What Are Some Concerns For Aging In Place?

What Are Some Concerns For Aging In Place?

Approximately nine out of ten adults over the age of 50 say they would like to stay at home in retirement, and some geriatric specialists believe that doing so can help seniors stay mentally and physically fit. 1

However, preparing to “age in place” is more difficult than it appears. You’ll want to think about how you’ll pay for age-related modifications like getting in and out of the shower or navigating hallways and entrances if you require a wheelchair. 2

You’ll also have to factor in the expense of carers, which can be significantly more than the cost of living in a senior community where this cost is shared. While preparing for retirement might be fun and exciting, planning for old age is not. However, it’s even more critical that you have a plan in place in case of incapacity, such as a stroke, memory loss, or even the death of a spouse. We all want to look after one other as we become older, but it isn’t always possible. It’s a good idea to start thinking about how (and if) you’ll be able to age in place by the time you’re 65. 3

Recognize that, while you may begin your retirement as an active retiree, you will eventually find yourself slowing down. When you can no longer swing a golf club or play tennis, it’s critical to prepare ahead and have a plan for activities that will keep your mind and body active. In fact, beginning these more sedentary pursuits while you’re still active will make them more enticing later on.

Having a local support network of friends and family is one of the advantages of remaining put. If you’re aging alone, you’ll have people accessible to assist you out and give social and emotional support as you become older. Your house provides a lot of regularity and familiarity, which is very helpful when your memory starts to deteriorate. Finally, as you become older, it’s a good idea to stick with your current medical providers.

Living at home may be tough and isolated if you have mobility difficulties. Many of your basic requirements, such as maintenance and meal preparation, would be met if you consider moving into a senior community. But, maybe more crucially, you will be surrounded by individuals with whom you can interact. When you’re 70, this may not seem like a benefit, but it might be crucial when you’re 90.

We Can Assist You

It’s easy to feel overwhelmed when you’re a parent. Unexpected costs creep up on a daily basis, on top of all you’ve already done to guarantee your retirement and your child’s education.

Are you trying to find an investment advisor? Look no further than Soutas Financial & Insurance Solutions Inc. your Fresno financial planner is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax-Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.

We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!

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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. -1272880 – 04/22

Content prepared by Kara Stefan Communications.

Rachel Hartman. U.S. News & World Report. Oct. 13, 2021. “Costs to Consider When Aging in Place.” https://money.usnews.com/money/retirement/aging/articles/costs-to-consider-when-aging-in-place. Accessed Nov. 15, 2021.

Justin Goldman. Renofi. July 26, 2021. “Aging in Place: Home Improvements for Seniors.” https://www.renofi.com/guides/home-improvements-aging-in-place/?utm_campaign=14568944577&utm_source=google&utm_medium=cpc&utm_content=548390077120&utm_term=aging%20in%20place&gclid=CjwKCAiAp8iMBhAqEiwAJb94zx7dlE43CWmQFKKc-rlE5rvFGeidAeHUlUTEwVtjCEomFi9whGqdWBoC2cUQAvD_BwE. Accessed Nov. 15, 2021.

Acts Retirement-Life Communities. Nov. 11, 2019. “Pros and Cons of Aging in Place.” https://www.actsretirement.org/latest-retirement-news/blog/2019/11/11/pros-and-cons-of-aging-in-place/. Accessed Nov. 15, 2021.

Cathy Dyson. Culpeper Star Exponent. Nov. 13, 2021. “‘Helping field’ of caregivers particularly hard hit by staff shortages.” https://starexponent.com/news/helping-field-of-caregivers-particularly-hard-hit-by-staff-shortages/article_147a750d-b6f6-5b67-a140-f1a39b8d07d4.html. Accessed Nov. 19, 2021.

Amy Fontinelle. Investopedia. Sept. 5, 2021. “Staying at Home vs. Moving to a Retirement Community.” https://www.investopedia.com/staying-at-home-vs-moving-to-a-retirement-community-5089910. Accessed Nov. 15, 2021.

We are an independent firm helping individuals create retirement strategies using a variety of insurance products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic retirement income strategies and should not be construed as financial advice.

The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.