As a placement professional, I am continually amazed by the wide variety of ways people invest their money in hopes of having enough resources to live comfortably in their golden years. In our work, ensuring that clients have accessible financial resources to pay for care or senior living communities is one of the most critical parts of the entire equation.
Just as clients rely on their doctors for medical guidance, we strongly encourage them to consult with a financial professional when evaluating how to fund their senior living and care options. Having a solid financial plan in place before beginning the search process can make all the difference.
This is especially important for families who rely on their investments for cash flow and do not have the liquidity to write a monthly check out of pocket. Recently, we worked with clients in their late 80s and early 90s who depended on rental properties for income. In both cases, the seniors had been either too kindhearted or too hesitant to raise rents for many years. As a result, none of their tenants were paying anywhere near market value, and both families were earning thousands of dollars less each month than their investments should have been providing.
This is where early conversations with a financial professional can be invaluable. The right guidance can help maximize earnings and prepare for a future that may include care expenses. With a financial plan, the choices you have in senior living and care will hopefully reflect what you want, not merely what you can afford.
