Retirement Planning for Seniors: Health, Wealth & Wisdom
For those nearing or already entering their retirement years, a great deal of planning is necessary to ensure the kind of future they desire. Of course, when much of the future is unknown, making decisions about possible care support or living situations may be difficult, but that uncertainty makes planning all the more crucial.
Peggy O’Neill, Director of Sales and Marketing at Lions Gate, a Continuing Care Retirement Community in Voorhees, New Jersey, says, “Many people wait until life circumstances make decisions for them – an illness forces them into the next available assisted living community, or family members are left wondering about who will make the decisions once their loved one can’t anymore. These situations are far from ideal, but they can be avoided when seniors plan ahead. Getting one’s affairs in order may not be the most glamorous task of retirement, but it can certainly bring you and your family greater peace of mind!”
UNDERSTANDING THE BASICS OF FUTURE PLANS
To help you get started on planning for the future, Lions Gate has compiled a list of considerations many seniors address during their retirement years. Many future planning topics fall into two main categories: healthcare and finances. The following items should provide a starting point for your own unique plans:
HEALTH
How will you stay healthy throughout retirement?
- Do you have access to gyms, senior exercise classes, or equipment?
- Are you able to prepare nutritious meals at home?
- Do you have access to the healthcare services you need to stay well?
- Would moving to a senior living community make these health goals easier to obtain?
Are you prepared to avoid senior isolation?
- Do you currently have a circle of friends you meet with or talk to regularly?
- Do you live close to children and grandchildren?
- Does your health allow you to get out and about as you please?
What will you do if you require care support?
- Receive professional care at home
- Move to a senior living community
- Rely on family members to care for you
Have you considered end-of-life care?
- In the case of a crisis or life-threatening accident, do you know how you’d want to be cared for?
- Have you selected someone to make healthcare decisions on your behalf, and are they aware of your wishes?
- Have you created a living will so that your wishes are legally protected?
WEALTH
Are you prepared to pay for long-term care?
- Many seniors pay for care using retirement savings or other financial investments, real estate, Veterans benefits, long-term care insurance or Medicaid.
How will you protect your assets?
- Living trusts allow you to pass on your possessions and property.
- Have you named a Durable Power of Attorney to make legal and financial decisions on your behalf?
- Have you decided on beneficiaries to inherit your wealth?
- An elder law attorney can be a helpful resource during financial planning.
WISDOM
As you consider the plans that need to be made to protect your future health and wealth, it’s wise to find trusted resources with expertise in senior planning. Seeking the advice and help of financial planners and elder law attorneys can ensure your plans and desires are properly executed in the future. Other resources, such as experts in the senior living industry, can also help you understand the options available to you throughout your retirement.
“The leadership team at Lions Gate understands how complex retirement planning can be,” says Peggy. “We have helped dozens of seniors and their families make plans for the future by explaining their options and pointing them in the direction of trustworthy resources and professionals. If you could use some guidance as you consider your future plans, don’t underestimate the value of connections available at your local senior living communities.
“Another piece of advice I would give to seniors starting to make plans for their future health is to take the time while you still can. Do your research. Consider every option in full. If you’re still healthy and long-term care won’t be necessary for several years, spend the time to make sure you know what the best options are for you. When you’re still healthy, you have the opportunity to make the best plans possible.”
A TRUSTED PARTNER IN SENIOR LIVING
Lions Gate is proud to offer guidance, education and support to seniors and their families seeking knowledge about senior living and future care. Reach out to our team for more information on protecting your assets and planning for a healthy retirement.
INSPIRING WELLNESS EVERY DAY AT LIONS GATE.
Lions Gate, located in Voorhees, NJ, offers a continuum of lifestyle and care options rooted in Jewish traditions and values. Whether you are in need of Independent Living, Assisted Living, Memory Care, Skilled Nursing or Rehabilitation Services, Lions Gate has you covered.
Our mission at Lions Gate is to enrich the lives of those we serve through quality and compassionate care consistent with our heritage and values. We strive to provide programs and services that inspire well-being, as well as social, cultural and spiritual independence.
As a full-service community rich in wellness programs, meaningful experiences and educational opportunities from Lions Gate University, Lions Gate allows residents to connect with those who share their interests and cherished traditions. Our goal is to provide residents with an active, worry-free lifestyle filled with ways to connect with others, pursue their passions and be engaged in everyday life. While we focus on Jewish customs and traditions, we welcome people of all faiths to the Lions Gate family.
Through our affiliation with Jewish Senior Housing and Healthcare Service, we also offer three senior living communities for those with limited incomes.
