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”:
 

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

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