In your less active retirement years, you may find yourself needing more help with your day-to-day needs. Moving to an assisted living facility may become a possibility.
In the first part of this series, Douglas Lamb, a CFP® professional, Elder Planning Counselor, and Financial Advisor with HollisWealth Advisory Services Inc., provided an overview of the active and less active phases of retirement. Lamb shared his insights on how to enjoy the fruits of your labour without shortchanging yourself in the future.
There may come a time when your physical and socials activities—and related expenses—are greatly reduced. At the same time, health-related expenses may begin to increase. To accommodate changing mobility and other health challenges, you may choose to get in-home help or move to an assisted living facility.
In this article, Lamb offers his tips for navigating common experiences during the second phase of retirement, when you may seek more help with your day-to-day needs.
More and more retirees are choosing to stay in their homes for as long as possible. Unfortunately, decreased mobility or poor health may make it difficult to balance essential household activities, like cooking and cleaning, with managing health care needs and personal care. In-home assistance from personal support workers and other caregivers can help you remain independent for longer.
When considering how long to remain in your home, talk to family members and experts about when and under which conditions a move might be required. Don’t wait for a fall or significant health event to force the issue. Plan ahead with people who want to help you.
The emotional and mental health implications of moving to an assisted living facility can be significant. Yet, many who initially resist the move are surprised that many of today’s facilities offer an experience similar to an all-inclusive vacation. Many residents enjoy full meals, activities, a dining hall, planned events, and outings. They can also provide much-needed social interactions that may be missing for those living alone or in an isolated environment.
When the time came for Lamb’s mother to consider a move, he recalls that she was resistant at first. But, after seeing a promotional video for the assisted living facility, she jumped at the opportunity to visit.
“When we walked into the dining room she knew half the people there,” he says. “In the end, we couldn’t have stopped her from moving in.”
When considering a move to an assisted living facility, Lamb shared these tips:
Pre-planning is key to help you find the perfect fit—and manage your finances.
Research a variety of assisted living facilities in your preferred community to find one that suits your needs and wishes.
Join a waiting list for the best chance to be in your preferred area and facility.
Regardless of the level of support you think you'll require in the future, working with a CFP professional or QAFP® professional can help you secure the retirement you desire. They’ll assist you in planning and budgeting for any help you may need, even before you need it.
To find the right CFP professional or QAFP professional to help guide you in your retirement planning, use our Find Your Planner tool.
Get actionable tips to help bring you closer to your life goals.
Sign up to receive our newsletter and other communications from FP Canada by entering your email address and clicking Sign Up. You can withdraw your consent at anytime. For more information, please review FP Canada’s Privacy Policy or contact our support team at info@fpcanada.ca
Find Your Financial Planner