5 Traits of Successful Retirement Planning

Apr 16, 2024

retirement-planningWouldn’t it be nice if we had a crystal ball to tell us what the future holds for us? Unfortunately, this isn’t possible.

Fortunately, though, we can be proactive in planning for anything that the future may throw our way. Here are 5 ways to make your future planning successful!

1. Talk with Your Spouse and Family

The first thing you will need to do is discuss future goals and plans with your spouse and/or your family. Some spouses may be more willing to talk about retirement living than others. If your spouse is not on the same page as you, it’s important to have a discussion about it.

Be willing to listen to their reasoning, emphasize the need to make a plan and be prepared with resources. Be sure to brainstorm together your goals for the future, determine how much money you will need to live well and research the best options that fit you both.

Once you have a plan in place, be sure to share with the rest of your family. Let them know your goals and wishes so they can be on the same page with you.

2. Have a Planning Team in Place

Along with planning with your spouse and family, you should also seek professional “teammates.”

Your Doctor
Let your doctor in on the plan. Your doctor knows your physical and mental health and can be an asset in helping you determine what living option is best. They can also offer nutritional and fitness advice.

A Financial Planner

Hiring a financial planner to analyze your finances can be very beneficial. They can study your finances to help you determine which living arrangements fit your budget. Financial planners can also help you find financing options for long-term care.

A Lawyer

If you don’t already have a lawyer, you should think about hiring one that is well-versed in drawing up documents to designate a power of attorney should you ever need one in the future. Your selected power of attorney can make medical decisions and pay bills on your behalf if you are unable to do so yourself. If you haven’t already, you may also want to draft a will or update an existing one with the help of your lawyer.

3. Plan for Potential Long-Term Care Needs

Somewhere between 50 to 70 percent of older adults will require long-term care (such as assisted living or memory care) at some point in their lives. This is why it’s a good idea to financially plan for this stage in your life in case you should ever need long-term care.

One way to financially prepare for long-term care needs is to get long-term care insurance (LTCi) policy. An LTCi policy can be expensive but can help pay for long-term care services.

4. Explore Housing Options

There are many housing options to choose from. The trick is to find the one that fits you. For example, there is independent living, assisted living, aging in place in your own home and more.

One of the most popular choices is a continuing care retirement community (also known as a CCRC or Lifecare community). A Lifecare community offers independent living, assisted living, skilled nursing and rehab and memory care all on one campus.

The benefit of having all levels of care in one place is you don’t have to move around if your needs ever change. Rather, you can stay in a community you are already acclimated to and remain close to friends.

5. Increase Your Chances for a Healthy Future

To ensure a healthy future, be sure to take great care of yourself. Creating or continuing healthy habits such as exercise and proper nutrition is a good place to start.

Be sure to get regular checkups with your doctor. If you aren’t already physically active, consult with your doctor to find exercises that work best for you.

Spend Retirement at The Admiral at the Lake

The Admiral at the Lake is a life plan community in Northside Chicago. Through our comprehensive retirement plan, Lifecare, residents enjoy an active life, financial security and priority access to long-term care.