Texas residents can choose from a number of senior living and memory care communities to live out their golden years. But, there are places at many different cost levels. That means a person does not need to change their lifestyle just because they are aging. There are senior living communities with luxury-like settings and services that are affordable. There are also senior living and memory care communities for those at every income level. So, it is important for families to get together and talk about finances for the senior relatives to determine where they should plan on moving when the time comes.
Talking Finances for Senior Living
When relatives are aging and beyond retirement, plans should be made for the future. Not everyone is capable or wants to remain in place in the family home until they die. Planning for senior living is not an easy topic. But, planning in advance will give the family better results and the older relatives a more pleasant living situation.
It is important for children or other relatives to have regular contact with parents or older relatives to see how they are getting along and how their health is changing. Another really uncomfortable thing to get a handle on is the finances of the older relatives.
Talking about finances is important because it gives everyone a baseline for planning for senior living options. There are different types of senior living situations to consider at different costs:
- Aging in place with help
- Independent living senior community
- Memory care community
There are a lot of assisted living options to consider, and what works now may change in the future. Knowing a baseline for finances helps seniors and their relatives plan for senior housing needs. Will the finances be sufficient to finance the senior living needs of a person? Will there need to be additional funds found to finance senior living options?
But, not all seniors are comfortable discussing their finances or legal matters with others. Unfortunately, talking about finances and legal matters is essential for planning the future with seniors. There are bits of advice on how to accomplish this discussion from experts.
Having Important Discussions
Make the beginning of this talk related to financial things on the news and how that might affect the person. How will a particular economic situation affect them? How will they adjust their finances to this development? Then lead into their finances and how they can meet their future housing needs. Ask what their concerns for the future are.
Adult children can ask the seniors to talk about their financial experiences and give advice to the younger generation like grandchildren. Ask them what financial lessons they’ve learned and experiences with finances they have had over the years. Then, delve into current finances and future needs.
Talk about your own finances and financial planning for the future with retirement and senior living options. Do they have a financial adviser, and would they recommend them to you? Where are important personal and financial documents stored? Are they comfortable with their finances for the future or are they concerned? Can you help them plan? Let them know that not planning will place an uncomfortable burden on you.
Keep the seniors in control so they don’t feel they are being railroaded into decisions. Ask them what they want to do as they age. Make them aware that you want to respect their wishes about their care as they age and develop health problems and when they eventually die. It is important to get the whole family involved if there are brothers and sisters.
Talk to them about the importance of planning for the future and getting help when it is needed. Do they need financial help to move into a senior living community? Are they hoping to get financial help from you or other relatives? You need to know their wishes if something happens that makes them unable to make their own decisions. Having a plan they helped develop will make everything easier when the time comes.
Orchard Park is There for Seniors Who Want a Luxury Community
We are designed to be a private pay community where people can continue to live in luxury as they age. We are not set up to accept programs such as Medicaid Spend Down, Section 8, or additional housing voucher systems.
We are located in Texas at Victory Lakes, and provide splendid views and landscaped grounds. Our residents want to age in pleasant settings where they maintain their independence while receiving all the care and services they need.