Planning Ahead: Why Lifecare Is One of the Smartest Retirement Decisions You Can Make
This article is written by Meadow Ridge resident Jack Neafsey, a former executive with Sunoco, who shares the wise decision he and his wife, Rilla, made in choosing a Lifecare community for their retirement.
We rely on financial and estate planners to guide us through a host of important decisions about our later years—setting up wills and trusts, planning advance directives and reducing financial risk after retirement. Possibly the most difficult yet important conversation often goes unspoken: where to spend our retirement years. It’s a very personal and sometimes emotional topic with significant financial implications worth discussing.
A Personal Approach to Retirement Planning
As the former CFO of a major oil company and head of an investment consulting firm, I had the tools to navigate retirement planning. But even with experience on my side, the emotional aspects of the decision were just as important. Rilla and I had each cared for aging parents and we wanted to make sure our children wouldn’t have to face those same burdens. That meant thinking ahead—not just about finances, but about how we wanted to live.
We started planning in our fifties. By doing so, we retained control over where we would live and how we would manage future care, instead of leaving it to chance or circumstance.
Why We Chose a CCRC with Lifecare—and Why It Makes Financial Sense
We chose Meadow Ridge in Redding, Connecticut for many reasons, but chief among them was its status as a CCRC. These communities offer a full continuum of care—Independent Living, Assisted Living, Memory Care, Sub-Acute Rehabilitation and Skilled Nursing—all in one place. With a Lifecare contract, specifically a Type-A contract, we secured access to this range of care at a predictable cost.
It’s important to compare the real costs of aging at home. When you factor in property taxes, home maintenance, landscaping, cleaning, groceries and more, the total can rival the monthly cost of a CCRC. But where the value of Lifecare truly shines is in the long term. Medical events can happen suddenly and when they do, they often require fast—and expensive—decisions. A CCRC like Meadow Ridge offers a safety net, both medically and financially.
Predictability, Protection and Peace of Mind
Few of us can predict what our health will look like 10 or 15 years into retirement. Too often, people delay planning until it’s too late, leaving themselves and their families scrambling during a health crisis. With a Lifecare contract, you’re not only securing access to services like physical therapy and rehabilitation—you’re doing so at a cost you can plan for.
There’s also a potential tax benefit. The IRS may consider a portion of your monthly fee to be a prepaid medical expense, which could qualify for a deduction. While Rilla and I are grateful to still be healthy and active, we take comfort knowing that if our needs change, we’re covered—and we’ll stay together through every stage of the journey.
More Than Care: The Power of Community
There’s more to retirement than finances and healthcare. For us, one of the greatest benefits of moving to Meadow Ridge has been the daily social interaction and intellectual engagement. It’s easy to become isolated when aging at home. Despite our deep love for the home we designed and lived in for decades, we realized that staying there would ultimately limit our connection with others.
At Meadow Ridge, we enjoy a lifestyle filled with conversation, cultural events and community life. Studies have shown that staying socially and intellectually engaged can improve both the quality and length of life. From our perspective, this is one of the most valuable investments you can make in retirement.
Don’t Delay the Conversation—Take Control of the Future
How you spend the final 20—or even 30—years of life is one of the most important decisions you’ll make. When planned wisely, those years can be not only fulfilling but joyful. It doesn’t have to be a difficult conversation. With guidance and foresight, it can be one of the most empowering steps you take.
Jack Neafsey is a former executive with Sunoco and held leadership roles with energy companies and financial investment firms. He has served on numerous corporate and nonprofit boards and holds B.S. and M.B.A. degrees from Cornell University. At Meadow Ridge, he is the Residents’ Association Board president and led the community’s Finance Committee.