Are you ready?
A calm came over us as we had family member in the final stages of life admitted to a 24 hours seniors residence. This facility is approximately 5 years old. Extra modern, equipped with cafe’s, formal dinning areas, and suites for those couples looking to spend there final years together. Five house cats roam free and on Tuesday and Thursday a pet service brings in dogs to entertain the residences. If that isn’t enough local elementary schools hold workshops within the complex and all residences are encouraged to participate. What a beautiful place.
Myself at forty five I inquired about placing our names on the waiting list for future considerations. The unfortunate part is you have to be at a point where you just can’t take care of yourself any longer. It’s quite simple to determine whether you qualify. The potential residence is asked a series of simple questions.
1) Who do you call if your home is on fire?
2) What year were you born?
3) Where were you born?
4) What year is it?
If you answer the first question incorrectly your usually put on the waiting list immediately. By the way the answer to question one is 911, it’s that simple.
In Canada a specific calculation is applied to your income to establish how much each individual can afford. Then the next step would be to add all pensions and any passive incomes together plus assets. In this case our relative was generating $2200 monthly in pensions. Her assets (home, cash, vehicles)aren’t needed to be sold at this time.
At seventy eight she’s done alright for herself but how many of us baby boomer’s have even really started? Your probably thinking I have my home that can be used for retirement. This is true but how long will you live in the home before you can’t take care of yourself or dwelling any longer?
The reason for this blog creates many questions for me how about you?
1) How much money have you saved to date for retirement?
2) Are your children sucking the life out of your retirement plans?
3) What type of retirement investments have you in place?
4) When do I want to retire?
Are you ready?
Thank you,
Frank Joseph
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