This year has been full of ups and downs for many people, from the events of January 6, to millions of life-saving vaccinations going in arms, to the rise of the Omicron variant. Yet with the new year on the horizon, I remain hopeful about the world’s potential for positive change and renewal. So, before we turn the corner and head into 2022, let’s take a moment to look back our top senior living blog posts from 2021.

#5: Levels of Care: CCRC Monthly Fee Adjustments for Couples

One of the major selling points of a continuing care retirement community (CCRC, aka, a life plan community) is the on-site availability of a continuum of care services, should a resident need it. But another attractive aspect of this on-site care is that it enables couples to remain close to each other even if one person requires a higher level of care than their partner.

So, how does a CCRC handle a couple’s monthly service fee if one person requires care services — be it assisted living, nursing care, or memory care — while the other person is able to remain in the couple’s independent living (IL) residence?

This is obviously an important topic to understand if you are considering a CCRC move as it could impact the community you choose, the type of CCRC contract you opt for, as well as your long-term finances. In this blog post, we explain how this scenario is handled for the most common types of CCRC contracts.

#4: Rediscovering Your Life’s Purpose Later in Retirement

Just because you are in a later stage of life doesn’t mean you shouldn’t have a vision of what fulfillment means to you. Indeed, there are near-limitless possibilities when it comes to discovering or rediscovering one’s purpose during the retirement years.

Yet, finding that purpose — the motivating factor that makes you excited to start each new day — is actually a common challenge among retirees.

In this blog post, we explore what is essential for living a good life as we grow older. We also look at ways that CCRCs and other senior living communities can help nurture their residents’ sense of purpose via a host of activities and programs.

#3: Understanding Tax Deductions for CCRC Residents

It is always best to consult with your accountant or tax preparer on any tax-related topics, but it is important to understand the tax implications for a CCRC move. For example, did you know that a tax deduction may be available to CCRC residents on a portion of their entry fee, as well as a portion of their ongoing monthly fees?

The reason for this is because with some CCRC residency contracts, part of your entry fee and monthly fee may be applied toward future medical expenses. Essentially, this portion is considered a pre-paid medical expense, and thus may be included as part of your annual medical expenses.

Again, always talk with a tax professional before making any decisions, but this blog post helps explain the potential tax-deductibility of a pre-paid healthcare expense based on which type of CCRC contract you choose.

#2: Seniors Using Technology and Social Media More Amid Pandemic

The pandemic has brought about many shifts in the way we live our lives. One of those changes was in the increase in use of technology and social media, including by seniors.

Indeed, programs like Facetime and Zoom enabled vulnerable seniors to see friends and loved ones while staying safe in their homes. Social media platforms like Facebook and YouTube also grew in popularity as seniors looked for new ways to stave off social isolation and remain connected.

Other technologies also have been increasingly embraced by seniors during the past two years. This blog post looks at how and why smartphones, tablets (like iPads), and e-readers (such as Kindles), and wearables (like FitBit and Apple Watch) are only growing in popularity among older people.

And our top senior living blog post from 2021 …

#1: A More Holistic Approach to Retirement Planning

Whether you think of the term “retirement planning” as planning and saving for retirement, income strategies and tax-planning during your retirement years, or the psychology of transitioning into retirement after decades of work, this is a topic that never goes out of style!

In this blog post, we shed light on several important retirement planning issues including proactive care planning (versus “crisis mode” planning) and senior housing considerations.

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Every week, myLifeSite posts new blog entries on educational topics that are important to seniors. We encourage you to visit our main blog page to see our most recent posts, sign up to receive a notification email when a new post is added, or search previous posts for information that is of interest to you. And if you are researching CCRCs, be sure to check out our free online community search tool!

The myLifeSite team wishes you and yours a happy and healthy 2022!

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