Latest news with #aginginplace
Forbes
27-05-2025
- General
- Forbes
Solo Agers Can Benefit By Planning A Move Before A Crisis Hits
Designed for community living In today's aging-in-place oriented environment, many older adults are determined to stay in their homes indefinitely. However, when they experience a significant change to their health, that conviction tends to fall apart. These health changes often result in the unsuitability (or significant difficulty) of living independently, which often leads to individuals and families looking more seriously at a safer, more secure living situation in a senior living community. A study by the Geriatrics Healthcare Professionals and published in Journal of the American Geriatrics Society looked more closely at how and why these changes in attitude come about. The objective of the qualitative study was to 'understand what influences older adults to change their attitude and plans about aging in place (AIP) versus living in long-term care settings.' Influences found in the study included: One key result of the study was the following: over a 36 month period, close to half of the older adults in the study changed their minds about whether to age in place or in long-term care. For older adults with family support, these kinds of decisions are often the focus of ongoing discussions about what is the best path for the elder. These discussions can go on for years or occur solely at a crisis point. But what about solo agers, those who don't have the benefit of family support or input on this decision? What wisdom can be derived for solo agers from this study of how and why people change their minds about aging-in-place versus long-term care? I think flexibility is key here. Many of the solo agers I've spoken with about their long-term planning believe they will be able to age safely and securely in their current home. That might be true if they have a vibrant and multi-generational support system around them and a home that is adaptable to their changing needs. In terms of 'vibrant and multi-generational,' the best example I can think of is the support system one generally has in a co-housing community. In my book, Essential Retirement Planning for Solo Agers, I told the story of Anna and Greg, a Taiwanese couple without children or family in the U.S. After assessing the challenges of growing old in their single-family home, they decided to sell their large, two-story home and move into a cohousing community. That was in 2014. When I checked in with them for this story they told me things had worked out pretty much as they had planned. They have formed close bonds with many of the other members of the community and have had the opportunity to help and support some of the older community members who have become ill or passed away during the last 11 years. They feel certain that the same kind of emotional support will be available when one or both of them need it. Cohousing isn't for everyone. Most people look to more established forms of congregate living when they sense they are at a crossroads, emotionally or physically. Congregate living is one way of describing what is commonly called 'senior living.' It can take many different forms, from almost complete independence to skilled nursing, with assisted living and memory care falling somewhere in the middle. One of the concerns that many older adults have about senior living is that it is cost prohibitive and that home care, if and when needed, would take a smaller bite out of their retirement and savings income. That doesn't always turn out to be true. Genworth's 2024 cost-of-care survey for the U.S. found that the yearly median home health aide cost was just under $80,000, where the median assisted living community was just over $70,000. annually. Both of these services can go a long way toward keeping an elder out of a skilled nursing facility, which tallies up at well over $100,000. annually. Any of the services mentioned above usually involve a family member to help determine the choices and coordinate the contract or move. Solo agers often do not have such a family helper, which makes it very important to plan ahead and make appropriate choices before the need manifests itself in an emergency.
Yahoo
11-05-2025
- Business
- Yahoo
6 Things Retirees Should Never Be Cheap With
Retirees are often looking to save as much cash as they can. It's one thing to look for deals, but it's another to sacrifice health or well-being to save some money. Read More: Try This: Below are the line items that experts recommend retirees should not bargain-hunt for. Also check out the one thing you should not get rid of when cutting expenses for retirement. 'Don't cheap out on at-home care services if you're looking to age in place,' explained James Bowdler, founder of PrimeCarers. He added that trying to cut costs around in-home care can lead to poor treatment and health decline during golden years. 'One aspect of a great retirement is making sure that your daily needs are met without compromising your dignity and independence,' he explained. Bowdler recommended hiring reputable caretakers rather than going through an agency. This way, those seeking care can vet the caretaker directly and ensure all their needs are met. Check Out: Some retirees might need to make changes to their home to accommodate their needs. Bowdler explained that it's best to get trustworthy companies and workers to make those changes rather than simply looking for the best price. 'Be sure to go with high-quality materials and reputable companies when installing home modifications such as grab bars or stairlifts to make aging in place safe and viable for you,' he said. 'While these modifications can have a huge upfront cost, it would be worth it in the long run if you compare it to moving to an assisted living facility or the hospital bills you'd incur without them in place in your home.' Insurance is often one of the top expenses for retirees. Joe Cronin, president of International Citizens Insurance, explained that while it might seem like a lot of money to add to the budget at first, long-term care insurance is definitely worth it. 'Healthcare prices are rising constantly and, more often than not, even exceeding the general inflation rate, thus making it even more prudent for people to have some form of financial buffer,' he said. 'Investing in a long-term care policy, in essence, would help protect retirees against rising costs, thereby maintaining a standard of living and financial stability.' Personal finance expert Erika Kullberg, founder of explained that being cheap when it comes to investment advice could cost you, and you'll likely get what you pay for. 'Retirees should spend money for reliable professional advice. So much of your retirement hinges on your investments, and taxes can be one of the biggest expenses for retirees,' she said. 'Retirees should 'splurge' on reputable professional help with financial planning, tax advice and estate planning. In this area, good advice should pay for itself.' Kullberg explained that retirement should be enjoyable and that retirees deserve to indulge in activities that help keep them feeling healthy. 'Without your health, it's difficult to enjoy this time that you worked so hard for — retirement is a time to spend with family and enjoy hobbies and interests. Retirees should leave room in their budgets for activities that contribute to their overall health and wellness,' she explained. It's a classic for a reason. Kullberg explained that you're never too old to have an emergency fund. 'While retirees don't have to plan for unexpected job loss, there are many surprise expenses that can pop up in retirement. Seniors can be especially vulnerable to getting into debt if they don't have adequate savings on hand for emergencies. Retirees should allocate money to replenishing their emergency fund regularly,' she said. More From GOBankingRates Mark Cuban: Trump's Tariffs Will Affect This Class of People the Most How Far $750K Plus Social Security Goes in Retirement in Every US Region How To Get the Most Value From Your Costco Membership in 2025 12 SUVs With the Most Reliable Engines This article originally appeared on 6 Things Retirees Should Never Be Cheap With Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
