As you enter retirement, your health isn’t the only thing that seems to be changing every day—your finances are, too.
Whether you’re making a transition to Assisted Living or simply preparing for emergencies, your senior years make you think about finances in a whole new way.
If your head feels like it’s spinning trying to get a grasp on it all, don’t worry. You’re not alone!
Financial Changes for Seniors
You’ve probably felt secure in your finances for more than a few decades now, but now your financial landscape is starting to change.
Depending on where you are at in your journey, you might be dealing with…
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- Medicaid Enrollment
- Assisted Living Applications
- Asset Disbursements
- Trust Creations
- And more
All of these processes are probably new to you, which can make you feel unsettled.
So, how do you feel confident that you’re making the best decisions for your (and your family’s) future?
Take the Time To Educate Yourself
Whenever you’re feeling unsure, take some time to educate yourself. Why? Because when you prepare yourself in advance with the knowledge you need, you’ll be prepared in case of an emergency.
There are lots of options for how you can educate yourself, though, and it all depends on your resources and current needs:
| More Independent | More Supported |
| Books and Online Research | Assisted Living Financial Experts |
| Local Fairs or Events for Seniors | Elder Attorneys |
| Libraries | Financial Advisors |
You can independently educate yourself through books and online research.
In addition to your own research, your community likely has resources for seniors as well. Consider local fairs or events for seniors.
If you want more support, you can also partner with financial experts who have years of schooling, accreditation, and experience.
Financial Advisors and Assisted Living Financial Experts can be an invaluable resource who can help you make the best decisions for you and your family.
In particular, we recommend talking with an Elder Attorney. They specialize not just in financial matters, but also other legal matters that are crucial to have in place as you age.
Consider doing your research and meeting with experts alongside trusted family members. Having another set of eyes and ears can be helpful as you make decisions.
Family Involvement
Your family may get involved in your financial planning in other ways as well.
For example, they might…
- Help you acquire essential information that’s difficult to access (like banking, pension, or investment statements, for example)
- Support you in researching Assisted Living Options
- Take on Power of Attorney in case of emergency
- Receive strategic financial gifts from you
To make sure your financial future is secure, communicate with your family about what they can do to assist you.
Children may feel guilty about the financial costs of Assisted Living, or that they are unable to do more to support you at home. That is normal. However, by doing research together and talking about concerns, everyone will have more peace of mind.
Keep the lines of communication open about finances and the future!
Move Confidently Into The Future
It can be easy to “bury your head in the sand” and avoid thinking about finances.
When you have concrete answers, rather than “what ifs” floating around your head, you will feel better about the future.
The reality is that your financial future will change regardless of what you do to prepare for it.
Don’t let rushed decisions set you back financially. Take the time to educate yourself, communicate, and make informed decisions.
Between your own research and the help of trusted experts, you and your family can feel confident in your financial planning as you move into your later years.
Chatham Place Is Here to Help
If you’re not sure where to start or who to trust when it comes to Assisted Living planning, contact Chatham Place at Mary Wade.
We have over 157 years of experience supporting our local community as they navigate retirement and older age, and we’re here to help!
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Chatham Place offers exceptional senior living options in a warm and inviting atmosphere, serving Branford, Guilford, Madison, East Haven, North Branford, Clinton, Killingworth, and Orange. This new, state-of-the-art community is designed to meet today’s safety, security, and comfort standards. As part of the Mary Wade campus, Chatham Place continues the legacy of exceptional service, resident-centered care, and access to world-class healthcare services. For more information, please call (475) 900-6040.