The impact of this economy on seniors and their families has been particularly difficult. Housing values are down significantly and the time it takes to sell a home is now measured in months instead of weeks. Income from retirement accounts and investments have been reduced in many cases by half or more due to the volatile stock market. For those now facing decisions about retirement and possible moves into senior housing, assisted living and long term care the impact of the economic crisis has been rapid and unforgiving. Further compounding the problem is the fact that experts agree we are still in the early stages of this situation and not only unsure of how this crisis will continue to unfold, but how many years it will take for things to return to “normal”.
As we talk to seniors and their families all around the country every day they are sharing their frustration and fears with us. They had worked and planned for years to enjoy a reasonably comfortable and secure retirement; and when the time came to move into an assisted living community or long term care nursing center they were counting on the value of their assets to be there to cover those expenses. When the value of your primary assets such as a home or an investment portfolio is cut in half– it does not leave you with many attractive options. That is why during these troubled times it is critical that people take the time to understand how their personal finances have been impacted and how that projects out for the future. Too many people wait until it is too late to learn about all of their options and what they can do with the assets available to them to try and secure their financial future.