We often think of Baby Boomers and the Silent Generation as retirement age, but Gen X is almost there themselves. Gen X refers to the generation of individuals born between 1965 and 1976. As you continue to prepare for retirement, it is important to establish a plan in the event that you need long-term care. This article will discuss some important things to consider when planning for the future.
Long-Term Care for Gen X
If the last 2 generations are any indication, long-term care will be an important factor for most of Gen X. In America, there is a 2 in 3 chance that a senior citizen will develop a physical or cognitive impairment. It is important to look at your options based on your potential budget. You may also want to talk with your doctor about your risk factors and the type of care you may need in the future. Because nursing homes can cost a lot of money, it is important to prepare your finances for the future. Be sure to look into different types of care options in your area, including in-home options.
Updating your Estate Plan
As your financial and living situations change, it is important to update your estate plan. For example, your Will may need to get updated as finances change, or if you move. Meet with your estate planning attorney to discuss your potential needs. This may include establishing a trust for long-term care finances in the future. Trusts can also be important in protecting your family assets from nursing home collection agencies. Putting your home in a trust can help protect it for the rest of your family.
Gen X and Aging In Place
If you plan on staying in your home, as opposed to downsizing, it is important to prepare your home properly. This can include accessibility upgrades that can help with mobility. From shower grab bars to installing a chair lift, these home upgrades can make it easier for you to live out your retirement at home.
Downsizing Your Home
On the other hand, you may want to downsize your home. Downsizing allows you to worry less, and gives you mobility around your living space. Many elderly individuals living in their forever homes struggle with staircases that they have used all their lives. By downsizing, usually to a 1-floor house, you can limit potential mobility issues and fall risks in the home.
Gen X and Hiring Help at Home
While you may not need in-home care assistance now, it is possible that you will in the future. In-home care allows you to maintain your independence while receiving the care that you need. This care may include meal prep, assistance to doctor’s appointments, light housekeeping, and more. In-home care with a home health aide is a good way to receive care without forfeiting your whole lifestyle to a nursing home.
Safe Harbor Healthcare Services does not provide medical, healthcare, or financial advice via articles. This material has been prepared for informational purposes only. It is not intended to provide, and should not be relied on for medical advice.
Safe Harbor Healthcare Services has been providing excellent home care on Staten Island since 1967. Our services help the elderly and disabled live safely and independently; while giving their families the peace of mind they need. For more information contact us by clicking here, or call (718)-979-6900.
