First of all, consider your location. Many seniors prefer the idea of living out their lives in their own home but there is much to consider about that approach. Are you close to family members or someone willing to help drive you to doctor appointments and grocery stores when you are no longer able? Can your home accommodate a wheel chair; is there a bedroom on the first floor or is there a way to get up and down the stairs? How expensive are the property taxes in your area? How mild is the weather? If you want to go to a retirement community, what locations are most affordable as well as most desirable? How would you transition to less independent living over time?
Once you know your location goals, do some worst-case planning. In the Oakland County, Michigan area, assisted living care can cost from $2,500 to $6,500 per month and nursing homes costs $8,000 per month more. Many seniors do not have sufficient funds to pay those expenses for long. Adverse health and unforeseen life events can damage your finances unless you are already managing a sizeable sum of assets or have incorporated proper planning. You might look for advice as to how to turn a nest egg into retirement income, or how to add to your long-term insurance care, or to establish some long-term insurance care. Estate and longevity planning steps can be taken that combine trusts with long-term care planning provisions along with some of the newer, hybrid long-term care insurance policies that do not have the "use it or lose it" feature of traditional, expensive polices.
Your aging is a success story. Embrace how you prepare for your senior years no matter what your age is, and the sooner the better! Retirement requires careful thought, planning and decision making for the best outcome possible for you and your loved ones. Contact our office today and schedule an appointment to discuss how we can help you with your planning.
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