Today's retirement living options are so enticing, and it's fun to dream of all the things to see and do once your work-packed schedule is filled with nothing but R&R. Of course, these experiences, from traveling the world to living in a senior community of your choice, come with a price tag. For those nearing retirement age, it's essential to start researching your living options and work with a financial planner to find out how much money you need. The U.S. Census shows that by 2034, the number of seniors will outnumber children for the first time in history, and from 2024 to 2039, the U.S. population aged 75 and older will increase from 20 million to 20 million. It is predicted to increase to 45 million people. For this group, one of the biggest challenges in retirement is financial security. Therefore, proper research, planning, and budgeting cannot be delayed. Once you start planning, retirement becomes something to look forward to rather than dread.
Redefining after retirement
Early in your career, retirement can seem so far away that it's hard to imagine. That means big-ticket items like paying off student loans, weddings, vacations, buying a home, or building a new home for your kids often take priority over saving for retirement. This includes university funds. Healthy people who plan and save for retirement in between life's milestones have ample opportunity to design and enjoy their retirement the way they want.
Baby boomers will be the next to move into senior living communities, followed closely by Gen Xers. Whether these communities are being rebranded, renovated, or developed, they are well-positioned to serve a new generation of residents who have clearer and more vocal demands about how they want to spend their retirement years. It is located in They are tech-savvy, educated, well-traveled, and comfortable with services and choices.
CC Young, a senior living community in Dallas, has responded to the demands of today's seniors who want a retirement experience different from that experienced by their parents and grandparents. Above all, they want choice, and CC Young has delivered this in a variety of ways, including with The Point & Pavilion. The Point is his 20,000 square foot activity center for CC Young residents and the general public “age 55 and older.” An art gallery, cafe, meditation center, chapel, fitness center, library, and auditorium are just a few of the facilities you'll enjoy on-site. If you are a non-resident, you will have access to all services offered by The Point by paying an annual membership fee.
“Everything you can imagine is offered here, from Zumba, Tai Chi and HIIT workouts to exercise classes to aqua boot camp with underwater cycling in an indoor pool, and even lectures by Fulbright scholars,” says The Point. said Brian Perman, director of. “We offer technology classes for mature adults to learn how to program and use Apple Watch and other technology, such as ordering a rideshare for errands. There is also a resident-run television station. The Ticket radio station was broadcasting right here during the weekly community happy hour. We have two art gallery spaces, featuring work by residents and local artists. There will also be an essay contest open to residents and non-residents. Our goal is to curate holistic wellness opportunities for mature adults to help them realize their dreams and interests. We want to change the paradigm around senior living. For us, it's about growing up, having fun in the process and finding passions you never knew you had. That’s it.”
Highland Springs, a senior living community north of Dallas, continues to grow and expand its amenities for the same reason: consumer demand. A new residential building, Uptown Park, will open in the fall. The Eastside Village Clubhouse just opened and the all-new Cypress Landing building quickly filled up. The community just added an eighth restaurant, a new pickleball court, and an updated woodworking shop. “We are seeing strong demand for an active and engaged lifestyle,” says Sales Director Christina Christie. “People are attracted to a wide range of services and amenities, and younger seniors are moving in, hoping to be free from the upkeep of a home. Some people move here in their 80s. They enjoy the homes they have lived in for many years, but are ready to have more social connections. We always recommend that you make the decision to move to a senior living community before you need it, rather than reacting to the situation. To enjoy all the benefits and services on offer. We need enough time.”
money is important
Planning for retirement involves more than deciding where to travel and researching senior living options. It also involves deciding how much you need to save to cover everything in the end. Many people understand the importance of saving and investing as early as possible, but in your 20s or even your 30s, you don't necessarily have urgency in mind because retirement age seems so far away. Not. After decades, saving for retirement suddenly becomes a priority. Whether you're not sure if you have enough savings, want to invest more, or need it back as you near retirement age, partner with a financial planner who can expertly guide you toward achieving your retirement goals. It is important to do so.
Partner Jimmy Zimmerman says, “So many people, even though they've been saving well during their highest earning years, lack any direction or plan, or are high-income and short on funds.'' I can't help but be surprised by that.” and Beard Harris Wealth Management. “If you don't know which direction to point your arrow in, you're not saving with purpose. We're here to guide them through the process. For married couples, We want to involve both couples in the discussion to decide what they want from their future lives and how to prioritize paying for those costs.”
In many families, one partner is the “money person,” or the one who makes most of the financial decisions, and the other partner is the one who makes most of the financial decisions, says Beard Harris wealth manager Tai Chiu. He says he trusts it. In a perfect world this would work, but sometimes life happens. If the partner who makes financial decisions dies or is no longer able to make financial and estate planning decisions, the other spouse can feel confident without having to learn the new financial situation on their own. You need to have enough information to intervene and continue with your plan.
“We have experienced many unexpected moments in life in this industry,” says Chu. “Often our clients may feel that we are not fully equipped to deal with these situations, but they know us so well that we can help them decide which account to use, the tax implications, etc. You can get through this difficult period effectively by providing advice on 'solving important issues and reducing the need to do everything yourself. This is also why it is important to plan early. You can point out what could potentially happen. We emphasize this quite a bit in Silent so that we cover all the bases. ”
For older couples, joint decision-making on financial matters, combined with comprehensive estate planning and organizational strategy, is important as they work toward securing a stable and fulfilling future. By actively engaging both partners and seeking support from knowledgeable advisors, couples can navigate the complexities of aging with confidence and peace of mind. Involving a financial advisor can streamline these efforts, provide guidance on comprehensive planning, facilitate conversations between spouses and adult children, and provide support in organizing financial matters and estate planning. and ensure a legacy that reflects their hopes and values.
Is it not combined?Retirement savings advice for solo adults
Whether you become single by choice late in life, divorced or widowed, there is no guarantee that you will be able to plan your retirement with others. The number of solo teenagers in the United States is increasing. When this growing population works with a financial advisor, in addition to discussing planning and savings, the advisor is asking them to designate someone to advocate on their behalf should the need arise.
“Not all retirees have a strong support system,” says Grant, a Certified Financial Planner™ at Perryman Financial Advisory. “People who don't have children, or whose children don't live locally, often need someone to make important decisions about their health care and finances in retirement.”
Grant recommends starting to build a community of solo-age clients, a community that may not be family but is considered family, as soon as possible. “This includes making friends of different ages. A younger friend can step in and be your advocate if needed,” she says. “Most people realize that they don't always want or can't live alone, and at some point they want to write their own checks or handle their own bills. Hiring a bookkeeping assistant or CPA is another idea. People are living longer, and many of us outlive our family members. There is a whole generation of men and women who have never had children. Generations before us learned that when we grow old and can no longer care for ourselves, our children will take care of us. We knew this was no longer the case for everyone, so it's important to build a community of friendships and nominate financial supporters early.”
An experienced financial planner will comprehensively consider your assets and personal situation and create a plan tailored to your needs. “If you haven't decided yet, now is a good time to decide on a planner to work with,” says Grant. “If you're diligent, you can save up a lot of money to make your retirement more enjoyable. It starts with building a team that works for you.”
