Alternatives to assisted living facilities and nursing Homes

Portrait of a group of seniors

For many seniors, there will come a time where they cannot live at home by themselves anymore.  Some will be able to move in with adult children, others may move into an assisted living facility, personal care facility or nursing home.  While these options provide security and care, they also result in a loss of independence and choice. Granted, you can’t have everything that you want and as we age, we have to deal with health issues.  Still, if you are of sound mind and in good health, there may be other options available to you.

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Life as a solo senior

Lonely old man staring out of a windowBaby Boomers are known for many things, two of which will affect them as they age, namely they have the highest divorce rates and the highest rates of childless marriages.  Since many boomers don’t have a spouse or children, many will face aging issues without the help of family members or close friend.  In addition, many Boomers and Generation X’ers have never been married or had a companion and they too will face aging issues alone.

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Do You Have A Plan For Your Future?

iStock_000011860918SmallDespite concerns about finances and health, most people look forward to retirement. The idea is that people will have more time for personal interests since they no longer have to work or care for small children.

Of course, things aren’t always ideal.  A serious illness, dementia, or even death can mean that retirement won’t be so golden.  While many health issues can’t be prevented, they can be planned for, especially since a stroke, complications from diabetes or osteoporosis can lead to long-term care situations, such as assisted living or nursing home placement.

How do you plan for a future that may include chronic health issues when you aren’t sure what the future may hold for you?  These things can help:

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Signs an Elderly Loved One Needs Help at Home

There are signs to watch for that will tell you when your elderly loved one needs help at home.

There are signs to watch for that will tell you when your elderly loved one needs help at home.

It is no secret that we are living longer. In fact, the life expectancy for women in the U.S. is 81.2 years and for males, it’s 76.4 years.

Still, that doesn’t mean that elderly parents or relatives will always be spry and able to easily manage their activities of daily living. How can you tell if your loved one needs help at home?

You don’t want to offend them by imposing something on them, but at the same time you don’t want something to happen that could have been avoided, had there been some assistance in place. Here are some signs to watch for:

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Retirement Planning: Understanding Social Security Benefits

Social secruityNavigating the issue of Social Security benefits (SSB) can be a difficult process for individuals nearing the age of retirement.

Generally it is advised to wait as long as possible before taking SSB, however it is sometimes necessary for an individual to begin collecting these payments early. If the individual is able to continue working while collecting social security benefits it may be possible to increase the overall profit.

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When is the Right Time to Talk to an Elder Law Attorney?

Preparation is a key component when planning for the future. Choices about where to live, long-term care and how to protect assets are common age-related decisions. One way to keep these choices from becoming overwhelming is to seek the advice and guidance of an elder law attorney.

Planning Ahead

While many people feel they don’t need the help of an elder law attorney, there are instances where the guidance and legal support of an attorney may become necessary.

Often, people disregard the benefits of consulting with an elder law attorney because they see it as an unnecessary cost, especially when they do not have any persistent health issues. However, legal and health issues can arise suddenly and without the correct preparation, elders can have a difficult time recovering and managing healthcare expenses.

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Retirement Planning

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No matter your age, there are certain things that you need to do to prepare financially for retirement. The earlier you start, the better off you will be.

  1. Save!
    It is recommended that you put aside at least 10 to 15 percent of your annual income. You should put more away if you are closer to retirement and haven’t put much aside yet.
  2. Create an Emergency Fund
    Creating an emergency fund will insure that you will have some money to help you out if a situation arises where you lose your regular source of income. It should have enough money to last you three to six months. It is for emergencies only, so a purchase of a new flat screen TV doesn’t qualify.
  3. Pay Down Debt
    If you are struggling with debt, there is a technique by Dave Ramsey called the “Debt Snowball.” List your debts from lowest to highest. Pay the minimum balance on all of your debts, except the smallest, and pay down the smallest debt fast. Once your smallest debt is gone, move onto the next lowest debt and work on getting that paid. Continue this process until all debt is gone. Continue Reading Retirement Planning

Live With Family or Elsewhere

multi-generational household & elder care

We’re always on the lookout for information that would be useful to our elder law clients. So, when we saw this recent article in U.S. News & World Report that dealt with multi-generational households, we knew we had to share it with you.

While having older parents live with adult children or other relatives is not new, the recession has lead to an increase in multi-generational households. In 2008, there were 6.2 million multi-generational households. In 2010 that number went up to 7.1 million households. So, in other words, lots of people are occupying spare bedrooms.

While sharing space is a great way to reduce expenses and care for loved ones as they get older, it isn’t for everyone or every situation. There are some things to consider before different generations decided to share one roof.

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