PRIME LIVING 50+ IN OUR NEIGHBORHOOD

PRESENTED BY

Managing The Future Nutrition

“I really wish I would have done this earlier.”

Kevin Maloney of C.C. Young Retirement Community says that is the phrase he hears most often from clients he has met through his work. Unfortunately, when it comes to planning for our advanced years, many of us would rather bury our toes – and our heads – in the sand. But no matter how difficult it is to face questions about the future, the time to take action is now, rather than waiting until a crisis may force difficult or unexpected choices.

Residence

Downsizing might make practical sense for empty nesters, but that doesn’t mean it’s an easy decision. People develop at- tachments to their neighborhoods and their homes. Familiar things like the view from the back porch or even a finicky doorbell can seem like old friends. Sometimes sentimental feelings cause us to overlook the financial impact of staying in a house too long.

“People don’t realize how much it really costs to live at home,” Maloney says. “Most of the folks that move into a community like ours (C.C. Young) have been in their home for quite a few years, and it’s probably paid for. But when you consider taxes, utilities and maintenance, it is still very expensive to live in that ‘free’ home.” When people budget, Maloney says, they usually leave out big expenses like replacing a water heater or a roof. But in a house that is twenty or more years old, large expenses are not only likely, they are inevitable.

You want to live life your way. That’s the beauty of Presbyterian Village North. With a full continuum of services, you can enjoy the independence of your own home within our beautiful 63-acre community. You’re free to pursue your interests, take part in a wide variety of activities and get involved in a vibrant community of friends, knowing that enriched care is available when and if you need it. Your needs may change, but your neighborhood doesn’t have to. Visit us at PresbyterianVillageNorth.org or call us at 214.355.9015 to learn more.

Judy Burkett of Presbyterian Village North says, “The thing I always tell people is, you need to come (to a retirement community) when you can still enjoy it, and you can experience it for what it’s meant to be.”

And what is it meant to be? A way of living that offers freedom from the responsibilities of home maintenance and repairs, and chores like mowing the grass. Consequently, residents are free to take up (or return to) activities like art and music, or social activities like dancing.

“I’ve seen people come in and fully embrace the retirement community,” Burkett says. “We have several couples that spend part of the year traveling, and they don’t have to worry about locking up the house or anything happening. They are still on the go, and they have peace of mind, knowing everything will be okay at home.”

Finance

U.S.A. Today reports that nearly half of Americans approaching retirement have no plans in place to make sure their money lasts the rest of their life. Here are some age markers to keep in mind:

If you retire at age 55, you can make withdrawals from your 401(k) without the penalty, but you will have to pay income tax. At age 62, you can claim Social Security, but checks may be reduced by as much as 30 percent if you sign up at this age. Full benefits begin for most Americans at age 66. The age eligibility increases gradually, in monthly increments, for baby boomers born in the 1950s. If you were born in 1960, you will have to wait until age 67 for your full benefits. But for everyone who can hold off collecting Social Security until age 70, payouts will grow by as much as 8 percent per year.

Medical

Don’t overlook planning for health care, including the possible need for long term care, advises Penni Jones of Villages of Lake Highlands. “Typically in assisted living people are preparing for the future and looking at what they can afford,” Jones says. “Sometimes they have veteran’s benefits, or long term care insurance.” The different levels of care at Villages of Lake Highlands include assisted living and progress through skilled nursing and a dedicated memory care unit.

8600 Skyline Drive, Dallas 75243 214.355.9015 www.PresbyterianVillageNorth.org

Sometimes families are in crisis over an aging parent’s health when they come to the facility, and they don’t have a lot of time to search for high-quality care. “We do a lot of special things in our memory care unit that some people don’t do,” Jones says. “We try to reduce medications used on Alzheimer residents. We call it “calm therapy.” We have quiet rooms where we administer aromatherapy and involve pressure points that have a calming effect on people with dementia.”

Will and estate planning

Roughly 50 percent of adults don’t have a legal will in place. “The State of Texas does provide you with a will in their statute,” says independent estate planner Mary Glenn. “But most people don’t want the State of Texas to write their will.”

The thought of paying legal fees today in exchange for the experience of planning our eventual mortality has driven many people to online do-it-yourself sites. Unfortunately the complexities required to ensure validity can make that alternative a high risk. “Some people really care about their pets,” Glenn says. “Others want to give to the community or a charity. Without a valid will, that’s not going to happen.”

Whatever your age, it’s important to have a will. “If you are young and you have minor children, you’ve got to have a will so you can designate a guardian for them,” Glenn says. Also, a will is the only way to cover friendships or partnerships that would not be recognized in Texas probate.

An Estate lawyer can help you establish your wishes in case of illness or incapacity. “You may be in the hospital,” she says. “It really is handy to have a medical power of attorney in place so that you have a designated person that is going to be able to make financial decisions, like keep your electricity on and pay your mortgage.” Other examples of documents for the living include advance directives about health care (like a living will) and even a declaration of guardian, should that be necessary.

“If your capacity is gone, you no longer can say, ‘I don’t want Jimmy to do it,’” Glenn says with a knowing laugh. “If you want Sue Ellen to do it, it’s better to have it written down now.”

Did You Know

Older adults tend to move in three distinct phases.

Retirement – usually between the ages of 60 and 70, seeking lifestyle amenities and hobbies such as boating and golfing. Health Events – when living in one’s current residence becomes difficult, or adults who have moved away geographically from family return to be closer.

Advanced age – common among those with increasing ailments and those who do not have an available caregiver.

(Source: University of Minnesota, Journal of Housing for the Elderly, 2004)