A comfortable retirement rests firmly upon smart long-term planning. The earlier you can learn the financial specifics of a parent’s retirement plans, the better able you are to help protect that parent’s finances. Finding out those details early allows time to find solutions to financial shortfalls. It also makes it easier to plan how to maximize the value of retirement savings and income, such as taking advantage of the lower cost of OKC’s first affordable assisted living center.
While fixed benefit pension plans are gradually becoming a thing of the past, some seniors do still enjoy such benefits. Since defined contribution plans, such as the 401 (k) plan, have become the norm over the past few decades, it is more likely your parent will have that sort of plan. After finding out these details, you’ll also need to see what other investments your parent has made for retirement, as well as whether a will has been made. It is a good idea to discuss power of attorney long before you’ll need it.
Review insurance plans and talk about major assets, such as the home, if your parent owns one. It’s important to know whether your parent plans to age in place or to sell the house later on to fund the cost of assisted living in OKC. If this is your parent’s second marriage and there are shared assets, you need to find out your parent’s exact financial standing in the event of your parent’s spouse passing away, especially if your parent’s spouse has children from an earlier marriage or a living ex-spouse. Make sure your parent is aware of how important it is to have a clear understanding of this information.
Retirement planning isn’t easy, even with skilled, professional financial guidance. There are so many variables that are outside a person’s control. Consider the damage the 2007-08 bursting of the housing bubble and the sub-prime mortgage lender melt-down did to the nation’s 401 (k) plans. Many dropped 50 percent of their value, some even more. Those right on top of retirement didn’t have a lot of time to make up those losses.
With so many variables outside their control, such as property values, the rate of inflation and the potential for a pension provider to reduce promised benefits, many seniors worry about out-living their retirement savings. Fortunately, that is one major worry choosing affordable assisted living in Oklahoma City can help ease.
Assisted living is often more affordable than aging in place and can offer a better quality of life for many seniors, especially when the social aspects are factored in. The cost of assisted living in OKC is quite competitive, attracting even out-of-state seniors seeking to get the most for their retirement dollars. Contact us to find out more about OKC’s first affordable assisted living center and how this option can help your parent’s retirement be more carefree and fun.