A recent study from the Center for Retirement Research at Boston College found that 38 percent of 65-year-olds will develop moderate needs, almost one-quarter will have severe needs, 22 percent will have minimal needs and 17 percent will have no care needs.
I don’t know the new math, but that says that about two-thirds of us Baby Boomers will soon require care that most families just can’t provide anymore. That means that 50 million of us will likely end up in some long-term facility. Thirty million of us have already retired, and I am one and already in a retirement community.
This is an important part of your life that needs some serious planning. It would be foolish to just assume you will be part of those 30 some percent who might not need an extra care until at least the very end. Unfortunately, because of the lack of planning many will end their lives in a county nursing home, which is under funded and struggling to sustain their mainly Medicaid populations. What a horrible way to die!
My wife and I had casually talked about possibly moving to a retirement community, but she never really came close to serious thinking about it. I knew my body couldn’t take much more of what it took to maintain a two and a half acre 100-year-old homestead. But, she adamantly wanted to stay there and years before I promised her that the homestead would be the last house she lived in. By the same respect we had talked about making funeral arrangements, but that also never happened. That would end up, among many other things, being done during a very stressful period after her death.
I suspect most people are like me and procrastinate on things like this. It was only because I had to quickly find a place for my wife to finish off her hospice care, that I even ended up in my present retirement community home. When my wife had her 4th and most serious heart attack, she ended two weeks in the hospital for the first visit, and then three weeks in one of our county facilities. There was simply no place else available at the time. She hated it and made me promise that she would not die there. It was only through the grace of God that I managed to keep that promise. After she died, I decided it was best for me to stay here, at least for now, and probably for the duration.
All of these things kept piling up to the point where I didn’t know if I would survive them without a complete breakdown. Don’t make the same mistake I did. Plan all this out ahead of time. You will be glad you did.