There can be so many tricky steps when it's time to plan for retirement, it can be easy to forget to plan for post-retirement, particularly when it comes to difficult financial decisions. One West Virginia seminar presented by the Raleigh County Commission on Aging recently discussed some of them in detail, according to The Register-Herald.
Financial consultant Bill Kinder talked about ways to live on a fixed income and ways to make enough revenue to last through retirement, but he also spoke about the necessity of preparing for long-term care options.
"I think one of the biggest problems facing retirees today is the fact most don't realize there is the potential for losing their entire life's work in the last years of their life by not planning for long-term care," he told the news provider. "Planning is imperative before retirement to ensure your assets are protected."
He added that nursing homes can cost around $7,000 to $8,000 a month, a price tag that many can't afford. This seems to indicate that it is important to have alternatives that allow older adults to age in place.
One way to avoid the expenses of assisted living facilities is to install a senior alert system in a residence, because this medical alarm can be used to immediately contact family or doctors in the case of an emergency.