This is the second in a series of posts about the Four Pillars of the New Retirement. I want to help you make 2022 the year you plan the retirement of your dreams.
I’m sure that it comes as no surprise to you that family is where most retirees draw their “greatest nourishment”.
Consider the following statements from the initial 2020 report:
Seventy-five percent of retirees feel that the most important things they can pass on to family are memories, values, and life lessons.
Eighty-three percent of young adults believe these are also the most important gifts they can receive.
Additionally, research shows that positive, meaningful, and supportive relationships with friends and family are critical to health and quality of life in retirement.
We Are Family
Whom do you count in your family? In recent years, the idea of family has grown to expand beyond that of a nuclear family to anyone you love and care for, regardless of whether they are related by blood, marriage, or adoption.
Termed “families of affinity” or “families of choice”, the people we’ve adopted into our lives are the heart and soul of our relationships. As we face decisions about caregiving, it’s important to note that the study found the expectation of 80% of older adults is that temporary or long-term care will be provided by family and friends, specifically a spouse or partner or children.
However, not everyone has that option. Of retirees that are “aging solo”, only half say that they have family members they can rely on for later-life caregiving needs and 25% say that they have no one.
Even though the expectation is that most retirees will at some point rely on family members for their care, 45% of Americans and 28% of those over 65 have yet to begin discussing their end-of-life care preferences with anyone, including their family.
When dreaming of your perfect retirement, it is important to consider not only what gifts you plan to leave your family but also which family members will be included in your temporary and long-term care plans. If you’re in the group that is struggling with starting those conversations, please reach out to me directly at firstname.lastname@example.org or drop me a comment below.