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Well Balanced | Financial Planning, Bucket-Based Investing, Market Perspective, Wealth Management. A passionate and entertaining look at money and investing in and for retirement. For those that enjoy podcasts like Smart Money, On Investing, and BiggerPockets, Well Balanced is worth adding to your feed. Disclosures about our firm and this podcast. Vector Wealth Management is registered as an investment adviser with the Securities Exchange Commission (SEC). Registration as an investment adviser does not constitute an endorsement of the firm by securities regulators nor does it indicate that the adviser has attained a particular level of skill or ability. A copy of Vector’s current written disclosure brochure filed with the SEC discusses among other things, Vector’s business practices, services, and fees, and is available through the SEC’s website at: www.adviserinfo.sec.gov. All content in this podcast is for information purposes. Opinions expressed herein are solely those of Vector Wealth Management, our staff, and guests. Material presented is believed to be from reliable sources, however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed directly and in detail with your financial advisor prior to implementation. This podcast and related content are not intended to render personalized investment advice, nor should it be viewed as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities or strategies discussed. Please note that neither Vector Wealth Management nor any of its agents give legal or tax advice. The firm is not engaged in the practice of law or accounting. Charts, graphs, and returns do not represent the performance of Vector Wealth Management or any of its advisory clients. Returns do not reflect the impact that advisory fees and other expenses would on the results. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. All investment strategies have the potential for profit or loss. Past performance is not indicative of future performance. Visit vectorwealth.com/regulatory for the firms form CRS and ADV.
Episodes
Friday Feb 09, 2024
FYR002: Choosing a Senior Living Community
Friday Feb 09, 2024
Friday Feb 09, 2024
Sharon Calhoun, managing director at Vector, is joined by senior housing counselors Liz Rue and Lisa Woltrang from Folkestone, a senior living community in Wayzata. In this conversation, they emphasize the necessity of discussing transitions during times of calm rather than crisis, allowing for thoughtful decision-making.
According to the Administration for Community Living, 70% of adults over 65 will require long-term care at some point, with an average stay of 3.2 years in a senior living community. Liz and Lisa highlight that senior living isn't just about nursing home stays but encompasses a range of options for active, maintenance-free lifestyles. They emphasize starting the process early, exploring various communities to find the best fit, and preparing for potential future needs.
The discussion addresses the financial aspect, noting that senior living costs can range from $4,000 to $13,000 per month, depending on the level of care and services required. When thinking about a senior living community, Liz and Lisa suggest starting with what's important to the individual, such as proximity to family or community amenities, and then seeking guidance from housing counselors. The importance of experiencing different communities firsthand is underscored, as is the practicality of being on a waitlist without immediate financial obligation.
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Start Time ... Topic Title
00:09 ... Choosing a senior living community
00:40 ... Folkestone‘s Liz Rue and Lisa Wotrang
01:08 ... Who will require long term care
03:09 ... When to consider a senior community
04:21 ... Control over that part of your life
05:42 ... Full continuum of care
07:05 ... Where to Start
09:16 ... Feeling Well & Vibrant
10:47 ... Staffed 24 Hours a Day
11:49 ... Wait List
14:12 ... Start here, Move there
16:13 ... Financial Considerations
19:23 ... Contracts. When to get family involved.
21:40 ... Seriously, Start Early
23:51 ... About Presbyterian Homes
25:48 ... Additional Resources
27:20 ... Regulatory
About Liz and Lisa
Liz Rue and Lisa Wotrang are housing counselors for Folkestone, a senior living community in Wayzata which is part of Presbyterian Homes and Services. They assist those who are looking for senior living opportunities by offering education and resources to ensure the community aligns with the senior and their family’s needs and vision. They also support prospective residents and representatives through decision making process for the higher levels of care such as assisted living and memory care. Learn more by visiting the Presbyterian Homes website www.preshomes.org. Note: Vector Wealth is not affiliated with Presbyterian Homes.
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