Vital strategies, expert insights and community resources for successful aging
By Emily Price | Photography by John Michael Simpson
Financial planning firm Kuhn Advisors recently worked with a client in her early 60s to find her retirement home. The woman is completely healthy and still working; however, she knew that in 15 years she might be interested in moving into a community. Armed with a list of criteria most important to her, she toured local options to take in the culture and personality and discover ones she liked.
“We helped her run the math to see which ones she could afford,” said Scott Ranby, a certified financial planner for Kuhn. The woman was waitlisted at her preferred spot, and now it’s something she doesn’t have to think about until the day comes when she wants to move in.
“She doesn’t have a lot of family members she can rely on,” Ranby said. “Now she can put all of this on the shelf and have peace of mind knowing that if she needs care unexpectedly, she’s already done some research.”
Retirement is a life-changing event that often remains on the back burner until its imminent approach, but starting to plan sooner rather than later, regardless of your envisioned retirement lifestyle, is most advantageous. Durham fortunately offers a number of resources tailored to assist in your retirement preparations.
Get Ahead of the Curve
Exploring retirement communities in your 60s might initially feel premature, but the practice is more common than you might think. Healthy people in this age range are also considering moving in much earlier than in previous generations.
“People are generally joining retirement communities younger,” said April Ravelli, director of sales and marketing at The Forest at Duke, a continuing care retirement community. “What we saw with COVID was the understanding of how isolating it really can be to be alone and to not have access to a community.”
The Forest at Duke holds a free webinar every other month to prepare individuals at all stages of life with essential insights for retirement readiness so they can navigate the transition with confidence and clarity. (Folks can find the event at forestduke.org/events.)
“Most retirement communities in North Carolina have pretty big waitlists,” Ravelli said. “You have to plan a good five to 10 years before you actually want to move in.”
The North Carolina Office of State Budget and Management estimates that, by 2040, Durham County will have more residents who are 60 and older than it does children aged 0-17, so securing early placement on waitlists is becoming increasingly crucial. However, it’s worth noting that being on a waitlist doesn’t necessarily equate to needing to immediately relocate upon availability. With many communities, if a residence spot becomes available but the timing or the specific space doesn’t work for you, you may decline without any penalty and retain your position on the waitlist. Once you accept a residence, you often are granted several months to make the transition. If you intend to remain in your own home for the foreseeable future, it’s important to assess the adaptability of that space.
“You want to set the stage for what’s going to happen so you don’t have to make sudden changes in an emergency when it’s the worst time to make them,” said Nicole Clagett, director of community development and caregiver support at Duke HomeCare & Hospice. If you start to notice you’re struggling, she advised engaging an occupational therapist to come for a home assessment. They can provide valuable insights and practical adjustments to enhance safety as you age.
Mortality often isn’t something people like to talk about, but it’s also essential to start contemplating future needs and wants.
“While you’re still able to make decisions for yourself, it’s really important you set up your advanced directive,” Clagett said of the legal health care document, which works somewhat like a power of attorney and enables you to designate a trusted individual to act on your behalf if you become incapacitated.
Clagett also advised that selecting such a decision maker shouldn’t be based on a felt obligation to family members like a child or spouse. It’s about picking someone who you know will genuinely honor your wishes.
Prepare Your Portfolio
Clagett further emphasized that, just as an advanced directive safeguards your health decisions, establishing a durable power of attorney to manage your finances is just as important. She advised against assuming the same individual must be in charge of both medical and financial matters.
“You want to be able to decide how your assets are going to flow when you pass away, even if you don’t have a lot of assets,” she said. She recommends assembling a comprehensive binder or box containing vital documents such as birth and marriage certificates, as well as online account passwords, for ease of access during emergencies. A seasoned financial planner can also play a pivotal role in ensuring sound monetary decisions as you age.
“There are a lot of old rules of thumb out there around how conservative you should get or if you should move into bonds or annuities or treasury bills,” Ranby said. “I think a lot of that traditional advice doesn’t apply anymore; especially with inflation where it is and interest rates, it’s just so important to keep growing your wealth.”
Ranby advocates for a “bucket approach” to retirement finances, balancing growth-oriented investments like stocks while maintaining conservative assets designed for stability, which will grow no matter what.
“As people live longer, they’re faced with the reality that they could be in retirement for as long as they were in their careers,” he said. “We need to make sure their spending power keeps up with inflation.”
He suggests initiating financial reassessments three to five years before you plan to retire, citing the need to align investment strategies with retirement goals to mitigate market uncertainties.
“The worst that could happen,” he said, “is you’ve set up your portfolio for your working stage of life, and then you go to retire, and there is some major stock market decline or economic recession, and you’re not prepared.”
A financial planner can also offer insights into optimizing Social Security benefits and retirement timing, which might be earlier than you think.
A Thriving Future
“Folks are coming [to our community], and they’re not looking to slow down,” Ravelli said. “They want to get a new hobby. They want to learn a new thing. They want to get out and travel and go out and about.”
Older adults with green thumbs are joining Durham County’s Master Gardeners program while others are taking classes at Duke University’s Osher Lifelong Learning Institute on all manner of subjects, from photography to psychology and classical theory.
“The word ‘retire’ is almost a misnomer; you’re not retiring,” Ravelli said. “Our residents are so busy. They really pack their schedules … with things that they want to do and that they love.”
Clagett noted the critical role of activities such as exercise and social engagement in the aging process.
“Sometimes when people retire, they just stop doing everything,” Clagett said. “It’s important to fill those voids with other things that continue to stimulate your brain.”
Plan Ahead
Retirement hinges greatly on foresight and planning, as these experts make plain. The city itself is proactively addressing the anticipated influx of retirees over the next few decades. In late 2018, more than 70 representatives from various agencies – including the Durham Center for Senior Life, Durham’s Partnership for Seniors and city departments such as transportation and housing – joined together to develop a Master Aging Plan to ensure the city’s preparedness to support its growing older populace. Some goals are: designing a flexible transportation system that allows Durham’s aging population to safely engage in walking and bicycling; expanding opportunities for individuals to connect around common interests while cultivating a sense of belonging; and supporting care partners by advocating for policy changes and providing resources; among many more strategies.
Duke Health also offers a caregiver support program that’s free to anyone, regardless of whether someone is a Duke patient. Clagett said that program can help connect people with trusted service providers to improve quality of life for older adults.
She also suggested older adults look into the federal Seniors’ Health Insurance Information Program for informed Medicare counseling. Senior PharmAssist also helps Durham residents select the appropriate Medicare plan for their needs and provides assistance in obtaining, managing and, when needed, paying for medications. Clagett also stressed the need for annual reassessment of supplemental insurance policies, if you use one on top of Medicare, given their potential for yearly adjustments in coverage.
“Understanding all of the different ways that you can spend that final season of life can be so important,” Ravelli said. If you start seeking out support systems and information early, you’ll have more time to focus on enjoying a fulfilling and secure retirement journey.
