Do You Have A Plan For Retirement?

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Advances in medicine and technology are helping people live longer than their parents and grandparents. However, a longer lifetime often necessitates the need for more long-term care services. That is why it is vital to have a plan for retirement.

Phases Of Retirement

According to Bernard Krooks, a lawyer specializing in elder law, there are five phases of retirement planning.

The 5 Phases are:

  • I: Accumulation
  • II: Pre-Retirement
  • III: Early-Retirement
  • IV: Mid-Retirement
  • V: Late-Retirement

For our purposes, we’ll focus on Phases IV and V. Phase IV (“mid-retirement”) “begins at age seventy and lasts as long as you are able-bodied and high-functioning.” At this phase, Krooks advises, “Despite your good health, begin looking at what steps you would like your family to take should your condition decline significantly.”

Krooks says Phase V (“late-retirement”) occurs “when our health has taken a turn for the worse and there is little likelihood of it being fully restored. You require significant help to function day-to-day. The hope is that by this point all the planning done in prior years makes this transition as manageable and life-affirming as possible.”

Make A Plan

If you are approaching—or are in—mid-retirement, now is the time to make a plan for your future needs, while you are still active and able. Otherwise, delaying decisions about tomorrow’s needs may leave you and your loved ones facing difficult, and often costly, situations down the road.

One of the more important decisions to consider is where you will live and how your future care needs will be met.

Your choices range from aging at home to full-service retirement communities. Begin by educating yourself about the entire spectrum of retirement living options. You’ll be much more capable of making an informed decision about the best choice for your unique situation.

The Freedom Of Life Plan

One such option is a Life Plan community like Christwood. These types of communities support individuals in both Phases IV and V with a full continuum of care. A Life Plan community offers independent living as well as on-site health services for any future health care needs. These services include:

This guarantees you access to any health care services you may need in the future. So, you can always feel assured that you’ll be taken care of— without leaving your community— should any unexpected needs arise or your health decline. That’s the freedom of having a smart plan for your retirement needs.

Through proactive planning, you can help make the transition to the later stage of retirement much more “manageable and life-affirming” and gain peace of mind in the process.

To learn more about Life Plan at Christwood, contact us. We’re always here to answer any questions you may have. We also encourage you to explore our different residence options or take a quick assessment to compare your current expenses to the costs of living at Christwood.


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