Wednesday, November 09, 2011

What Kind of Support Will You Have During Your Retirement?

Planning your retirement can seem fairly easy at first. As long as you’re careful to live within your means retirement can be a time of freedom, and the ability to explore interests you didn’t have time for before. But as this article in U.S. News and World Report reminds us, that freedom can eventually run out. “Most people retire when they are still healthy and can take care of themselves in their 60s, but you need to plan for a time when you might need more support.”

The article has some good suggestions about how older retirees can plan ahead to set up support systems when they need them. Some of the suggestions are time-honored solutions, such as living with family in a multi-generational household, but others are less obvious—although just as valuable.

One of these less obvious solutions is group living, or cohousing. “A cohousing building caters to community-minded residents who usually share many common rooms including a big communal kitchen, dining area, play room, and family room where residents can get together and socialize. This kind of community is much more close-knit and the neighbors will notice if you need help. . . Cohousing units generally have no staff and the residents take care of themselves and each other.”

Cohousing may be an ideal solution which offers freedom and support at the same time. But if you do decide that cohousing is the route you want to take, you may want to consult with your estate planner or elder law attorney ahead of time. Group living situations may require a buy-in or financial partnership and is not something to be entered into lightly. Any deeds or contracts should be reviewed by a legal professional before permanent steps are taken.

For more information about senior living options please contact our office. We are here to help.