When we enter retirement age, we need to make plans in advance before we become incapacitated. Assuming from 65 to 95, there are 3 stages of retirement life:
Independent Living
Assisted Living
End of Life Period
Ideally, we would like to extend Independent Living for as long as possible, say 25-29 years; assisted Living for 1-5 years and only a week or two for the last stage. Our goal is good quality of life in most retirement years with the least suffering and expenses.
We have friends who have retired in Walnut Creek. They enjoy California climate, plenty of social activities and amenities in ROSSMORE, a retirement community with BART (Rapid Transit) connection to San Francisco. This sounds like an ideal arrangement for “RUSH NO MORE” lifestyle. This is not available in other locations.
Some of us may not need costly long-term care, but we cannot predict the future. We still need to plan for it to have peace of mind. For flexibility, there is another option worth considering. George and I chose retirement in Seattle area where 2 daughters live. During the housing crisis, we bought condos in Chinatown. There are 2 restaurants in the building, groceries across the street, bus stops in front and the light rail down the block. We can extend independent living when we need to give up driving and move from our suburban home. It will be easy to hire help as needed for cleaning, cooking or personal care. Hired help has incentive to provide good care for long term employment. There is no conflict of interest in the relationship. Meanwhile, the condos are in demand for good rental income. Rental agents have professional cleaning for a fixed charge and find good tenants quickly. With advanced planning, this plan works in other locations. Requirements for independent living involve having restaurants, groceries and public transit in walking distance for daily necessities and activities without the need for driving. Real estate is good investment. It’s a winning strategy regardless of need to use it in the future. This option effectively extends “Independent Living” to keep institution living to a minimum if we ever need it.
With this plan, we can be in control of our finances, life style and personal care without submitting to institutional restrictions. We had a Purdue friend in a senior home in Indiana. She started with “Independent Living” with the option to move into “Assisted Living” which was not available when she needed it. She became too weak to eat in the dining room as required in “Independent Living”. Delivery of food to her room was not provided. Friends had to take turns to help her get up, get dressed, etc. She did not receive the care she needed in the end stage. The reality did not match the rosy picture presented in the promotion brochure. There is a conflict of interest with for-profit institutions. More care for the residents means more expenses. Actually, turnover is good for business. It means more profit from new sales.
Beware of the tendency to procrastinate. All too often we become too comfortable in familiar surroundings until it’s too late. It takes determination and stamina to tackle the big job to sort out 40 years of accumulation, get the house ready for sale, handle the move, find a new place, make new friends, find new doctors in a new community….. We need to be proactive when we are still healthy. Don’t wait till the task becomes overwhelming. Our goal is quality of life and peace of mind to the very end.
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