Assisted Living Facility

Where is a Good Place to Go

By Boomeryearbook.com

As we get older, some of us are likely to make the decision to relocate. For some, it may be to a nice ranch house in Florida; but many others must decide whether to move and live with other family members or to an adult care facility  because of health and/or financial issues(http://boomeryearbook.com/blog/2009/01/06/boomers-need-long-term-planning-for-long-term-care-insurance/).  It is important to consider your family, as well as your own well being as you make this important move. There are advantages and disadvantages that come with each living arrangement and so it is important to weigh your options very carefully.

Family Matters

Living with family members can be a wonderful experience. You will be able to see them regularly, perhaps spend more time with grandchildren, and feel at home. However, sometimes it turns out to be not such an easy thing. If the household is already full, then adding one more person may put a strain on budget and space. Also, depending on your age, you may not have as much freedom to come and go as you would if you were on your own. Your health is another big factor. If you know that your health requires lots of medical attention a family member’s home may not be the best place for you to be.

This decision is dependent on your personal situation. Sometimes living with family would mean moving way across the country or simply moving across town. It would be something that you and your family really want to discuss as thoroughly as you possibly can.  It is not possible to look at all the scenarios that might occur, but it’s important to have a plan as to how to integrate you into the family’s routine over time. 

Adult Care Facility

The term “Adult Care Facility” sounds really unfriendly, but actually most of them are not like that at all. Hence, the name that’s currently associated with them is assisted living communities. Baby Boomers are able to maintain their independence while under the assistance of trained professionals that are there when needed. They are outfitted with the necessary equipment to meet their patient’s needs. Many facilities have multiple sections that are specialized for the amount of care and attention a person needs. Once you get to the stage where you are unable to take care of yourself you can be transferred to another area within the community. You can also meet others in your age group who live there and participate in fun activities. Many decide to choose this route and often have no regrets.

However, sometimes the community may not be the best choice for you. In some cases, they may feel too much like an island without any family members close by, and in some communities, you might not be treated well by the employees. Long-term care in these facilities can be very expensive and require careful financial planning.

Assisted living communities have become very popular and can provide for all your needs. It is important to do your homework on each community and find the one that is most recommended. Whatever your decision may be, make sure that everyone involved approves and is willing to do their part to make the process as enjoyable as possible. 

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For boomeryearbook.com

Here is the thing that concerns me: Over the next twenty years, millions of baby boomers will be retiring; but only a small percentage of the baby boomers are equipped with any sort of financial education that would help them make profitable “money-related” decisions. My prediction is that these baby boomers would happily handover their life savings to so-called financial experts. Now, here is the catch about investments: 1) less than twenty percent of stock and real estate brokers actually invest in the stock/property they advise their clients to invest in, 2) almost all of the financial journalists have absolutely no real life investing experience, and 3) the same goes for people who stand infront of students in colleges and universities (professors) to teach finances. Surprisingly it takes more time to become a licensed masseur than to become a financial advisor. This reminds me of what Warren Buffett has said, “Wall Street is the only place where people drive to in a Rolls Royce to take advice from someone who rides the subway”. I think that pretty much sums up what investment advisors and brokers are all about.

The best advice that anyone can give can be summed up in one sentence: invest in “Real Wealth” like gold, silver and property, instead of its pale counterparts; currency, stocks and bonds. I hear people brag about how wise they have been by investing in Mutual Funds and about the fact that they get an interest rate of eight, nine, ten or eleven percent per annum. Well what they don’t realize is that, silver, for example, has gone up APPROX ONE HUNDRED PERCENT in less than a year. They also fail to see that the nine and ten percent interest is offset by the huge rate of inflation. To get an idea of how rapid the inflation is, consider the fact that the price of gold has gone up by twenty times in the last thirty odd years. Here are some numbers to help you understand how bad the inflation really is: Per ounce price of gold in 1880 was $21, $21 in 1930, $38 in 1970, $354 in 1985, $444 in 2005 and $700 in 2008. Even worse: most predictions are that the gold prices would climb to $1,500 or more during the year 2009 because of the imploding global economy – that sure beats the nine percent interest from the Mutual Funds.

The fact is that Boomers who are retiring will have to invest TIME in their financial literacy. There are three kinds of business men and investors: 1) those that spend neither time nor money to gain knowledge and awareness of whatever is happening around them, 2) those that spend money but not time and 3) those that spend TIME but not necessarily money. The first two fail while the third kind makes it through. Boomers have to understand NOW that knowledge is the real wealth and a mind that’s eager to learn is the only ever-lasting asset. Developing a taste for acquiring financial literacy and dedicating TIME towards its study is the only secret. Never “learn” for wealth. Simply learn for the sake of learning – and if you are enjoying the learning, the wealth will follow.

Has this article provoked you to think and re-think your finances? Do you have agreements or disagreements with the article? We welcome both praise and criticism – especially criticism. Sign up, join us at Boomer Yearbook and let your fellow boomers know what you think.

www.boomeryearbook.com is a social networking site connecting the Baby Boomer generation. Share your thoughts, rediscover old friends, or expand your mind with brain games provided by clinical psychologist Dr. Karen Turner. Join today to discover the many ways we are helping Boomers connect for fun and profit.