If you are considering a major life transition such as moving to senior living, you’ll want to have a plan in place. In fact, of all the tips for solo agers, planning is probably the most important. You don’t have to do it alone, and you may be surprised just how many resources are out there to help you.
At St. Mark Village, we have put together our own tips for solo agers to help you. We want you to be able to enjoy all the perks of carefree senior living!
3 tips for solo agers to plan for senior living
1. Put together your support team
Everyone can use a support team of trustworthy friends and advisors who have your best interests at heart. Think of a marathon runner who must run the race alone, yet needs people along the way to provide water, snacks, encouragement and more. It’s your adventure, but with the right people behind you, it can be even better than you imagined.
So, one of the best tips for solo agers is to be sure you surround yourself with those who can inform and support your decision-making process. These folks may include:
- Involved family members
- Your financial team, including your financial advisor and accountant
- An attorney who specializes in elder law and can address your legal needs and ensure your rights and interests are protected
- Friends who understand your needs and want you to succeed
- Others in your trusted circle of influence, such as your healthcare provider or clergy
Download our free guide: Senior Living Options – A Guide for Understanding Which Level of Care is the Best Fit.
2. Become a planner
Transitioning into senior living is a big step. It calls for more than just packing up your belongings and finding a new home, it’s actually the perfect time to ensure all your affairs are in order, and your wishes for both now and the future are crystal clear.
If this task feels daunting, simply take it one step at a time. Remember that by taking care of these actions, you are not only ensuring your wishes will be followed, but you are also relieving your family of the stress and possible conflict that might otherwise occur. On the list of tips for solo agers, this ranks at the top.
You’ll want to confirm that:
- Your living will is complete and up to date (A living will informs physicians how you want to be treated if you cannot make your own decisions)
- You’ve appointed a durable power of attorney for healthcare (In this document, you name the person who can make health care decisions for you if you are unable)
- Your burial or cremation wishes and plans are clear and even prepaid
- Your advance care directives are clear (Documents that give instructions for medical care if you cannot communicate your wishes)
- Directives for any trusts you may have established are formalized
- Your final wishes pertaining to your assets are legally communicated in your last will and testament
- The key professionals in your “support squad” are aware of all of the above
3. Become familiar with senior living funding options
Many people assume they will not be able to afford senior living, which often is because they have not done their homework on what is available in terms of funding senior living and care needs.
Or they might feel overwhelmed by the financial aspects and begin to wonder if they really need a plan for future care.
If you are feeling this way, it’s important to understand how much having a plan for the future could help you. According to the U.S. Department of Health and Human Services, an estimated 70 percent of people over age 65 will require some form of long-term care services during their lives. Women generally need care longer than men. One-third of today’s 65-year-olds may never need long-term care, but 20 percent will need it for longer than five years.
The good news is the list of funding resources is longer than you might have expected.
Explore some of these funding sources to see if any are appropriate for you:
- The VA Aid & Attendance benefit
- Life insurance conversion
- Savings and investments (including stocks, bonds, and annuities)
- Selling your home or considering a reverse mortgage
- Bridge loans
- Social Security benefits
- Long-term care insurance
To learn if any of these options are right for your senior living needs and goals, reach out to your lawyer and financial planner. And be sure to talk it over with your family and trusted confidants who may have insight into your options.
And remember, if you choose a community such as St. Mark Village, with our Life Care Promise, you will receive the care you need, for as long as you need it, even if your financial situation changes. Seamless access to future care options for total peace of mind.
Get a plan in place for senior living—and successful aging
The more you know, the better. And the more you plan ahead, the more options you will have, and the better your likelihood of living the lifestyle you want.
The care you need, for as long as you need it. Download our free guide: Senior Living Options – A Guide for Understanding Which Level of Care is the Best Fit. Or contact us. We’d love to hear from you.
