Senior Affordability Crisis - Five Things to Consider

Senior Affordability Crisis - Five Things to Consider 

Full Video Transcript Below

[00:00:00] Well, good morning, everybody.Alice Lema here, broker John L. Scott here in beautiful Southern Oregon with another edition of my weekly podcast. I do this podcast every week, talking about all things, real estate that are timely and relevant and happening in my world, at least in whether it's in Southern Oregon or not.

[00:00:19] So this week we're going to talk about a crisis I'm seeing kind of brewing in the grassroots with the elder community. The senior citizens are really struggling financially. They're not prepared enough. So we're going to talk about five things to do if your elders need to move and they can't because of their resources.

[00:00:39] Before we get to that and want to give you an opportunity to please subscribe to the channel and give us a like please leave some comments. This is an educational series. Want to make sure that you're getting something out of it. Okay. And would also really love it if we had more subscriptions. Okay. Here we go.

[00:00:54] This is this week's podcast. Is there an elder crisis brewing? Five things to do if your elder cannot move because of their resource availability?

[00:01:05] So the first thing I want to suggest, and I know not everybody agrees with the order in doing this in, but here's what I have found that works not only with my clients, but with my own. Okay. So number one, assess the physical needs of the elder. Not only currently, but try to predict what it's going to be out in the future.

[00:01:24] I know that's hard because not all of us know kind of what, what the future brings for any particular human physically. But you know, if you've got an 80 something or 90 something year old person and they have cancer on and off, or there they have Alzheimer's Parkinson's or they can't walk or whatever it is, you want to put that first because that's going to be the basis that we're going to wrap the rest of our decision making around.

[00:01:52] Okay. So do as best of an assessment as you can make a list. The physical situation currently try to project it out into the future if you can. That's number one.

[00:02:02] Number two, review all of the financial resources available, not just the real estate, but the cars, any valuable furniture paintings, collectibles jewelry insurance policy stocks, bonds, the whole kitten, caboodle lottery tickets, whatever they are, write it down, make a list. Assign a realistic value, maybe even a smidge lower, just because we're trying to put together a strategic plan here. And so that's our number two is make a thorough, complete assessment of their resources, financial property material, personal possessions or otherwise.

[00:02:44] Okay. Number three, identify all the places in the world. Well, maybe that's an exaggeration, at least all the places in the nation that you live in that could accommodate them. In the financial affordability, as well as the physical capability to help them.

[00:03:06] So put those two things together, what they can afford. This is on their own, not with the family's help. Okay. We're just assessing the individual elder right now. We'll get to the family later, but the assess, the financial ability and the physical needs, and then figure out where in the nation they could theoretically go and be able to afford themselves and get the kind of care they need and the kind of support they need.

[00:03:31] Now, this is a very far reaching Process to go through. You'll have to do some Google. You might get some help from some other people in different parts of the country or the parts of the state that you live in. I'm just suggesting you really broaden your, your thinking about this because it's. It's going to help a lot if you can be a little bit flexible on the location.

[00:03:54] And I know that's a tough pill to swallow, but it may end up being what makes this all work. Okay. So at least just at this point, we're just doing research and educating. Okay. So don't wig out, just make a list, make a list of all the geographic places and facilities that are appropriate.

[00:04:12] For your elder, number four, listen to what the elder wants even if it's not realistic. Some elders really want to live with a relative. Some elders like me. I want to go to assisted living. I already have one picked out. But when the time comes, that might not be appropriate for me.

[00:04:28] But the point is, sit them down. And it might have to be over time cause not all the elders are real good at communicating, especially their deepest desires. So that it's hard for them. So, but listen to what they have to say and do make note of it and take it seriously. And yes, it's number four because in my opinion, doing the first three research projects are super important, if we're going to even attempt to try to give them what they want.

[00:04:55] Okay. So listen carefully, take it seriously. Even if it doesn't make sense or isn't doable, at least make note of it. We're going to put it in the mix and we're going to try our hardest.

[00:05:06] Okay. Number five pull all the family resources even if they're not related the loved ones, the people that care, the people that you love and trust the people that you are senior loves and trusts. Get all those people together, especially if they're willing to put in time, money, provide housing, whatever they're willing to give, then find out what that is.

[00:05:30] I know this sounds like an Excel spreadsheet and maybe think about making one, but we now have to go outside the elders capability if necessary. Although I think it's a good, I think it's a good question to ask anyway, even if the elder has a lot of resources available it doesn't hurt to do this other exploratory conversation and find out who's available to help, especially on short notice. Or who's available to move, who's available to provide money. Yeah who can drive sometimes it just comes down to that. Like who, who has time to drive this person until the Google cars are more popular, that's going to be, that's going to be a thing.

[00:06:09] So our number five is pulling the resources of family and friends and trusted trusted, loved ones. And the other piece of this pooling family resources is finding out, especially on the, the geographical thing that we just talked about, casting the wide net on where somebody is going to live, because it's not necessary to stay where you are.

[00:06:33] And this is part of pooling the family resources. One of the family resources could be that some number of us are willing to relocate with the senior. You know, we're in this new age of kind of, sort of post COVID remote, working. I can live almost anywhere, for a lot of people. And so why don't you think about relocating as a group, some number of you or the entire clan, you know what we've had families do this, they've gone through this process.

[00:07:01] They've done these checklists. They've had family meetings and they all decided we could all live in South Carolina. We could be near the beach. We can afford ourselves. We can all put our family plans together and have a 20 scenario for not only grandma, but the next like two generations. So pooling family resources, including live in possibilities, donating or giving money on a monthly basis and really being willing to relocate.

[00:07:34] And seniors if you are the one, if you are the elder, please be willing to move. I know not everybody wants to. I get these phone calls every day and I hear in their voice, the angst and the despair, because they don't want to leave Medford, California, Tennessee, wherever they are. They don't want to leave their attached.

[00:07:53] But you know, sometimes the best thing in the world is to go somewhere completely different because then you're going to be safe. You can afford yourself or your family can afford you. And you're going to have a nice end of life program.

[00:08:09] So this is Alice Lema, broker, John L. Scott wishing you a good week. Let me know if you've got any questions and I'm here to help you. My number is 541-301-7980 I do want to be your agent. I am a very opinionated person. But I'm frequently able to do these processes with people and help you get from where you are to where you want to be and do it on time.

[00:08:32] Okay. I'm a great listing agent. I'm a great buyer's agent and I promise that we'll go through a real clean process and figure out what's going to be best for you. Okay. So give me a call, give me a text 541-301-7980. And if you have an elder in this situation, please reach out. I'm happy to bounce ideas off of you. Even if you're in another part of the country, please call me. It's one of my favorite things to help with. Okay. Have a beautiful week. We'll see you next time. Bye now.

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