Retirement is the point in life where the adult is about to exit one door and enter another. However, you need to know what exactly it is you want and need. We all have a mental picture of how we want our golden years to be. But if our budget is not aligned with our goals, it will be difficult for us to attain the way of living that is suitable for us.
Despite that fact, many adults are still not financially prepared for retirement. Savings that come from years of hard work or government insurance is not always sufficient to sustain the quality of life that we deserve as we age. Aging comes with certain health conditions that require proper care and support—which, unfortunately, isn’t cheap.
With that said, it is extremely important to create your retirement plan. Read on to find out more about it.
A retirement plan is a term that pertains to a person’s ideal retirement budget. It refers to the method and steps you take to achieve the kind of life you aspire for once you retire. This includes determining your sources of income, calculating future expenses, managing assets, considering the necessary care options, and many more. It is thorough planning that involves proper consideration and decision-making.
There’s no date for formulating your retirement plan. You can start anytime, but it would be best to start doing it at an early age. This will give you more time to prepare and make some modifications to your plan if there are any changes in your situation along the way. Having a stable retirement plan guarantees you a better future—one which you will live in comfortably and happily, not feeling like a burden to others or yourself.
One of the many important things to remember in planning your retirement is considering your elderly care options. As much as we’d like to deny it, aging is not easy. Some people even experience developing conditions that compromise their quality of life. Once our physical and mental health deteriorates, we might not be able to live independently. Fortunately, there are plenty of care options made available for seniors, such as Assisted Living.
Assisted Living is a type of housing provided to seniors along with quality care and assistance. It provides services that address the varying needs of the elderly, including personal and medical care. There are also activities and common areas made available to allow seniors to interact with one another. It is almost like a private nursing home Singapore, except it has a more homey atmosphere and the residents can live more independently.
Retirement is both exciting and overwhelming. It marks the end of your working adult period where you can finally move on to a different kind of life. This is where you can reap the fruits of your labor. However, some aging adults experience difficulties instead of enjoyment at this point. There are many common issues with retirement that compromise a senior’s way of living such as:
Care services are costly. The more complicated your health condition is, the higher level of personal and medical care services are required. Unfortunately, not all adults are financially ready to sustain their care needs. They do not have the right amount of budget to pay for medical check-ups, in-home care, or even to move into assisted living. If you have invested in health insurance before retirement, it might help alleviate the situation.
Elderly people are quite delicate and vulnerable to sickness and disabilities. Being in those types of situations render them incapable of living alone. That’s where caregivers come in—they can come in the form of family members or those hired from caregiving facilities. However, it can be a problem if the caregiver cannot provide around-the-clock care because they have jobs and other commitments to tend to. Or, it can also be a downside when the caregiver lacks the right skills, not to mention those who conduct elderly abuse.
The living situation has an impact on one’s well-being. If the senior is living in a place that’s stressful or could generally worsen their condition, they can not live their lives properly. This is why it’s important to include navigating housing options in the retirement plan. Being in the right kind of home will significantly help improve the health of the elderly.
As previously mentioned above, health naturally deteriorates with age. Some aging adults experience difficulties in their daily living because of their medical conditions. This can hinder them from truly experiencing the most out of their golden years. Additionally, being sickly and frail can also take a toll on their mental health.
Choosing the care option can be a little overwhelming, especially at the beginning. But if you are a senior who can mostly live on his or her own but requires some help with activities of daily living, then Assisted Living is the right place for you. This senior care facility has got everything that the elderly need to experience a more comfortable and secure life. Not to mention, it’s been proven to increase people’s life expectancy!
Below are the following reasons why moving into Assisted Living is nothing short of an advantage:
Seniors will be assisted in basic self-care activities such as feeding, bathing, grooming, toileting, transferring, and others. This is to help them get by despite the conditions that prevent them from moving around normally.
Assisted Living facilities are senior-friendly and have a rather cozier atmosphere compared to nursing homes. Consistent care is being provided to the residents and they can freely do as they wish so as long as their needs aren’t being overlooked. Some amenities and features are available for their benefit.
Health is a very important matter, especially in aging. Medical services are readily available in assisted living. This includes medical check-ups, having private nurses and on-call doctors around, and providing medical escorts as to when the care recipient has to go to the hospital. This makes it easier for the elderly to gain access to medical equipment and facilities.
Various activities and events are established to improve the health and overall well-being of seniors. There are fun, recreational activities (both targeting the physical and mental being of the residents) as well as rehabilitative therapy to improve or reduce the progression of their conditions.
Elderly people who live in assisted living don’t have to worry about boredom because they have room for finding new passions and hobbies. They can freely engage in activities where they can cultivate the talents and skills that they have. This is essential in giving them a sense of purpose and enjoyment in life.
Loneliness, depression, and anxiety is quite rampant among seniors, especially if they are away from home and their family. Fortunately, being in assisted living helps them connect with new people and establish new friendships. They can share experiences and bond with like-minded adults—giving them the feeling of self-belongingness.
Although assisted living is an ideal choice for retirement, it can be costly too. Having saved up for retirement is already a good start—but if you think that your budget isn’t enough, there are other ways you can afford it.
Try leveraging a life insurance policy. This means that if you have invested in life insurance, you can use its cash value as collateral for a loan. You can make use of this to pay for your expenses, lessening the burden on your shoulders (and your wallet). Life insurance is meant to help us out in dire times, and gaining access to proper care seems like more than a qualified reason.
Find out if you’re eligible for veterans’ benefits. This is a type of financial assistance scheme established by the government to help veterans gain access to matters such as housing, medical services, etc. You can check if you qualify for this financial assistance scheme because it can help alleviate the expenses for assisted living.
Choose the assisted living facility with a flexible pricing structure. There are plenty of assisted living options, but choose the one that can be flexible with their rates. Not all seniors can afford this type of care but that doesn’t mean they don’t deserve it. There are also assisted living facilities that provide in-house senior care financial assistance.
Consider rooms with lower costs. There’s nothing wrong with wanting the best. However, when it comes to managing your budget, it’s important to balance your wants with the right amount of practicality. Assisted living provides rooms for the seniors to stay in but they can vary in terms of price and amenities. Most apartment units or suites in assisted living are modern and state-of-the-art; you can choose a standard type instead of overspending on the more high-end ones (if it’s not necessary).