Day 205 of 365 - Senior Queries
Since I'll be turning 65 later this year, and officially will become a senior, from time to time I ponder what my situations for living and financial resources will be. Soon, we will be meeting with our financial adviser to discuss how best to use our investment funds in retirement years.
Then, there is also the question of where to live. Given that we could live another twenty years, we need to think long term. At least we have already dealt with the hurdle of moving out of a house to an apartment.
I imagine all seniors or those approaching that age, question and debate about these kinds of concerns and more, such as the following.
How many more times do we want to move? Are we better off just staying where we are until we can no longer manage here? If one spouse predeceases the other, should the survivor consider living with roommates or downsizing further? What if one spouse becomes disabled? Will they still be able to live at home? If not, where would they go, and how would we afford assisted care? Would it be feasible to hire in home assistance instead?
How long will the money last? Will our government pensions, work pensions and investment funds remain secure? Can we keep up with increases in the cost of living and potential medical expenses which may arise? Will our current car be our last, or will we need to plan for another or decide not to own one at all?
These are not meant to be pessimistic ramblings. They are merely the realities that seniors have to face at some point.
I've seen articles online about groups of seniors who bought a large home together, renovated it to suit their needs, and became each others' support system. It's feasible, but not for everyone. Then, there are some places that have built independent living communities for seniors with each house being like a sort of pod and many shared central spaces. This is more appealing in terms of being able to more readily choose privacy or social time. As far as I know, nothing like this yet exists in my city. But hopefully, the test model communities will be successful and more might be built.
But, what about seniors who do not have the financial means to buy into some new housing project? Are they just left with the cheaply made or run down senior housing units subsidized by government? That's a worrisome option to me, because I envision that as more like being neatly contained out of the way somewhere. God forbid!
And, God really forbid the option of me ever having to move into a seniors home or nursing home. I just do not hear good things about those places. I will strongly resist that option unless I'm not mentally capable to do so. Okay, so now it is sounding like a pessimistic rant isn't it? But again, these are realistic concerns for us as we get older.
It's maybe not so hard to imagine the concept of retirement, all the free time you'll have and the variety of activities one could pursue. But, we need to be relatively healthy and in good financial standing to enjoy that retirement lifestyle.
I don't have answers today, mainly rhetorical questions. I'm sure however, that I'm not alone in these thoughts. In the meantime, I focus on maintaining the health and vitality I do have now, to continue living where and how I choose.
Then, there is also the question of where to live. Given that we could live another twenty years, we need to think long term. At least we have already dealt with the hurdle of moving out of a house to an apartment.
I imagine all seniors or those approaching that age, question and debate about these kinds of concerns and more, such as the following.
How many more times do we want to move? Are we better off just staying where we are until we can no longer manage here? If one spouse predeceases the other, should the survivor consider living with roommates or downsizing further? What if one spouse becomes disabled? Will they still be able to live at home? If not, where would they go, and how would we afford assisted care? Would it be feasible to hire in home assistance instead?
How long will the money last? Will our government pensions, work pensions and investment funds remain secure? Can we keep up with increases in the cost of living and potential medical expenses which may arise? Will our current car be our last, or will we need to plan for another or decide not to own one at all?
These are not meant to be pessimistic ramblings. They are merely the realities that seniors have to face at some point.
I've seen articles online about groups of seniors who bought a large home together, renovated it to suit their needs, and became each others' support system. It's feasible, but not for everyone. Then, there are some places that have built independent living communities for seniors with each house being like a sort of pod and many shared central spaces. This is more appealing in terms of being able to more readily choose privacy or social time. As far as I know, nothing like this yet exists in my city. But hopefully, the test model communities will be successful and more might be built.
But, what about seniors who do not have the financial means to buy into some new housing project? Are they just left with the cheaply made or run down senior housing units subsidized by government? That's a worrisome option to me, because I envision that as more like being neatly contained out of the way somewhere. God forbid!
And, God really forbid the option of me ever having to move into a seniors home or nursing home. I just do not hear good things about those places. I will strongly resist that option unless I'm not mentally capable to do so. Okay, so now it is sounding like a pessimistic rant isn't it? But again, these are realistic concerns for us as we get older.
It's maybe not so hard to imagine the concept of retirement, all the free time you'll have and the variety of activities one could pursue. But, we need to be relatively healthy and in good financial standing to enjoy that retirement lifestyle.
I don't have answers today, mainly rhetorical questions. I'm sure however, that I'm not alone in these thoughts. In the meantime, I focus on maintaining the health and vitality I do have now, to continue living where and how I choose.
I'm with you sista ...I have 1.5 years to retire, turning 64 in july and rumminating the same kind of questions...thus the cottage .this was an affordable seasonal alternative to feel like we have a space, a home/cottage... to be in nature off the grid at SO affordable means. I'm heading into what you have already accomplished...selling the family home and likely moving to an apartment....somewhere..I do trust I will be guided to the perfect solution and most optimal circumstances to meet my wants and needs...we will see how that turns out but really the retirement plan so far is serving me well.
ReplyDeleteI love what you are doing with your cottage plan Jody. It has been such a pleasure to watch your creative process and the fruits of all the work you and Denny have put into creating your getaway haven by the lake. I'm sure you will love it. And, I hope when the time comes, your transition from your large house to somewhere smaller is a smooth one.
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