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Happily Ever After: Keys to Enjoying Your Retirement
Published Date : January 31, 2024
Did you know that the number of Americans ages 65 and older is projected to increase from 58 million in 2022 to 82 million by 2050?1 And life expectancy has been on the rise for decades thanks to advancements in medical technology and healthier lifestyles. Specifically, the average life for an American rose from 68 years in 1950 to 79 years in 2019.2 This shift in demographics has allowed the senior living landscape to evolve, encompassing greater flexibility to accommodate all forms of lifestyles. With the surge in senior living options available today, it is time to rethink our retirement years.
Being retired does not need to mean slowing down. Moving into an independent living facility relieves you of household chores and responsibilities—allowing you more time to spend on activities that you enjoy—and provides an expanded social community. This is critical as studies show loneliness increases the risk of premature death by 45%.3 Engaging with others also stimulates mental agility and creativity which can boost longevity.
While most people move into a retirement community when they are in their 70s, the average age for senior living is trending even earlier given the ample amenities available at these facilities. And this wide range of options is ever-expanding to suit unique interests. On Top of the World in Ocala, Florida is tailored to those who wish to continue their fitness journey. Lake Weir Living offers residents the opportunity to enjoy their Harleys, hot rods, RVs, boats and other vehicles with few restrictions. Escapees CARE is a community located in Livingston, Texas that caters to RV travel buffs. Continue to enjoy life on the road while taking advantage of medical and nursing care needs as they arise.
Whatever direction you take, be sure to visit these facilities in person and ask questions. Speak with staff and residents. Importantly, do not wait until a crisis occurs to make the transition. It takes time to make an informed decision and it is far more challenging to downsize and transition from your existing home during a health event. You should also be aware that many of the most desirable facilities have waiting lists—and require you to be healthy when you enter—so do your homework!
Of course, cost is one of the most critical factors to consider when doing your due diligence. Given the vast array of options, one can imagine the variance in price among these facilities. Understand what you are paying for to find a price point that is in line with your budget. Some monthly fees do not include meal plans, housekeeping services or utilities so be sure to closely review the contract.
Given our increased life expectancy, it is important to work with your financial planner now to ensure that you have sufficient assets to adequately fund your retirement needs. Maintaining a certain standard of living based on these added years may require some financial planning adjustments in your early years. Your advisor will guide you to be strategic and focused to make sure you stay on track to meet your retirement goals, whatever they may be. As of 2022, while 87% of Americans aged 60 or older have some retirement savings, only 52% are on track to save enough to fund their final years.4 Studies find that financial stress can have a negative impact on our physical and mental well-being, so take steps now to build a plan to optimize your future retirement lifestyle.
1-www.prb.org/resources/fact-sheet-aging-in-the-united-states/
2-www.aarp.org/health/healthy-living/info-2017/50-ways-to-live-longer/
3-www.health.harvard.edu/blog/why-life-expectancy-in-the-us-is-falling-2022
4-www.fool.com/research/average-retirement-savings/
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Information provided in written articles are for informational purposes only and should not be considered investment advice. There is a risk of loss from investments in securities, including the risk of loss of principal. The information contained herein reflects Sand Hill Global Advisors' (“SHGA”) views as of the date of publication. Such views are subject to change at any time without notice due to changes in market or economic conditions and may not necessarily come to pass. SHGA does not provide tax or legal advice. To the extent that any material herein concerns tax or legal matters, such information is not intended to be solely relied upon nor used for the purpose of making tax and/or legal decisions without first seeking independent advice from a tax and/or legal professional. SHGA has obtained the information provided herein from various third party sources believed to be reliable but such information is not guaranteed. Certain links in this site connect to other websites maintained by third parties over whom SHGA has no control. SHGA makes no representations as to the accuracy or any other aspect of information contained in other Web Sites. Any forward looking statements or forecasts are based on assumptions and actual results are expected to vary from any such statements or forecasts. No reliance should be placed on any such statements or forecasts when making any investment decision. SHGA is not responsible for the consequences of any decisions or actions taken as a result of information provided in this presentation and does not warrant or guarantee the accuracy or completeness of this information. No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of SHGA.
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All video presentations discuss certain investment products and/or securities and are being provided for informational purposes only, and should not be considered, and is not, investment, financial planning, tax or legal advice; nor is it a recommendation to buy or sell any securities. Investing in securities involves varying degrees of risk, and there can be no assurance that any specific investment will be profitable or suitable for a particular client’s financial situation or risk tolerance. Past performance is not a guarantee of future returns. Individual performance results will vary. The opinions expressed in the video reflect Sand Hill Global Advisor’s (“SHGA”) or Brenda Vingiello’s (as applicable) views as of the date of the video. Such views are subject to change at any point without notice. Any comments, opinions, or recommendations made by any host or other guest not affiliated with SHGA in this video do not necessarily reflect the views of SHGA, and non-SHGA persons appearing in this video do not fall under the supervisory purview of SHGA. You should not treat any opinion expressed by SHGA or Ms. Vingiello as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of general opinion. Nothing presented herein is or is intended to constitute investment advice, and no investment decision should be made based solely on any information provided on this video. There is a risk of loss from an investment in securities, including the risk of loss of principal. Neither SHGA nor Ms. Vingiello guarantees any specific outcome or profit. Any forward-looking statements or forecasts contained in the video are based on assumptions and actual results may vary from any such statements or forecasts. SHGA or one of its employees may have a position in the securities discussed and may purchase or sell such securities from time to time. Some of the information in this video has been obtained from third party sources. While SHGA believes such third-party information is reliable, SHGA does not guarantee its accuracy, timeliness or completeness. SHGA encourages you to consult with a professional financial advisor prior to making any investment decision.
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