It’s Smart to Plan Ahead for Your Later Years

While many of us dread being unable to care for ourselves as we reach old age, statistics show there is a good likelihood of it happening. Starting at age 65, Harvard Publishing says there is a 70 percent chance a person will need long-term care at some point during their remaining years. Such an unsettling concept is not something people apparently want to think about as financial planners report many of their clients have not planned for it.  

Experts say as individuals get further into their retirement years, many face higher than planned recurring costs for things like drugs that exceed their Medicare and private insurance coverage. Other unexpected events are a person’s rapid decline in their physical or mental health that requires a change in their lifestyle. 

When long-term caregiving is necessary and there is not a financial plan in place to pay for it, families are forced to do a lot of last-minute scrambling. This may include things like having to quickly get the person’s home ready for sale, and figuring out how to stretch savings and retirement accounts. 

If an elderly parent is capable of making decisions and would welcome a family member to handle their finances, that person will need to get a power of attorney to enable them to make legal decisions and act on the parent’s behalf. It is also helpful to consult with an elder financial planner as they have expertise to help families manage retirement income, and to plan for healthcare expenses and financial security in later life.    

The MorningStar of Arvada senior living community can aid families in finding funds to pay for assisted living or memory care beyond retirement savings and investments. To help you explore options, we have partnered with a recognized leader in financial services, whose agents can offer education on the resources potentially open to you in paying for assisted living or memory care. This can even include a flexible line of credit for those who need support while they wait for benefits to begin or for the proceeds of a home sale.

MorningStar of Arvada’s 112 bright independent and assisted living suites are designed for comfort and privacy. Residents enjoy resort-style amenities, trusted senior care and hospitality services, and wellness programs and activities to comfortably and securely age in place. For memory care Arvada, CO families turn to for their loved ones, our distinct Reflections Neighborhood provides all-inclusive care with its own common rooms and enclosed courtyard. Contact us to learn more about the area’s top senior living.