Planning for Housing


Planning Effectively For Life As you age

Did you know that at age 75 or older, 36% of one’s income goes toward housing?Are you prepared? Does your financial plan factor in these costs?
 

Legg Mason has developed a comprehensive educational program on this topic in collaboration with the Center for Innovative Care in Aging at the Johns Hopkins University School of Nursing. Our program Aging and Its Financial Implications: Planning for Housing is designed to help you plan effectively for life as you age. It provides all the information necessary for you to thoroughly examine and select the housing option that is appropriate for you, a family member and/or loved one.


By being proactive and leveraging this material, you may:

 

Maintain control and dignity
as you age

 

Avoid having your financial plan be disrupted by housing costs

 

Stay engaged in the decision-making process

 

Open the door for meaningful conversations with your family and/or loved ones

 


Why It's Important to Have an Aging Strategy



It's time to take The Next Steps

Our content explores key topics such as the profile of aging and assessing your housing needs, and it outlines the most popular housing options currently available (Aging in place, 55+ Independent living communities, Continuing Care Retirement Communities, Assisted living facilities and Skilled nursing facilities). It also offers a vast array of tools and resources for you to thoroughly conduct research, including in-depth worksheets on:

  • Assessing your housing needs
  • Performing a home safety assessment
  • Selecting a geriatric care manager
  • Hiring a home care agency
  • Interviewing a caregiver
  • Evaluating adult day services
  • Touring and evaluating:
    • 55+ Independent living communities
    • Continuing Care Retirement Communities (CCRCs)
    • Assisted living facilities
    • Skilled nursing facilities 

Watch the featured video above to learn more about this topic. Then, download a copy of our brochure, or request a copy from your financial advisor. As you review the content, consider the housing option that you feel is well suited to your needs or the needs of a loved one. Leverage our detailed worksheets when you tour and evaluate communities.

When you are ready, arrange an appointment with your financial advisor to discuss your housing preference and the associated costs. Your financial advisor can help you create a comprehensive plan that will enable you to live the way you want to as you age.


Remember, whether you have a plan or don’t have a plan, there will be a plan made. It’s all about who makes the plan!

1 Bureau of Labor Statistics, Consumer Expenditures in 2013. BLS Reports. Report 1053. February 2015.

2 U.S. Census Bureau, 1900 to 1940, 1970 to 1980, U.S. Census Bureau, 1983, Table 38; 1960, U.S. Census Bureau, 1964, Table 155; 1990, U.S. Census Bureau, 1991, 1990 Summary Table File; 2000, U.S. Census Bureau, 2001, Census 2000 Summary File 1; U.S. Census Bureau, Table 1: Intercensal Estimates of the Resident Population by Sex and Age for the U.S., April 1, 2000 to July 1, 2010 (US_ESTO0INT-01); U.S. Census Bureau, 2011. 2010 Census Summary File 1; U.S. Census Bureau, Table 2: Projections of the population by selected age groups and sex for the United States. 

3 Centers for Medicare and Medicaid Services, Medicare Current Benefits Survey. The Medicare Current Beneficiary Survey (MCBS) is a continuous, multipurpose survey of a nationally representative sample of the Medicare population, conducted by the Office of Information Products and Data Analysis (OIPDA) of the Centers for Medicare & Medicaid Services (CMS) through a contract with Westat. Traditional facilities/communities refer to aging in place or 55+ independent living communities. Community housing with services: Community housing with services applies to respondents who reported they lived in retirement communities or apartments, senior citizen housing, continuing care retirement facilities, assisted living facilities, staged living communities, board and care facilities/homes and similar situations, AND who reported they had access to one or more of the following services through their place of residence: meal preparation; cleaning or housekeeping services; laundry services; help with medication. Respondents were asked about access to these services, but not whether they actually used the services. Long-term care facility: A residence (or unit) is considered a long-term care facility if it is certified by Medicare or Medicaid; or has three or more beds, is licensed as a nursing home or other long-term care facility, and provides at least one personal care service; or provides 24-hour, 7-days-a-week supervision by a non-family, paid caregiver. For more information, please visit: www.agingstats.gov.


'NOW WHAT?' IS NOT A STRATEGY

Aging and Its Financial Implications: Planning for Housing brochure

This brochure provides comprehensive information on housing options in retirement and insight on the associated financial planning implications.



'NOW WHAT?' IS NOT A STRATEGY

Infographic – Profile of Aging

Have you thought about where you would like to live as you age? It may be time.



Featured Resources

Jun 07

Aging and Its Financial Implications: Planning for Housing brochure

This brochure provides comprehensive information on housing options in retirement and insight on the associated financial planning implications.

Worksheet

Assessing Your Housing Needs Discussion Guide

Worksheet created to help one thoroughly evaluate their housing needs as they age.

Worksheet

Home Safety Assessment Checklist

Resource developed to assess the safety a home and whether or not it can accommodate your needs as you age.

Worksheet

Hiring a Home Care Agency Worksheet

From household support to skilled health care, it is vital to consider individual needs before hiring a home care agency.



Envision & Manage Your Retirement

Visualize your future. What do you see? Where will you live? Can you maintain your lifestyle? It’s important to look at your total financial picture. Our guidance can help you start planning and saving for a rewarding retirement.

All investments involve risk, including loss of principal. Past performance is no guarantee of future results. Please see each product’s webpage for specific details regarding investment objective, risks associated with hedge funds, alternative investments and other risks, performance and other important information. Review this information carefully before you make any investment decision.

The Center for innovative care in Aging at the Johns Hopkins University School of Nursing is not affiliated with Legg Mason Investor Services, LLC.

Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the promotion or marketing of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.