If your picture of the typical retirement consists of a retiree spending her days strolling the grounds of her pricey assisted living complex with her spouse of forty years, today’s picture of the modern retirement may surprise you.
While many seniors enjoy growing old with their spouse, the marriage statistics for younger generations make that plan appear less likely. According to recent studies, in 2014, for the first time ever, there were more unmarried American adults than married ones. Additionally, 20 percent of American adults have never been married (a record high), and experts predict that as many as 25 percent of millennials will never get married.
Some experts attribute financial constraints and the slow job market to the reduced interest in marriage. In fact, some women would rather not marry at all than marry someone unemployed or with poor job prospects.
The financial struggles of today’s retirees have led some to consider alternative living arrangements that benefit them both economically and socially.
Several community programs are being developed to utilize the time and talents of older adults to address social problems, such as providing care for overwrought single parents, foster parents or adults with developmental disabilities.
Communities that enable people to support each other are also forming. For example, at the Hope Meadows neighborhood in Rantoul, Illinois, seniors who move into the community volunteer a certain number of hours each week in return for reduced rent, an ideal fit for many widows, empty nesters, retired school teachers, etc., who live on a fixed income.
This model of care provides a synergistic support system. For example, a young single mother drives a retired woman to her doctors’ appointments and takes her to the grocery store. In return, the older woman looks after her first-grader after school.
Perhaps you’ve put off thinking about how to plan for your own long-term care situation. If you’re single, this may be a big concern; if you’re married, you may want to consider a contingency plan should one or both of you need an extra hand as you get older.
One of our focuses is helping people create retirement income strategies that can include different types of housing options. After all, aging at home doesn’t necessarily mean staying in your own home. Sometimes, downsizing or moving to a shared community, such as Hope Meadows, can offer both financial and social living opportunities.
A proper retirement income strategy is an important part of enjoying your retirement to the fullest. If you ever have questions about your financial situation, we’re here to answer the call.
The information contained in this material is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
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