The amount that you save for retirement is probably a reflection of your circumstances and your lifestyle. There are also some family expectations that influence your plans. Many older adults want to live with their family members if they can no longer manage an independent household.
Looking forward to your retirement should include planning for less favorable circumstances, including scenarios where you need to move into a nursing home. What are some of the reasons why older adults may require support at a facility?
A history of multiple falls
Once someone reaches the age of 65, their risk of suffering a severe injury when they fall increases. Having multiple serious falls means you are more likely to have another one in the future. Someone who has fallen at home and broken bones may need to move into a nursing home so there is someone to care for them around the clock.
A diagnosis with dementia or Alzheimer’s disease
Caring for older adults with dementia or Alzheimer’s disease is difficult. Not only can it be emotionally taxing for the people closest to the adult, but they can also behave in unpredictable and unsafe ways that endanger them or the people caring for them. Professional help may be the only solution in a situation involving cognitive decline.
Distance or other demands limit family involvement
Maybe you always intended to live with your child, but they had to take a job on the other side of the country. Perhaps your daughter promised to take care of you, but then their child suffered a brain injury in a car crash and now requires around-the-clock care. When your family members are no longer in a position to accommodate you, you may need to adjust your expectations accordingly.
Careful elder law planning can help those who may unexpectedly need to move into a nursing home later in life.