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Big Retirement Mistakes

Posted: January 24, 2013

In the recent Wall Street Journal piece Five Big Retirement Mistakes the author got it mostly right:

  1. Not getting good financial guidance
  2. Investing in something you don't understand
  3. Supporting your adult children
  4. Low-balling elder-care costs
  5. Underestimating how much you will need

At Jewish Community Housing for the Elderly our professional staff knows another big mistake and that’s not having a plan for housing.

As the Marketing Director for JCHE’s Shillman House  I am in a unique position to engage with people who are not yet residents.  Were you to ask me for advice or takeaways from my experience in this wonderful job I would tell you the following: Today (!) :have an honest conversation with your parents (or your adult children) about your financial situation.

Industry experts in geriatric care have a saying about the three secrets of graceful, vibrant and dignified aging: “housing, housing and housing”.

So what does an individual’s financial situation have to do with being situated in optimal housing? If you or your parents have unlimited financial resources; then there’s probably lots of options and little concern. However, most of us are not in that enviable situation.

With limited financial resources there are still great options for housing. The key is planning ahead and avoiding the pitfalls. Having a plan that addresses your resources, and if need be – places you on wait lists is the key to living in a vibrant, safe and financially sustainable home. 

 

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