When you or your loved ones hit the golden years it will be one of the most capital intensive periods in all of your lives. The concept of living comfortably when you’re a senior is a valid and necessary aspiration, however, it takes some long term strategic planning to hit this goal. Those who fail to plan, plan to fail and this is especially true for families with aging senior citizens.
The most important thing when it comes to long term elder care planning is communication. Don’t avoid talking about the subject with your family just because it might seem uncomfortable. The lines of communication must be open in regards to shared goals, sacrifice, and expenses in the years to come. One of the worst things you can do is manage by crisis, and this can be avoided through open communication.
Secondly, you need to put a plan together. Do your research. Hire an elder care planning consultant and / or attorney. This plan should cover the 5 - 20 year plan when it comes to housing, income, and sustenance. Establish stakeholders and task owners - if your elder care team knows “who owns what” when it comes to the “project plan” you will have a tactical approach to managing the long term health of yourself or your loved ones.
In closing, don’t sit around until the last minute to get this done. There is a glut of baby boomers retiring right now and if you’re behind the eight ball you could be looking at elevated costs and stress. Research the hell out of this subject and put some peace of mind back in the family dynamic. Make those golden years golden, stress free, and prosperous through communication and long term planning.