The way people retire nowadays is a bit different than what it used to be. On the surface, retirement planning has not changed too much — you work, you save, and then you retire. While the mechanics may be the same, retirement planning now comes with a whole new set of complex factors. Get Started Now! IT’S NEVER TOO LATE TO PLAN YOUR RETIREMENT
Moving a parent into an assisted living facility can be incredibly difficult. During this time, emotions are high for everyone involved. Your parents could be scared of losing their independence, having to make new friends, or adapting to a new environment. You want to do everything in your power to help the situation, but there will be times when you simply don’t know how to help. You will likely second-guess your decision during the first few weeks and may even feel guilty about your choice. If you find yourself in this situation, try using one of the following strategies to make the transition easier for your parents and yourself. If possible, visit often. You don’t want your parents to feel lonely or abandoned, so you should make an effort to visit as often as possible when you first move them into the facility or nursing home. It might be easier for them to meet others in the common area if they have you around as support. If you can’t make it, you can always send another relative or friend to check in on them. But if you notice your parents are spending all of their time in their room or depending on you for all companionship, you may need to give them some space so they can make new friends. Get to know the team at the facility. You do not have to take care of your parent on your own. There’s an entire team dedicated to helping those living in nursing homes or assisted living facilities. Whenever you visit, get to know the people helping your loved one. They’ll be able to notify you of behavioral changes or anything else you should be aware of. There may also be times when your parent is uncomfortable asking the staff for help or a specific item, so try to be their advocate and ask the staff on their behalf. Give it time. There will be setbacks, moments of discomfort, and guilty feelings. This might not be an easy transition, no matter how you approach it. Senior living experts say it typically takes between 3–6 months for someone to adjust to assisted living. It might take longer or shorter depending on your parent’s attitude and adaptability. Give it time and be ready to assist when you’re needed. GET YOUR CAR SEAT INSTALLED BY A CERTIFIED TECHNICIAN Successfully Move Your Parent Into Assisted Living With These 3 Strategies
It can be overwhelming for some, but if you focus on what you can control and develop a comprehensive plan, you can be just as successful.
Kickstarting Your Plan While starting to save early is a great idea, it is okay to set money aside for more immediate needs and focus on saving when you’re older. Some things to keep in mind when starting your plan include the following:
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Create a budget.
Set automatic transfers between checking and retirement accounts.
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Create an emergency account that allows you to cover any unexpected expenses, such as a broken water heater, without throwing your retirement plans out the window.
• Pay down debt so you can be debt-free in your non-earning years.
Saving for Retirement Whether you plan to retire early, late, or never, having an adequate amount of savings can make all the difference. The last decade or so before you plan to reach retirement can be especially crucial. By then, you may have a good idea of when (or if) you want to retire, and still have time to make adjustments, if needed, or even boost your savings before you retire. You will need to think about how much everything will cost, and though we don’t know what prices will be like in the future, it’s important to plan for higher prices in the years ahead. This can include the following: • Housing costs — rent, mortgage, heating, water, and maintenance • Health care costs • Day-to-day living expenses — food, clothing, transportation • Entertainment — restaurants, movies, plays, and personal hobbies. Few things are more nerve-wracking than the thought of outliving your resources, and if your retirement savings are not managed properly, they can be inadequate for your needs. But this is fully within your control, and you can decide what is best for you for a successful retirement.
2 Rinehardt Law | BeSmartLegal.com
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