The results shocked no one, least of all us at Bridgeway Senior Living. Key Private Bank regularly polls financial advisers, and the results of their latest poll show seniors’ top choices for retirement are staying at home independently or moving to an assisted living facility. 96 percent of respondents said living independently at home is their clients’ first preference, while living in an assisted living facility came in at 93 percent.
At Bridgeway Senior Living, seniors get the best of both worlds with our continuum of care model. You can start off independent, in your own home on our beautiful grounds. Should you need more assistance at a later stage of life, it’s an easy move into our assisted living area.
Seniors are also not planning early enough.
Besides for polling on aging preferences, Key Private Bank also asked about seniors’ financial readiness for retirement. The poll found that financial advisers say their clients are not nearly planning for retirement early enough. Respondents said fewer than 25 percent of their clients have a long-term care plan in place. And these are just their clients—those of higher net worth who actually engage financial advisers. The number in the general population is probably much lower.
In a previous blog post, titled Start Thinking about Long-Term Care in Your 50s—or Earlier, we discussed the importance of planning for long-term care. Especially if you’re a middle-class American, you need to start thinking about retirement and long-term care early. Over 80 percent of the polled experts recommended you begin long-term care planning between the ages of 40 and 60.
“We encourage all of our clients to take a proactive approach to long term care planning to navigate the costs and complexities of long-term care,” said Chad Stevens, vice president and senior financial planner at Key Private Bank.
Seniors aren’t communicating their wishes to their children.
The poll also showed most advisers feel their clients aren’t telling their family members what they want. It’s crucial to have the conversation about long-term care before you need it. This gives you the time and space to make the best decision for you.