Financial planning for retirement post-Covid-19
There is always a degree of concern involved for families with older relatives, for several reasons.
Health and finances are two of the most important considerations when it comes to retirement planning, and the two are often interlinked.
It is key to have some kind of predictability on one’s finances, and a well-structured financial plan is important to have for one’s senior years. Health is less easy to predict – sometimes even impossible. The only way to have a real chance of ‘control’ is to be as well prepared as possible for the potential negative health situations that are more likely to affect one as one gets older.
There is always a degree of concern involved for families with older relatives, for several reasons. The greatest concern is usually how they will be cared for if they fall ill (which can happen gradually or suddenly), so access to proper care and assistance is important.
Barry Kaganson, CEO of Auria Senior Living, a company that develops, owns, and operates senior living communities in South Africa said, “It is important for older people to be in an environment where they can easily socialise and have access to opportunities for personal enrichment.” There are several risks that people face as they get older, he added.
Dementia is becoming more prevalent worldwide and there is a greater awareness of its complications than in the past. However, not everyone is well prepared to take the best possible steps to preventing and treating dementia.
According to Kaganson, as the agility of seniors decreases, falls are another common concern, and their susceptibility to injury changes with age. General illness is another big risk in senior living environments, as older people are often less robust. Equally, physical security is a factor that cannot be ignored, particularly in the South African context. Senior living communities make high levels of security a priority.
Planning well ahead to secure a space in a senior living community is important. The need for care can arise suddenly and being in a continuing care retirement community (one which provides accommodation for independent living, assisted living, and nursing home care, offering residents a continuum of care) means that care is always available.
