How Best to Pay for It?
Adequate retirement income is so important to assure that we have options and independence! As we age, we probably enjoy more than ever being in our own surroundings.
However, our ability to remain at home often depends on our level of retirement income. As always, money has so much to say about whether we are able to enjoy this outcome.
The likelihood of needing help with our long-term care needs can be an off-putting reality. The tendency for some is to simply ignore the need, or convince ourselves that “it won’t happen to me”, or “my _______ (fill in the blank--spouse, daughter, son, friend) will take care of me”.
In the event of disability or incapacity, most of us would still prefer to remain at home. We feel we have a better quality of life if we can remain in our familiar four walls, even if it does mean the necessity of help from family and friends. The truth is, many of us–maybe the person just a few feet away–will need a lot of help from spouse, friends, relatives, and home health care professionals. Or assisted living or nursing home professionals.
Though, not everyone wants to or should “stay at home”:
At this stage of our lives, it is easy to be quite set in our ways! We like to eat what we want and when we want. We like to listen to and watch our preferred programs. We like to bathe at the times we choose. We like to go where we want and when we want. And we still want to contribute to, and gain from, family life.
What we do not want is to be living in a room with a roommate and have to accommodate the likes and dislikes of strangers. There is a good chance they feel the same way, too. All good reasons for staying home. But, the reality is, if such help is needed–wherever it is needed–it will be costly. Maybe too costly.
Planning for yourself and those you care about is critical to a successful outcome!
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