Reno Gazette-Journal Sunday, April 29, 2018
Retirement should hold surprises, but how to pay for senior living – and potentially care expenditures should health decline – shouldn’t be one of them. However, the reality is one in four people age 45 and over are not at all prepared financially for retirement living, according to statistics by AARP.
When the organizers of the Retired Living Truth Seminar Series, Annette & Brett Junell, planned a seminar to inform local seniors about paying for senior living they had no idea that this would be such a popular topic.
The first seminar on the topic held last year generated so much interest that the Junells decided to offer the seminar again. “The room was full, which tells us that we have a number of people who are preparing themselves for possible future circumstances,” said Brett Junell who moderated the panel event.
“Paying for senior living doesn’t have to be so overwhelming when you understand the available options,” said Brett Junell, owner of Junell Realty Group Retired Living Division with Keller Williams Group One. “Just know what is available and plan accordingly. People often comment that they wish they had known their options sooner.”
The Junells who are downsizing coaches and certified senior housing professionals, will host a free seminar on May 3rd in Reno on “How to Pay for Retired Living.”
Ardell Smith attended the previous seminar and greatly appreciated the information, including Junell’s insights while moderating the panel.
“I loved that he restated each question, so everyone could hear, and really understand what was being asked,” she said. “If there was a question that was unique to the individual, they answered it outside of the panel.”
“The panel did a wonderful job to ensure every one of our needs was met by answering each question to the best of their ability.”
Ardell and her friend Murl attended because they had pondered what their options for senior living are. Smith said the seminar helped them understand what investments are involved with senior living and the things to know before making such a serious commitment.
“I had heard some of the information before, but it was my friend Murl’s first time attending,” she said. “I think you need to hear the information two or three times.”
“A recent couple we spoke with were so appreciative to know about a benefit called Veteran Aid and Attendance and how this benefit can financially help them with care.” said Brett.
Know your options.
Paying for senior living is a challenge for many families, and often not a conversation people are eager to have.
“Studies have shown that people are one of two types: 1) they are overly optimistic, believing they will never need to make a move or need care; and 2) those who believe they will die of a sudden event before requiring any sort of ongoing higher level of care,” Annette explained.
“Naturally, we all want to do our best to ensure that we have enough money to live life to the fullest for as long as we are able to do so,” Annette confirmed. “The reality is, many people are unsure as to whether they have the funds necessary should they need medical care, personal support or for the upkeep of their home.”
Annette said that the goal for many retirees is to either remain in their home, downsize or relocate into a community where they can continue to stay independent and make their own decisions.
“We want to make sure that seniors are armed with the right information and tools to be able to live the lifestyle they desire and be prepared should plans change due to health or other circumstances. It’s all about educating and empowering people to stay in charge,” said Brett.
Annette added that often she will speak with prospective clients who appear surprised by the many options available for senior living, as well as the ways to pay for it. Unfortunately, there are also some who are in shock, because they may have underestimated costs or overestimated their savings.
“Many people are simply unprepared. They get confused about the differences between Medicare and Medicaid,” said Donna Padilla, a State Health Insurance Program representative.
“Many often overlook veteran funding sources and new long-term care insurance options. A key to making informed decisions about what you want in retirement is advanced planning and education. It’s important to know your options and take action while you have the ability to do so on your own terms,” said attorney Richard Schulze of the Schulze Law Group, a sponsor of the seminar series.
Richard and Donna will serve as two of the 5 expert panelists at the 10-11:30 a.m., May 3rd seminar titled “The Truth About Paying for Retired Living” which is part of the ongoing Retired Living Truth Seminar Series.
The seminar will be held at the RSAR Building at 5650 Riggins Court, Reno (near Meadowood Mall). It is free for those 55 or older and their guests. Registration for professionals is $25.
Reservations can be made online at www.RetiredLivingTruthSeries.com or by calling (775) 432-6398. Pre-registration is requested to ensure sufficient handouts.
Other upcoming seminars in the Retired Living Truth Series include:
– June 8: The Truth About Aging in the ‘Right’ Place.
– July 10: The Truth About Staying Independent as You Age
– August 2: The Truth About How Much Money is Enough
– September 4: The Truth About “Liquidating the Extra Stuff”
– October 4: The Truth About Building, Buying or Remodeling Your “Last” Home
– November 6: The Truth About Selling As-Is
– Dec 14: The Truth About All Things Retired Living