Despite the tidal wave of Baby Boomers entering the 55+ age demographic, many aspects of senior living are still rooted in old models. This has attracted a new crop of innovators to enter the market. One such innovator is Paul Ablack, Founder and CEO of Cantissimo Senior Living. Experience Beyond Measure correspondent Mike Lawson recently sat down with Paul to discuss the current state of senior living and how Cantissimo Senior Living aims to make changes for the better.
A common assumption persists that "senior living" means residing in a skilled nursing, assisted living, or memory care facility. In fact, the vast majority (96%) of adults 65 and older live in the community (homes or apartments). The motivation to "age in place" at home has a lot of appeal. An AARP study found that 90% of older U.S. adults want to stay in their homes as long as possible. The reasons for this are:
However, as people age, the potential for needing assistance increases as the incidence of physical and mental problems grows. This threatens the ability to age in place because the older adult needs the support of caregivers.
Once children have grown up and left the family home, many active older adults consider moving to a new home. Motivations might be driven any one or a combination of goals:
No matter the reason, the first decision is whether to rent or buy. I'll cover the rent versus buy decision in a future installment, so for this blog, assume the "buy" button has been pushed.
Are you confused about the difference between geriatrics and gerontology?
Geriatrics refers to a branch of medicine focusing on the health of aging bodies. Gerontology as a field of study and practice takes a broader perspective. It includes the physical, mental and social aspects of aging. In this sense, geriatrics represents a subset of gerontology.
Older adults find themselves increasingly faced with a bewildering universe of new situations about health, finances, housing, legal, and many other issues. Trying to keep up with all these moving targets is a daunting task for even the healthiest and most knowledgeable among us. However, when physical or mental health (or both) start to decline, dealing with these complex concerns can become overwhelming.
Even if family or friends try to help, they often lack the knowledge to deal with these subject areas confidently. Additionally, for loved ones trying to help from distant geographies, the frustration level can build to boil for all concerned.
Elder law focuses on the needs of older adults from a variety of angles. This specialty emerged because legal requirements in the later part of life and after death are numerous and complex. This blog explains some of the major areas covered in elder law.
In our last blog, Talking to Your Aging Parents About Money – Part 1, we explored ways adult children could start the conversation about money with their parents. Once the ice is broken, an opportunity to deepen the conversation presents itself.
The "money" subject is the first of several layers of important issues aging adults need to address. The following are major ones adult children need to discuss with their parents.
Most adults with aging parents rarely look forward to raising the subject of their elders' money. It's a scary topic because it involves a role reversal. Parents are supposed to teach their young children about money, not the other way around. Years later, adult children and their parents sometimes find it challenging to break out of this family dynamic. Yet, there comes a time when children need to talk to aging parents about plans for their money and other end-of-life planning topics.
Ideally, the time to talk to parents should happen before any crisis. Injury or illness can happen fast. If plans are not in place, decisions may be made quickly without sufficient information. This risk of causing irreversible mistakes is high. Even if plans have been made, failure to share them with adult children may put an effective plan at risk. Talking when parents can physically and mentally hold their own in the conversation provides a better foundation for good planning. In other words, the sooner, the better.
Nearly half of Americans 65 or older will eventually require some form of long-term care, according to a 2016 study by the U.S. Department of Health and Human Services (HHS).
| Length of Time in Long-Term Care Age 65 or Older | ||
| Men | Women | |
| None | 58.0% | 52.1% |
| <1 Year | 22.2% | 23.1% |
| 1.00-1.99 Years | 8.5% | 9.5% |
| 2.00-4.99 Years | 8.0% | 11.2% |
| >5 Years | 3.4% | 8.3% |
Of those needing long-term care, roughly half need it for less than a year. However, women are more likely to stay longer one year or longer.
Benjamin Franklin famously said, "…in this world nothing can be said to be certain, except death and taxes." A corollary to this could be, "It's a certainty that families hate to talk about death and money."
Discussing money seems to be a challenging subject for even the most talkative families. A study showed that 44% of respondents found money the most challenging topic to talk about, more than religion or politics or even death. Yet, talking about money with others, especially family members, could help avoid significant financial problems.
Parents of adult children face two crucial money conversations – your money and their money.