Silver Edition. News & Issues for the Mature Market
Asset Management Tips
New services emerge to help adult children who assume financial chores for parents Ideally, you should discuss financial issues with your relatives before a crisis occurs. Point out that working together on these issues will benefit both of you – by providing you with the information you need to help, while relieving him or her of some chores that may have become burdensome. Once the relative consents to your intervention, you'll find that managing someone else's money is a daunting task. To aid in asset management, AARP offers the following steps to consider:
Banking access Older relatives may make an adult child a joint owner of their bank and other accounts so that he or she is authorized to act for them in an emergency. They can also appoint someone as joint renter, deputy or agent for their safe deposit box. Durable power of attorney This legal document gives one or more people the authority to handle some or all of the finances, property or other personal matters in case a parent is unable. If a parent becomes incapacitated and does not have a durable power of attorney, an adult child may need to be appointed guardian by the court in order to manage a parent's financial affairs. Talk to your family about financial protection measures Know where to find personal and financial documents in case of an emergency. Share financial information/responsibilities with other family members, especially caregivers. Stay in touch.
Visit AARP's website for more information and organizations designed to assist relatives with long-distance care giving at:
www.aarp.org/confacts/caregiving/planning.html.
(Source: AARP Bulletin, June 2003)
What Active Adult Home Buyers Want
Active adult home buyers want maintenance-free options like yard or grounds service and exterior home repairs, according to results from a new study from National Association of Home Builders (NAHB) and Countrywide Home Loans. The study results indicate that while baby boomers and seniors may plan on having more leisure time in their golden years, they don't intend to spend it doing chores. Three out of four builders surveyed indicated that the quest for a maintenance-free lifestyle was their customer's primary motivation for relocating to a seniors community followed by the desire to be closer to children, grandchildren and family.
Some of the survey findings were:
The most popular feature and amenity was central heat and air conditioning, with 90% of builders including that feature in their seniors communities. Other common amenities were lever handle doorknobs, a full bath on entry level, and an attached garage.
Builders recognize that customers want homes that promote safety and a sense of security. Around 69% of builders included strategically placed streetlights, followed by a home security system (52%).
Convenience is a major plus for senior buyers. Three out of four builders built seniors communities close to shopping centers, and two-thirds built homes close to churches, hospitals, or doctor's offices.
Around 60% of builders indicated that 50+ buyers prefer to pay cash for their new homes. Of the remaining, 27% opted for high down payments of 30% or more.
Read NAHB's release for an overview of the results or check out the complete 2003 Builder Study at www.nahb.org.
(Source: Seniors Housing e-Source)
Designing Living Space For Seniors
Every public opinion survey of older adults indicates that the vast majority desire to remain in their own home as long as possible. According to a recent AARP housing survey, 83 percent of older Americans want to stay in their current homes for the rest of their lives. They find their homes comfortable and convenient and feel secure and independent there. However, as people age, the design of their homes plays an increasingly important role in how they manage their daily activities. Homes that were perfectly convenient at age 55 can cause problems in later years, as diminishing physical abilities make daily routines more difficult without some design modifications. Some factors to consider when choosing a new place to live or in assessing your current home for continued independent living include:
Amenities – Does it have the style of living and comfort you desire? Is it in good repair?
Location – Is it in a safe neighborhood? Is it convenient for shopping, doctor's visits, church and social contacts? Is it close to your family and support group? Are recreational outlets available?
Safety – Identify obvious hazards needing modification. Are windows/doors easy to open/close? Would a ramp be feasible if it became necessary? Can closet and cabinet items be easily reached? Can grab bars be installed in hallways and bathrooms? Is there a master suite on the main floor?
Seniors in transition are advised to be in touch with their current as well as their future needs. Home safety assessments will serve to enhance your comfort and increase the likelihood of independent living.
(Source: Association on Aging, AARP Life Answers & Universal Home)