Discussing CCRCs With Your Spouse
By Samantha R. Webster, CFP®
In 2017, a story was published in Global News of a Canadian couple who were separated for the first Christmas in over seven decades for health reasons. Although initially, they were residing in the same long-term care facility, the husband was moved to a memory care facility due to his progressive dementia. The story itself was heartbreaking, but it highlighted a real concern that many couples have about the uncertainty of aging and how that may affect their life together. Most couples hope to enjoy their golden years with the company of their partner, but a sudden change in health could alter that path.
When it comes to long term care planning in today’s world, there are many paths seniors can choose.
One popular choice is a continued care retirement community (CCRC). This allows the majority of caregiving needs to be met in one community. CCRCs offer independent living, assisted living, and nursing home care in one campus. If greater caregiving needs are required, these communities can typically accommodate without having to move an individual to a separate facility. However, there may still be special considerations that you and your partner may want to discuss when comparing different CCRCs to determine if it is the right fit for both parties. Some questions you may want to discuss include:
How seamlessly can care be increased or decreased for one or both partners, if required?
It is likely that at some point in retirement, your care needs may increase. It is also very possible that one partner’s needs may increase more than the others. A 2017 AARP study found that 52% of people turning age 65 or older will need some type of long-term care. If one partner has a sudden change in health that renders them unable to perform everyday tasks or in need of medical supervision, it could put considerable strain on the other partner to provide adequate assistance. Care facilities can often take the pressure off of the caregiving spouse. However, some facilities may only accommodate a certain level of care in certain areas and may end up having to relocate a spouse to a different building or unit that can meet these needs. This could pose a problem if the other spouse can live independently. It could be a difficult adjustment for some if different levels of care require couples to be shifted around quite a bit, or separated, even within the same community. When looking at retirement communities, partners may want to consider how the facility handles increasing care needs, and how one spouse’s care needs may impact the living arrangement at the facility.
Does the culture and programs offered at the facility suit both of your lifestyles?
Your emotional and social needs are just as important as physical care, and making sure you and your partner find fulfillment in these areas may be important to your long-term happiness in the community. In the past, there has been a stigma around senior living as a place where people just go to quietly pass away. Over the last few decades, the mind-set on aging has taken on a more holistic view. Studies have shown that mental and emotional factors can play just as big a role in the aging process as physical and genetic determinants. Being restricted to a community where you feel “out of the loop” or not adequately stimulated could lead to social withdrawal and possibly depression. This could, in turn, lead to premature aging and limit your overall quality of life. Your retirement years should hopefully be a time where you discover an enriching second chapter of your life. Your partner and you may want to sit down and list specific areas of interest and amenities you want your community to include.
What does your space and living environment need to contain to feel like “home”?
Stepping into your space and having it feel like “home” is a very specific feeling that differs for every person. Of course, every space becomes more familiar once it is filled with your items and effects, but other factors may affect your ability to familiarize with the space. Moving into a CCRC can be a big adjustment for many couples, especially if you lived in your previous home for years. Some communities may only have limited unit sizes, which could mean downsizing. After years together in your home, you most likely developed an unconscious comfort and familiarity with certain elements of the space. It’s possible that you and your partner have not formally discussed your ideas on what makes you feel “at home” in years. This may be the perfect time to have that discussion since this will be an adjustment for both of you. While considering communities, you may want to take note of your current home and what you find most comforting in your current space. This could help guide your selection.
Moving at any age can be a big adjustment, but in our advanced years, other factors such as limited mobility and declining health conditions may make the process even more difficult. Everyone ages differently, and you and your partner’s needs may differ as you age together. The growing market for CCRCs may offer more options to choose from, but it can also require a bit of research to discover the right fit for both of you. Your advisor could assist you in comparing your options and provide insight into the structure and long-term viability of different retirement communities.
Investment advisory services offered through Ciccarelli Advisory Services, Inc., a registered investment adviser independent of FSC Securities Corporation. Securities and additional investment advisory services offered through FSC Securities Corporation, member FINRA/SIPC and a registered investment adviser. 9601 Tamiami Trail North, Naples, FL. 239-262-6577.
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