You might remember that when your parents or grandparents retired, they stopped working, and then enjoyed maybe five or ten years of retirement. In some cases members of this generation did need nursing home care at some point, but often those were seen as more of a luxury than a necessity. In either case, long-term care didn’t crimp budgets as much, because retirements were shorter overall.
Now, we’re enjoying far greater life expectancies, and many retirees today will live into their late 80s or even 90s. That’s great news, but it does mean you need to plan on retirement income that lasts. It also means that planning for long-term nursing care, assisted living centers, or other living arrangements is even more important.
Sometimes a move to a nursing care facility is precipitated by an illness or injury, but moves to senior living facilities are often voluntary and desirable. Group living situations offer increased security, social opportunities, and an improved quality of living for many retirees.
Most retirees will only move to a nursing home under more dire medical circumstances. Meanwhile, suites or even individual homes in retirement villages are becoming popular options. These facilities offer swimming pools, exercise classes, and social events. You might even enjoy free transportation to community events, or be able to sign up for college courses. The facility takes care of chores like lawn care, and assistants often help with tasks like grocery shopping and cooking. So no, you might not be dependent on unpalatable cafeteria meals!
So, whether you need intensive nursing care at some point, or simply prefer the inclusive, fun environment of a less restrictive senior living center, it’s important to know that these options are not inexpensive. These days, planning for retirement should include a close examination of all the options available to you, including your Plan B and Plan C in the event that a life change necessitates a change in environment.
We want to ensure that when the time comes, you are able to take advantage of the options available to you. So at your next appointment, let’s discuss topics like long term care insurance available to federal employees, which can help with the cost of nursing care facilities. And let’s also talk about your future living arrangements, such as assisted living or senior centers, and make a plan to accommodate those in your budget.
