Tip of the Week

When Is It Time to Consider Assisted Living? Helping Clients and Adult Children of Aging Parents Figure It Out

The assisted living decision can be challenging. A primary consideration is deciding between assisted living and a continuing-care retirement community (CCRC). A second consideration is comparing assisted living to aging at home and weighing the pros and cons of each option.

Most middle-aged individuals and retirees will say they want to age at home, but as time goes on, they may discover that they need to consider other options.

That’s where advisors can come in and help them think through what’s best for them and their families, and the costs attached.  Advisors can bring up the pros and cons of living arrangements in later years as pre- and early retirees plan for long-term care and purchase long-term care insurance.

Aging and where to live is a subject that all of us, whether the parent or the adult child, will be addressing at some point in our lives. An advisor can play an important role in understanding the options and the financial considerations and doing it with sensitivity and understanding. Being a sounding board for an aging client or their children provides a real service and is a gift to those faced with hard decisions.