Archive for Key Retirement Takeaways from Brad Breeding

Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding – Takeaway #3 for Advisors

Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding - Takeaway #3 for AdvisorsTakeaway #3: How to evaluate senior living opportunities

Some of the things to consider before making a decision where to live in retirement:

  • What concerns you about your future?
  • What’s most important to you?
  • Have you shared these concerns with your children?
  • At this point in your life, what does peace of mind mean to you at this stage of your life?
  • How is it different from what you might have said ten or 20 years ago?
  • Is it your plan to stay in your home for the long term? Why or why not?
  • What’s most important to you about that?
  • What are some of the contingencies that we need to plan for if you do that?
  • Have you thought about what you might do if your health surprisingly declines?
  • What steps would you like your family to take?
  • How involved do you want your family to be?

How do I know aging in place is right for me?

For those who want to stay in their own home, if that’s really what’s most important to them, then obviously you need to talk about all the things we’ve mentioned today. In addition:

  • Will home modifications be necessary?
  • Are they going to rely on their family members if they ever need them for care?
  • Begin researching the quality of in-home care providers well advance in the need. Know which in-home care providers are more reputable, and even the local facilities that are nearby if they need that.
  • If no family members are nearby, who will make up the support network? Who will manage their needs for them? Somebody else needs to be involved in this process
  • What if staying in the home becomes impractical? What are some of the options locally?
  • Is long-term care insurance already in place? Obviously, that can be a really big piece of the plan. If not, does a hybrid plan make sense; some type of accommodation, LTC annuity plan or something like that?
  • Does it make sense to go ahead and secure a reverse mortgage? Doesn’t mean they have to tap into it, but go ahead and secure that line so it can be there, begin growing over time, possibly to be used in the future even to pay family caregivers.

How do I know if a retirement community is right for me?

What about moving to a retirement community? If they want to be somewhere where they can be taken care of if necessary, then:

  • What type of care is available?
  • How much does it cost? They need to choose an option they might prefer: an independent-plus community or a continuing care community and weigh the pros and cons of each.
  • What is the plan if needs advance beyond what’s available in that retirement community? If they go to an independent-plus community and later need nursing care, is that a concern for them? What are some of the options there?
  • Is long-term care insurance in place?
  • If I’m going to move to a retirement community, it generally means selling the home, and that’s going to free up home equity that can be invested. Some portion of that can be used to cover the monthly fees, maybe for many years depending on how much equity is there.

Visit Retirement Insight and Trends, InFRE’s quarterly newsletter for retirement professionals, for a summary article of this presentation.

 
This Key Retirement Takeaway is excerpted from the following presentation:

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding”

Most senior adults prefer to stay in their home as long as possible – after all, home is where the heart is. Yet, this may not always be the most practical choice.

Retirement professionals are uniquely positioned to prompt important discussions between senior clients and their family members about lifestyle, housing, and healthcare needs that may arise in the future. But with so many types of senior housing choices and considerations, how can you best guide your clients through the important decisions?

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge” will help you understand the options, as well as key retirement planning implications related to the various senior housing choices.

This webinar course is available as one of more than sixty Retirement Resource Center recorded webinar online courses for which you may receive 1 hour CFP®, CRC®, CLU®, ChFC®, RICP®, CASL, ASPPA, and other certifications continuing education (CE) credit. Courses are available individually, or become a member to have full access to all courses at a savings.

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite, is a nationally recognized expert speaker on retirement planning and the senior living industry. Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

We make it easy for you to stay on top of retirement and earn relevant CE.

Read the Key Retirement Takeaways by Brad Breeding from “Where Senior Living and Retirement Planning Intersect, Opportunities Emerge”:
 

#retirementrisks #bradbreeding #retirementresourcecenter #keyretirementtakeaways
@retirementrectr Instagram, Facebook, Twitter, LinkedIn

Follow new takeaways on LinkedIn, Instagram, Facebook, Twitter, or by email notifications.

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©2018, Brad Breeding. All rights reserved. Used with permission.

Posted in: Key Retirement Takeaways for Advisors, Key Retirement Takeaways from Brad Breeding, PROTECT from Retirement Risks

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Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding – Takeaway #2 for Advisors

Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding - Takeaway #2 for AdvisorsTakeaway #2: It is important to think about the continuum of care when planning for aging in retirement.

There is a difference between the cost of care and access to care, and both need to be planned for. If we think about the cost of care, we know what care costs. Whether it’s assisted living, nursing care, in home care; we know those costs can be exorbitant in many cases.

Many people end up on Medicaid because they have gone through assets paying for care.

There is a broad spectrum of retirement communities.

It is important to narrow down the choices and think about what’s often called the continuum of care.

On the top bar in the table below, at far left you’ll see a minus sign, the green section, that represents independent living. If you are living on your own and maybe still very active, you would be on the far left of this scale. Then let’s say over time they start to develop some needs; maybe an hour or two of help around the house during the week. They then would be moving towards the right side of the green bar.

The aqua color in the middle represents assisted living. Maybe they need help with bathing, dressing, eating and other activities of daily living. Then as you move on across to the right, you really get into more advanced needs; maybe in some cases needs that can’t even be provided in the home, at least not practically. The far right would represent 24-hour skilled nursing care. This represents the full spectrum.

Retirement communities provide different levels of service

The reason this is important is that as your clients are looking at the different types of retirement communities out there, some providers focus on certain aspects of this continuum, while others may focus on other aspects. For example, an active adult planned community is a 55 and older development with clubhouse style amenities, maybe a pool, and maybe even a golf course. Residents own their home and everybody lives mostly independently. If a resident in a community like this develops assisted living or skilled care needs, it will not be equipped to provide for those needs.

Independent-plus are rental retirement communities. There’s a month-to-month rent that includes meals, some housekeeping, and other services. In some cases, it might provide personal care services in their own home if they need it. Others may even have some assisted living units onsite, and even memory care units. That’s also called independent-plus because they have independent living plus some assisted living or memory care.

But there again, if they have advanced healthcare needs, acute types of needs or skilled nursing needs, that’s not going to be available within those communities. At some point, somebody living in one of these types of communities may have to move again. That’s something important to understand because these kinds of moves can be difficult.

Then you have assisted living and skilled nursing communities, they’re not even retirement communities even though they’re often referred to as retirement homes. More and more people under 65 actually have to move into skilled nursing communities just for disabilities they have and 24-hour needs.

Lastly, continuing care retirement communities are unique in that cover the full spectrum; everything from independent living all the way to skilled care. Residents typically move in when they’re healthy or independent, and as time goes on if they need services such as assisted living, memory care, or nursing care, those services are available in one location.

Visit Retirement Insight and Trends, InFRE’s quarterly newsletter for retirement professionals, for a summary article of this presentation.

 
This Key Retirement Takeaway is excerpted from the following presentation:

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding”

Most senior adults prefer to stay in their home as long as possible – after all, home is where the heart is. Yet, this may not always be the most practical choice.

Retirement professionals are uniquely positioned to prompt important discussions between senior clients and their family members about lifestyle, housing, and healthcare needs that may arise in the future. But with so many types of senior housing choices and considerations, how can you best guide your clients through the important decisions?

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge” will help you understand the options, as well as key retirement planning implications related to the various senior housing choices.

This webinar course is available as one of more than sixty Retirement Resource Center recorded webinar online courses for which you may receive 1 hour CFP®, CRC®, CLU®, ChFC®, RICP®, CASL, ASPPA, and other certifications continuing education (CE) credit. Courses are available individually, or become a member to have full access to all courses at a savings.

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite, is a nationally recognized expert speaker on retirement planning and the senior living industry. Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

We make it easy for you to stay on top of retirement and earn relevant CE.

Read the Key Retirement Takeaways by Brad Breeding from “Where Senior Living and Retirement Planning Intersect, Opportunities Emerge”:
 

#retirementrisks #bradbreeding #retirementresourcecenter #keyretirementtakeaways
@retirementrectr Instagram, Facebook, Twitter, LinkedIn

Follow new takeaways on LinkedIn, Instagram, Facebook, Twitter, or by email notifications.

Connect
with
us:

LinkedIn - Retirement Resource Center
Instagram - Retirement Resource Center
Facebook - Retirement Resource Center
Twitter - Retirement Resource Center
Receive email notifications about new key retirement takeaways.
 

©2018, Brad Breeding. All rights reserved. Used with permission.

Posted in: Key Retirement Takeaways for Advisors, Key Retirement Takeaways from Brad Breeding, PROTECT from Retirement Risks

Leave a Comment (0) →

Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding – Takeaway #1 for Advisors

Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding - Takeaway #3 for Advisors Takeaway #1: Should I age in place or move to a retirement community?

When we talk about the different choices your older Americans have, there are really two overarching choices. The first is certainly to stay in their own home. Most people want to stay in their own home. You’ve probably seen the statistics that 80 to 90 percent of people say they want to remain in their own home, and there are some very good, perfectly understandable reasons as to why they would want to do that. The alternative if they don’t stay in their home is to move to some sort of retirement community.

What are some of the key reasons for staying in your home?

  • My home is comfortable and familiar
  • I have an emotional connection with memories of raising kids and grandkids
  • It’s less expensive (though that is not always the case; it depends on the specific situation and the needs, particularly if someone has healthcare issues).
  • It avoids the hassle of moving. For a lot of people, one reason why they never make a decision to look at some other options that could potentially be better for them in the long run, is that they don’t want to deal with their stuff.
  • I don’t want to leave my home because I don’t want to lose my independence.

Evaluate the practical and impractical implications about where you want to live in retirement.

Emotions are important; people need to feel good about wherever they live. But it’s also important to think about the practical, or even the impractical implications of things, such as:

  • Possible home modifications, depending on whether there are stairs, the height of the cabinets, width of the doorways and hallways; things like that which may not be a big deal at all right now for somebody in that mid phase of retirement. For some people, it may require significant modifications; for others, maybe very limited. I saw an article that a financial advisor had written about spending almost $200,000 renovating his mother’s home because she really wanted to stay there. Within six months or a year, she ended up moving to a skilled nursing facility. So even with all that money they spent to help keep her in her own home, she ended up having to move anyway. Then the house was not as marketable because of the modifications that had been made.
  • Maintenance of the home. Interior and exterior maintenance can become quite burdensome over time and be an expense.
  • The risk of social isolation. As people age, their mobility becomes more limited. Over time, the risk of social isolation for someone staying in their home is much greater than it would be in a community setting. How to maintain social engagement is important because social isolation has a dramatic impact on somebody’s health with everything from depression to heart disease. I just saw a study that mortality rates have increased 26 percent for those who are socially isolated versus those who stay more actively involved and engaged socially. It’s becoming a very big health issue.
  • Maintaining purpose kind of goes along with that; everybody needs a purpose in life. With staying in the home, it’s important to ask what am I going to do to wake up every morning and maintain purpose, or find renewed purpose? What’s going to give me that sense of purpose in my life? A lot of times, where somebody lives can really impact that, and who they have around them.
  • Transportation challenges. I think it’s a little too early to tell right now, but at some point, it will be neat to see what groups and ridesharing programs can help older adults that could make an impact. As it stands now, a lot of times when someone is unable to drive, that can lead obviously to less independence and not more independence.
  • People need to consider how they’re going to maintain a balanced, healthy diet in their own home. I saw with my own grandmother; she tended to fix the same canned foods over and over, every day. It’s just not the best thing to do from a dietary standpoint.
  • Delaying a move. A lot of times, people who want to say in their home end up having to move at some point because of a health concern, and the problem is that it becomes a needs-based move rather than a move made of preference. Usually, the person making the decision is not the person who needs to move. At that point, it’s usually a family member. It can become a very difficult situation, and the older someone is and the longer it is before they make a move, the more difficult it can be. It can be a very dramatic issue for them emotionally and physically. That’s particularly a problem in the case of couples. If one is independent, what happens if one of us has a stroke or heart attack and we need care, and the other one is still independent? How is that going to work? They might be separated.
  • In-home care where a person stays in their home and brings in care. Of those who stay in their homes, about 90 percent of older adults are cared for by loved ones in this country. There are 44 million unpaid caregivers in our country, and they’re providing the equivalent of $300 billion per year for the care of loved ones. Up to 70 percent of unpaid family caregivers have clinical signs of depression. They have chronic health conditions at nearly twice the rate of non-caregivers. 50 percent of caregivers say caregiving takes time away from friends and family members. Many times, a caregiver must take time away from their own career. Maybe it’s even retiring early. It’s becoming a big deal in the corporate world right now; how do we deal with this growing trend where more and more of our staff are having to take time away from work to care for an aging loved one? Loss of wages also means that’s less than I can contribute to my retirement accounts, and it also can have an impact on Social Security benefits. When you take the present value of that loss of future benefits and wages, it comes to about $304,000 on average. So people may think it’s less expensive to have family help, but that the cost is getting indirectly passed on to the next generation in the form of lost wages and benefits.

Visit Retirement Insight and Trends, InFRE’s quarterly newsletter for retirement professionals, for a summary article of this presentation.

 
This Key Retirement Takeaway is excerpted from the following presentation:

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge – Brad Breeding”

Most senior adults prefer to stay in their home as long as possible – after all, home is where the heart is. Yet, this may not always be the most practical choice.

Retirement professionals are uniquely positioned to prompt important discussions between senior clients and their family members about lifestyle, housing, and healthcare needs that may arise in the future. But with so many types of senior housing choices and considerations, how can you best guide your clients through the important decisions?

“Where Senior Living and Retirement Planning Intersect, Opportunities Emerge” will help you understand the options, as well as key retirement planning implications related to the various senior housing choices.

This webinar course is available as one of more than sixty Retirement Resource Center recorded webinar online courses for which you may receive 1 hour CFP®, CRC®, CLU®, ChFC®, RICP®, CASL, ASPPA, and other certifications continuing education (CE) credit. Courses are available individually, or become a member to have full access to all courses at a savings.

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite

Brad Breeding, CFP®, President and Co-Founder of MyLifeSite, is a nationally recognized expert speaker on retirement planning and the senior living industry. Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

We make it easy for you to stay on top of retirement and earn relevant CE.

Read the Key Retirement Takeaways by Brad Breeding from “Where Senior Living and Retirement Planning Intersect, Opportunities Emerge”:
 

#retirementrisks #bradbreeding #retirementresourcecenter #keyretirementtakeaways
@retirementrectr Instagram, Facebook, Twitter, LinkedIn

Follow new takeaways on LinkedIn, Instagram, Facebook, Twitter, or by email notifications.

Connect
with
us:

LinkedIn - Retirement Resource Center
Instagram - Retirement Resource Center
Facebook - Retirement Resource Center
Twitter - Retirement Resource Center
Receive email notifications about new key retirement takeaways.
 

©2018, Brad Breeding. All rights reserved. Used with permission.

Posted in: Key Retirement Takeaways for Advisors, Key Retirement Takeaways from Brad Breeding, PROTECT from Retirement Risks

Leave a Comment (0) →

Planning for Elder Care – Brad Breeding – Takeaway #3 for Consumers

RetirementSmart Education for Future RetireesTakeaway #3: How to evaluate senior living opportunities

Some of the things to consider before making a decision where to live in retirement:

  • What concerns you about your future?
  • What’s most important to you?
  • Have you shared these concerns with your children?
  • At this point in your life, what does peace of mind mean to you at this stage of your life?
  • How is it different from what you might have said ten or 20 years ago?
  • Is it your plan to stay in your home for the long term? Why or why not?
  • What’s most important to you about that?
  • What are some of the contingencies that we need to plan for if you do that?
  • Have you thought about what you might do if your health surprisingly declines?
  • What steps would you like your family to take?
  • How involved do you want your family to be?

How do I know aging in place is right for me?

If it’s really important to you to stay in their own home, then obviously you need to talk about all the things mentioned above. In addition:

  • Will home modifications be necessary?
  • Are you going to rely on your family members if you ever need them for care?
  • Begin researching the quality of in-home care providers well advance in the need. Know which in-home care providers are more reputable, and even the local facilities that are nearby if needed.
  • If no family members are nearby, who will make up the support network? Who will manage your needs for you? Somebody else needs to be involved in this process.
  • What if staying in the home becomes impractical? What are some of the options locally?
  • Is long-term care insurance already in place? Obviously, that can be a really big piece of the plan. If not, does a hybrid plan make sense; some type of accommodation, LTC annuity plan or something like that?
  • Does it make sense to go ahead and secure a reverse mortgage? Doesn’t mean you have to tap into it, but go ahead and secure that line so it can be there, begin growing over time, possibly to be used in the future even to pay family caregivers.

How do I know if a retirement community is right for me?

What about moving to a retirement community? If you want to be somewhere where you can be taken care of if necessary, then:

  • What type of care is available?
  • How much does it cost? You need to choose an option you might prefer: an independent-plus community or a continuing care community and weigh the pros and cons of each.
  • What is the plan if needs advance beyond what’s available in that retirement community? If you go to an independent-plus community and later need nursing care, is that a concern for you? What are some of the options there?
  • Is long-term care insurance in place?
  • If you’re going to move to a retirement community, it generally means selling the home, and that’s going to free up home equity that can be invested. Some portion of that can be used to cover the monthly fees, maybe for many years depending on how much equity is there.

This Key Retirement Takeaway is excerpted from a recent webinar presented by Brad Breeding, CFP®, President and Co-Founder of MyLifeSite.net, and a nationally recognized expert speaker.

Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

Brad and his colleagues at My LifeSite have carefully reviewed close to 1,000 disclosure statements and sample residency contracts for retirement communities across the United States. Before launching MyLifeSite, an online senior living research and forecasting tool, Brad spent 14 years as a personal financial advisor, focusing on sound planning for retirees.

 

If you find this topic helpful, register today for the next Retirement Smart Education Series from leading retirement experts, broadcasts beginning the first week of November!

Retirement Smart for Consumers

Register soon for the series of eight webinar broadcasts that begins the first week of November and runs thru the end of December. Programs will be broadcast Sundays thru Thursdays at 9 pm eastern. If you miss a broadcast webinar, you can view the recording when convenient.

Webinars may be viewed on desktops, laptops, tablets and phones. You may replay programs when desired.

As part of the broadcasts, you will receive a PDF of the slides for taking notes and an Action Plan per course to help capture your next steps. You will also receive a Certificate of Completion once we confirm you watched all the webinars in your package. We recommend that you then take your Certificate and Action Plans to your advisor or find one who can help you implement what you’ve identified as important to do or further explore to secure your retirement.

The series of 9 webinars, including all pdf’s, Action Plan, and Certificate of Completion is available for $89.

ADD TO CART

Never miss a new key retirement takeaway! Bookmark this page, or follow us on Instagram, Facebook, Twitter.

Read the latest Key Retirement Takeaways for Future Retirees:

Planning for Elder Care – Brad Breeding – Takeaway #3 for Consumers

Takeaway #3: How to evaluate senior living opportunities Some of the things to consider before making a decision where to live in retirement: What concerns you about your future? What’s most important to you? Have you shared these concerns with your children? At this point in your life, what does peace of mind mean to […]

Planning for Elder Care – Brad Breeding – Takeaway #2 for Consumers

Planning for Elder Care by Brad Breeding – Takeaway #2: It is important to think about the continuum of care when planning for aging in retirement. If we think about the cost of care, we know what care costs. Whether it’s assisted living, nursing care, in home care; we know those costs can be exorbitant […]

Planning for Elder Care – Brad Breeding – Takeaway #1 for Consumers

Planning for Elder Care by Brad Breeding – Takeaway #1: Should I age in place or move to a retirement community? Most people want to stay in their own home. You’ve probably seen the statistics that 80 to 90 percent of people say they want to remain in their own home, and there are some […]

#retirementsmart     #retirementplanning     #retirementrisks     #retirementincome     #keyretirementtakeaways     #futureretirees

©2018, Brad Breeding. All rights reserved. Used with permission.

Posted in: Key Retirement Takeaways for Consumers, Key Retirement Takeaways from Brad Breeding, PROTECT from Retirement Risks

Leave a Comment (0) →

Planning for Elder Care – Brad Breeding – Takeaway #2 for Consumers

There is a broad spectrum of retirement community and levels of care choices for aging in retirement.

RetirementSmart Education for Future Retirees

Planning for Elder Care by Brad Breeding – Takeaway #2: It is important to think about the continuum of care when planning for aging in retirement.

If we think about the cost of care, we know what care costs. Whether it’s assisted living, nursing care, in home care; we know those costs can be exorbitant in many cases. There is a difference between the cost of care and access to care, and both need to be planned for.
Many people end up on Medicaid because they have gone through assets paying for care.

There is a broad spectrum of retirement communities.

It is important to narrow down the choices and think about what’s often called the continuum of care.

On the top bar in the table below, at far left you’ll see a minus sign, the green section, that represents independent living. If you are living on your own and maybe still very active, you would be on the far left of this scale. Then let’s say over time you start to develop some needs; maybe an hour or two of help around the house during the week. When that happens you would move towards the right side of the green bar.

The aqua color in the middle represents assisted living. Maybe you need help with bathing, dressing, eating and other activities of daily living. Then as you move on across to the right, you really get into more advanced needs; maybe in some cases needs that can’t even be provided in the home, at least not practically. The far right would represent 24-hour skilled nursing care. This represents the full spectrum.

Retirement communities provide different levels of service

RetirementSmart Education for Future Retirees

RetirementSmart Education for Future Retirees

The reason this is important is that as you look at the different types of retirement communities out there, some providers focus on certain aspects of this continuum, while others may focus on other aspects. For example, an active adult planned community is a 55 and older development with clubhouse style amenities, maybe a pool, and maybe even a golf course. Residents own their home and everybody lives mostly independently. If a resident in a community like this develops assisted living or skilled care needs, it will not be equipped to provide for those needs.

Independent-plus are rental retirement communities. There’s a month-to-month rent that includes meals, some housekeeping, and other services. In some cases, it might provide personal care services in your own home if you need it. Others may even have some assisted living units onsite, and even memory care units. That’s also called independent-plus because residents have independent living plus some assisted living or memory care.

But there again, if you were to have advanced healthcare needs, acute types of needs or skilled nursing needs, that’s not going to be available within those communities. At some point, somebody living in one of these types of communities may have to move again. That’s something important to understand because these kinds of moves can be difficult.

There are also assisted living and skilled nursing communities. They are not even retirement communities even though they’re often referred to as retirement homes. More and more people under 65 actually have to move into skilled nursing communities just for disabilities they have and 24-hour needs.

Lastly, continuing care retirement communities are unique in that cover the full spectrum; everything from independent living all the way to skilled care. Residents typically move in when they’re healthy or independent, and as time goes on if they need services such as assisted living, memory care, or nursing care, those services are available in one location.

This Key Retirement Takeaway is excerpted from a recent webinar presented by Brad Breeding, CFP®, President and Co-Founder of MyLifeSite.net, and a nationally recognized expert speaker.

Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

Brad and his colleagues at My LifeSite have carefully reviewed close to 1,000 disclosure statements and sample residency contracts for retirement communities across the United States. Before launching MyLifeSite, an online senior living research and forecasting tool, Brad spent 14 years as a personal financial advisor, focusing on sound planning for retirees.

 

If you find this topic helpful, register today for the next Retirement Smart Education Series from leading retirement experts, broadcasts beginning the first week of November!

Retirement Smart for Consumers

Register soon for the series of eight webinar broadcasts that begins the first week of November and runs thru the end of December. Programs will be broadcast Sundays thru Thursdays at 9 pm eastern. If you miss a broadcast webinar, you can view the recording when convenient.

Webinars may be viewed on desktops, laptops, tablets and phones. You may replay programs when desired.

As part of the broadcasts, you will receive a PDF of the slides for taking notes and an Action Plan per course to help capture your next steps. You will also receive a Certificate of Completion once we confirm you watched all the webinars in your package. We recommend that you then take your Certificate and Action Plans to your advisor or find one who can help you implement what you’ve identified as important to do or further explore to secure your retirement.

The series of 9 webinars, including all pdf’s, Action Plan, and Certificate of Completion is available for $89.

ADD TO CART


 
 

Never miss a new key retirement takeaway! Bookmark this page, or follow us on Instagram, Facebook, Twitter.

Read the latest Key Retirement Takeaways for Future Retirees:

Planning for Elder Care – Brad Breeding – Takeaway #3 for Consumers

Takeaway #3: How to evaluate senior living opportunities Some of the things to consider before making a decision where to live in retirement: What concerns you about your future? What’s most important to you? Have you shared these concerns with your children? At this point in your life, what does peace of mind mean to […]

Planning for Elder Care – Brad Breeding – Takeaway #2 for Consumers

Planning for Elder Care by Brad Breeding – Takeaway #2: It is important to think about the continuum of care when planning for aging in retirement. If we think about the cost of care, we know what care costs. Whether it’s assisted living, nursing care, in home care; we know those costs can be exorbitant […]

Planning for Elder Care – Brad Breeding – Takeaway #1 for Consumers

Planning for Elder Care by Brad Breeding – Takeaway #1: Should I age in place or move to a retirement community? Most people want to stay in their own home. You’ve probably seen the statistics that 80 to 90 percent of people say they want to remain in their own home, and there are some […]

#retirementsmart     #retirementplanning     #retirementrisks     #retirementincome     #keyretirementtakeaways     #futureretirees

©2018, Brad Breeding. All rights reserved. Used with permission.

Posted in: Key Retirement Takeaways for Consumers, Key Retirement Takeaways from Brad Breeding, PROTECT from Retirement Risks

Leave a Comment (0) →

Planning for Elder Care – Brad Breeding – Takeaway #1 for Consumers

RetiementSmart Education for Future Retirees

RetirementSmart Education for Future Retirees

Planning for Elder Care by Brad Breeding – Takeaway #1: Should I age in place or move to a retirement community?

Most people want to stay in their own home. You’ve probably seen the statistics that 80 to 90 percent of people say they want to remain in their own home, and there are some very good, perfectly understandable reasons as to why they would want to do that. When we talk about the different choices older Americans have, there are really two overarching choices. The first is to stay in our own home. The alternative if we don’t stay in our homes is to move to some sort of retirement community.

What are some of the key reasons for staying in your home?

  • My home is comfortable and familiar
  • I have an emotional connection with memories of raising kids and grandkids
  • It’s less expensive (though that is not always the case; it depends on the specific situation and the needs, particularly if someone has healthcare issues).
  • It avoids the hassle of moving. For a lot of people, one reason why they never make a decision to look at some other options that could potentially be better for them in the long run, is that they don’t want to deal with their stuff.
  • I don’t want to leave my home because I don’t want to lose my independence.
RetirementSmart Education for Future Retirees

RetirementSmart Education for Future Retirees

Evaluate the practical and impractical implications about where you want to live in retirement.

Emotions are important; people need to feel good about wherever they live. But it’s also important to think about the practical, or even the impractical implications of things, such as:

  • Possible home modifications, depending on whether there are stairs, the height of the cabinets, width of the doorways and hallways; things like that which may not be a big deal at all right now for somebody in that mid phase of retirement. For some people, it may require significant modifications; for others, maybe very limited. I saw an article that a financial advisor had written about spending almost $200,000 renovating his mother’s home because she really wanted to stay there. Within six months or a year, she ended up moving to a skilled nursing facility. So even with all that money they spent to help keep her in her own home, she ended up having to move anyway. Then the house was not as marketable because of the modifications that had been made.
  • Maintenance of the home. Interior and exterior maintenance can become quite burdensome over time and be an expense.
  • The risk of social isolation. As people age, their mobility becomes more limited. Over time, the risk of social isolation for someone staying in their home is much greater than it would be in a community setting. How to maintain social engagement is important because social isolation has a dramatic impact on somebody’s health with everything from depression to heart disease. I just saw a study that mortality rates have increased 26 percent for those who are socially isolated versus those who stay more actively involved and engaged socially. It’s becoming a very big health issue.
  • Maintaining purpose kind of goes along with that; everybody needs a purpose in life. With staying in the home, it’s important to ask what am I going to do to wake up every morning and maintain purpose, or find renewed purpose? What’s going to give me that sense of purpose in my life? A lot of times, where somebody lives can really impact that, and who they have around them.
  • Transportation challenges. I think it’s a little too early to tell right now, but at some point, it will be neat to see what groups and ridesharing programs can help older adults that could make an impact. As it stands now, a lot of times when someone is unable to drive, that can lead obviously to less independence and not more independence.
  • People need to consider how they’re going to maintain a balanced, healthy diet in their own home. I saw with my own grandmother; she tended to fix the same canned foods over and over, every day. It’s just not the best thing to do from a dietary standpoint.
  • Delaying a move. A lot of times, people who want to say in their home end up having to move at some point because of a health concern, and the problem is that it becomes a needs-based move rather than a move made of preference. Usually, the person making the decision is not the person who needs to move. At that point, it’s usually a family member. It can become a very difficult situation, and the older someone is and the longer it is before they make a move, the more difficult it can be. It can be a very dramatic issue for them emotionally and physically. That’s particularly a problem in the case of couples. If one is independent, what happens if one of us has a stroke or heart attack and we need care, and the other one is still independent? How is that going to work? They might be separated.
  • In-home care where a person stays in their home and brings in care. Of those who stay in their homes, about 90 percent of older adults are cared for by loved ones in this country. There are 44 million unpaid caregivers in our country, and they’re providing the equivalent of $300 billion per year for the care of loved ones. Up to 70 percent of unpaid family caregivers have clinical signs of depression. They have chronic health conditions at nearly twice the rate of non-caregivers. 50 percent of caregivers say caregiving takes time away from friends and family members. Many times, a caregiver must take time away from their own career. Maybe it’s even retiring early. It’s becoming a big deal in the corporate world right now; how do we deal with this growing trend where more and more of our staff are having to take time away from work to care for an aging loved one? Loss of wages also means that’s less than I can contribute to my retirement accounts, and it also can have an impact on Social Security benefits. When you take the present value of that loss of future benefits and wages, it comes to about $304,000 on average. So people may think it’s less expensive to have family help, but that the cost is getting indirectly passed on to the next generation in the form of lost wages and benefits.

This Key Retirement Takeaway is excerpted from a recent webinar presented by Brad Breeding, CFP®, President and Co-Founder of MyLifeSite.net, and a nationally recognized expert speaker.

Brad’s financial planning background and extensive knowledge of the senior living industry allows him to provide valuable insights to those who are considering a retirement community, as well as to professionals who consult others in the decision process, including financial advisors, accountants, retirement living sales counselors, and others.

Brad and his colleagues at My LifeSite have carefully reviewed close to 1,000 disclosure statements and sample residency contracts for retirement communities across the United States. Before launching MyLifeSite, an online senior living research and forecasting tool, Brad spent 14 years as a personal financial advisor, focusing on sound planning for retirees.

 

If you find this topic helpful, register today for the next Retirement Smart Education Series from leading retirement experts, broadcasts beginning the first week of November!

Retirement Smart for Consumers

Register soon for the series of eight webinar broadcasts that begins the first week of November and runs thru the end of December. Programs will be broadcast Sundays thru Thursdays at 9 pm eastern. If you miss a broadcast webinar, you can view the recording when convenient.

Webinars may be viewed on desktops, laptops, tablets and phones. You may replay programs when desired.

As part of the broadcasts, you will receive a PDF of the slides for taking notes and an Action Plan per course to help capture your next steps. You will also receive a Certificate of Completion once we confirm you watched all the webinars in your package. We recommend that you then take your Certificate and Action Plans to your advisor or find one who can help you implement what you’ve identified as important to do or further explore to secure your retirement.

The series of 9 webinars, including all pdf’s, Action Plan, and Certificate of Completion is available for $89.

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