Factors to Consider When Planning for Retirement

1. What are your personal desires?

Would you prefer to age in place at home, a 55+ community, or other type of community setting?  Should your health decline, would you prefer to bring someone into the home to care for your needs or would you prefer to move to a community setting ?  Determine what your personal desires are and make them known to family and friends.

2. When are you considering hiring services or moving to a community?

While some communities have current availability, there are other communities in Lancaster that have over 5 year waiting lists and longer.  Once you determine what your personal desires are, be sure to start putting a plan into place for yourself.  Would you desire to move into a two bedroom cottage?  If so, consider placing your application on a waiting list.

3. How much can you afford to pay for services?

You may often hear that in-home care is half the cost of long term care in a nursing home.  This is not always the case!  You may be paying $432 for around-the-clock care at home opposed to $250 per day in a nursing home.  Make an informed decision for yourself regarding the care that is needed and desired by the individual and his or her family.

4. Who can you turn to for trusted advice and further direction?

Make sure you have good trusted relationships formed with your children and other trusted relatives and friends, your attorney, financial planner, and geriatric care manager.  These professionals can often provide you and your family with further direction as it pertains to planning ahead for the potential need for long term care.

5. Are you aware of ALL options available to you in your community?

In-home care and retirement communities are NOT the only options available to you.  Adult day services, medication devices, emergency call systems, home renovations, and therapy are just a few of the many options out there that may be available to your loved one.  Additionally, explore all of the funding options that may help subsidize the cost of care.