Retirement Planning: Do We Stay or Do We Go?

November 15, 2023

By Kirtland Financial Services

Invested, Retirement

As we sail into the golden years, the familiar shores of our longstanding homes beckon with the comfort of decades’ worth of cherished memories. Yet, the winds of change carry whispers of continuing care communities, offering a different kind of allure with promises of ease, convenience, and peace of mind.

It’s at this juncture that many retirees and their partners stand, contemplating one of the most sensitive decisions of their later life:

“Do we stay, or do we go?”

It’s not just a question of moving house – it’s a pivot point that defines lifestyle, dictates daily interactions, and determines the degree of independence we maintain. Often, the heartstrings pull in opposite directions within a couple. One may feel the emotional tug of nostalgia, deeply rooted in the family home that has been the backdrop for a lifetime of experiences. The other may lean towards the practical and future-focused choice of a continuing care community, anticipating changing needs and valuing the support such environments provide.

The Dilemma of Divergent Desires

When the topic arises, it often brings a suite of complex emotions and practical considerations. There’s an undercurrent of loss and apprehension, mixed with an earnest desire for security and simplicity. Here’s how to navigate this delicate decision-making process:

Embrace Open Communication

The key to traversing this decision is open, honest, and frequent communication. Both partners should feel heard and validated in their feelings and concerns. It is essential to lay all the cards on the table – fears, hopes, and expectations. Engaging in heart-to-heart conversations can help illuminate the core reasons behind each person’s preference and facilitate mutual understanding.

Evaluate Your Current and Future Needs

Assessing your health, mobility, and the likelihood of needing assistance in the future is crucial. Can your current home be easily modified to accommodate those needs? Are there local services that can be brought in to help, or would a community designed for later life stages be more beneficial?

Consider Financial Implications

Analyze the financial impact of both options. Staying put may involve costs related to home modifications or in-home care, while moving might mean dealing with fees associated with continuing care communities. Understand what you can afford and consider the value you’re receiving in return for these costs.

Reflect on Lifestyle Preferences

What does your ideal daily life look like? For some, the vibrancy of a community with peers and structured activities is a draw. Others may prefer the solitude and familiarity of their home, coupled with the freedom to dictate their own schedules.

Visit and Experience

Before making a decision, visit several continuing care communities. Spend time in each environment to get a real feel for the lifestyle they offer. Simultaneously, trial modifications in your current home to better accommodate age-related changes and see how that feels.

Seek Guidance

Professionals such as financial professionals, geriatric care managers, and even counselors can offer invaluable advice and perspective. They can help guide you through the financial, logistical, and emotional aspects of your decision.

Plan for Compromise

It’s rare that both partners will arrive at the same conclusion at the same time. Be prepared to compromise, and remember that it’s not a one-time decision. You can revisit your choice as circumstances change.

Value the Journey Together

Regardless of the outcome, recognize that the journey of decision-making is itself a shared chapter in your life’s story. Embrace the process with kindness and patience toward each other.

Whether you decide to stay in the home that holds your life’s tapestry or venture into the new territory of a continuing care community, remember that the decision is deeply personal and nuanced. There is no one-size-fits-all answer, only what works best for you and your partner in your unique situation.

The aim is to find a balance that honors both your emotional bonds and your practical needs, working towards a retirement that is as fulfilling and comfortable as possible.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This article was prepared by MainStreet Journal.

LPL Tracking #504036-01

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Retirement Planning: Do We Stay or Do We Go?

The Dilemma of Divergent Desires

Embrace Open Communication

Evaluate Your Current and Future Needs

Consider Financial Implications

Reflect on Lifestyle Preferences

Visit and Experience

Seek Guidance

Plan for Compromise

Value the Journey Together

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