Contributed by: Sandra Adams, CFP®
Clients often find their adventurous side once they retire. It is not uncommon for them to find themselves living in a different part of the country (or the world) from their family for at least part of the year to enjoy the benefits of a warmer climate and a more active lifestyle with others who share the same interests.
Planning conversations with these clients often make their way around to the topics of long-term care and the specifics of where they will want to live when they are older and potentially need care and who they want to take care of them. For most clients, they want to be at least living close to family later in life when they might need care, whether that means that family is providing care or they are receiving care from professionals and their family is just close enough to be able to see them frequently. That is usually the plan. We encourage clients to make those plans become reality well before they need care, but most people do not want to think about those things, so they put off acting on their plans.
Recently, though, I have had several clients starting to plan ahead (Yes! People are hearing the message!). They are taking the time to look at where they might want to live near their family in advance. For some, this might be an independent condo. For others, this is an apartment in a retirement community, a Continuing Care Retirement Community, or an Assisted Living Facility (if they are already experiencing care needs). The point is that they are thinking ahead and finding their “right fit” and finding the place they want to be before it is critical that they move. For some, they may have two places for a while and transition over time. For others, they determine it is time to move back “home” near family and give up the active retirement lifestyle with peers. Because they are planning in advance, they can determine what works best and take their time to make it work for them.
Planning ahead for where you will live in each of the distinct phases of retirement can be critical. Getting caught in a situation where you need to change your living situation or move to a care facility when you have not planned for it can be disruptive and challenging, at best, especially if you have yet to give it any thought. Plan ahead for your future long-term care and retirement living situation so that you and your family have the best overall experience possible in your later retirement years.
If you or someone you know needs assistance with these types of planning conversations, please reach out, we are always happy to help. Sandy.Adams@CenterFinPlan.com
Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.
The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandra D. Adams and not necessarily those of Raymond James.
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