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When Should I Create a Retirement Care Plan?

Post date: 5/25/2016

When Should I Create a Retirement Care Plan?You know planning for the future is important, but when should you start?

All too often, older adults wait until a negative health event before beginning to plan for their long-term care . This can leave you in the unfortunate position of having to make a quick decision that focuses much more on what you need—rather than what you want.

By making your plans earlier, you can ensure your family members are all on the same page and set a plan for retirement care that matches the life you’ve always envisioned. When should you get started?

As the saying goes, there’s no time like the present. Here are three steps to help you begin creating your retirement care plan today.


Step One: Consult Your Partner

If you are married or in a long-term relationship that will influence your plans for long-term care, the very first step is to bring your partner into the conversation. Do your best to talk frankly about what you both want, and in what areas you’re willing to be flexible. While it’s not always easy to talk about potential health problems in the future, the more realistic conversation you can have, the better.


Step Two: Do Your Research

Depending on where you live, the options for long-term care (and the cost of those options) varies considerably. For instance, if you hope to eventually move to a senior retirement community or an assisted living center, you’ll need to determine which centers have availability in your area and what the projected cost will be. Take the time to visit these communities to see if they meet your expectations and anticipated needs. Or, if you plan to stay in your home and age in place , you may want to research the options for a Continuing Care at Home program or an in-home care should you or your partner need additional assistance.

You’ll also need to consider the financial aspect of your retirement care plan. Talk to a long term care financial specialist to discuss the feasibility of your plans as well as options.


Step Three: Talk to Your Family

If you have children or extended family who live nearby, it’s important to consider how they factor into your plans. Will you be relying on them for any care? If the answer is yes, then having a conversation about expectations and roles upfront can save you (and your family) additional stress down the road. Whether their help is as simple as driving you to doctor’s appointments or as complex as helping you fall-proof your home , don’t wait until later to bring it up—talk about it now.

Beginning to create a retirement care plan can be overwhelming and stressful, but that’s even more reason to get started early. Planning for your future puts you in control and helps to limit uncertainty. So, what are you waiting for?

Ready to get started planning for your retirement care? Sign up for a free discover seminar today.