Retirement, aging, and passing on. Maybe you thought about these things when you were younger; maybe you think about them now. Growing older is inevitable and can seem ominous, but it doesn’t have to be as scary as it may seem. Fort Worth has experts who are skilled at guiding people through these stages of life. And they all agree: It’s better to start thinking about these things sooner rather than later. This process looks different person to person, but it all begins with a few simple questions.
Brandon Hayman
What’s my financial plan for retirement?
There’s peace of mind in retirement security.
Throughout Nathan Davis’ career, he’s seen two main benefits come from retirement planning: more security and less stress. He’s been working at Aspen Wealth Management as a certified financial planner since 2016, advising clients on how to prepare their finances and plan for retirement.
“People step away knowing that they’re going to be fine financially in retirement,” Davis says. “The biggest offshoot of [that] is their overall mental well-being and peace of mind.”
Davis often encounters individuals who worry that they won’t have enough money in retirement, they haven’t planned enough, or they haven’t saved up enough.
Don’t let fear get in the way.
Even if someone is later-on in their career, it’s never too late to assess their financial situation and create a plan. Davis says he’s worked with people in the past who were “paralyzed by the fear of being told that they were so far behind [in the planning process] that they didn’t come in.”
Rest assured, it’s never too late to think about a retirement plan — even if retirement is just around the corner. Talking with a financial advisor often provides new insights on ways to become more efficient with managing current assets or setting spending limits in retirement.
“It’s never too late to get a second opinion, get some help, or get some valuable advice,” Davis says. “There’s always something that can be improved with perspective from a professional.”
Financial planners can act as a sounding board.
A financial planner can provide a fresh and professional perspective on current plans and goals for the future. Don’t worry about judgment here; they’ve seen it all. Davis says that many people schedule consultations with Aspen Wealth Management to cross-check the financial plan they’ve been building throughout their lives.
“A lot of clients that come in are a year away from retirement,” Davis says. “They’re coming in, looking for a second opinion, and seeking confirmation that they can make work optional and [retire].”
Although these clients do often have well-thought-out financial plans that will get them to their retirement goals, certified financial planners like Davis can help them spot mistakes that individuals can easily make when planning their finances for retirement solo.
A few miscalculated assumptions he’s seen people frequently make:
Neglecting to take the impact of inflation into account. Over the past several years, inflation has been generally nonexistent, but that doesn’t necessarily mean it will stay that way in the future. Davis says he sees a lot of clients who have created a great plan for retirement, but they don’t factor in how costs could rise in the future.
“Ask yourself honest questions on what your expenses are now,” Davis says. “You may think you’re going to be able to take a large pay cut in retirement, but ask yourself honestly: Is that something you’re actually going to be able to maintain?”
Davis advises to take inflation into consideration when planning what future income versus expenses will look like during retirement, especially if their pension or social security income will stay fixed during retirement. He also stressed how important it is to be realistic about investment returns and tolerance for risk.
“People overestimate their tolerance for risk,” Davis says. “They’re able to tolerate [risk] when the markets are doubling every four to five years, but very few retirements can actually stomach 80% equities in their portfolio in a time of volatility. It introduces a lot of risk into the financial plan.”
Regarding portfolios, Davis advises to stay low-cost and to be globally diversified in equities, bonds, and cash. For stock market investments, there should be exposure to large, middle-sized, and small companies, as well as exposure to growth.
“Based off their risk tolerance, age, and where they are in their financial plan, those allocations of asset classes and sub-asset classes should change a little bit,” Davis says. “We recommend that people diversify, and we always recommend to hold bonds because they’re more stable and won’t fluctuate from a volatility standpoint, unlike equities.”
People need multiple sources of income and can find a lot of reward in having a mixed portfolio that includes things like real estate and blue-chip stocks and stays away from volatile investments like high-yield bonds.
Not utilizing corporate retirement plans. Many people are unaware of the immense benefits that can come from corporate retirement plans and 401(k) company matches. Even if a company match is only 3%, the employer’s contribution will earn compound interest and reduce the amount of money an employee needs to save for retirement.
Brandon Hayman
Assuming financial products are the same as a financial plan. It’s important to realize that a life insurance policy or an annuity product isn’t the same as having a financial plan in place. Often, these products are pitched as solutions for retirement plans.
“If you’ve been told that whatever product you have is one-size-fits-all, you should probably be concerned,” Davis says.
Thanks to the insurance industry’s lack of regulation, it’s become common for unsuspecting folks to sign up for a financial product that will supposedly pay for their retirement, only to later discover that they’ve been misled.
One red flag to keep an eye out for is how your financial planner is being paid. If they’ve been suggesting you use certain products and are compensated with commission, watch out. There’s less potential for a conflict of interest with a fee-based structure.
“At Aspen, we focus on a comprehensive plan,” Davis says. “There are no products to be sold, no commission to be paid. We’re taking an objective look at our clients’ finances and seeing where they stand today, where they’d like to be, and what they need to do to get there.”
It’s all in the mindset.
Davis often encourages his younger clients to assess their current budget, then determine what they can start saving as soon as possible. This is also a great time to review other key items like life insurance, disability insurance, estate documents, wills, powers of attorney, and medical directives.
“Work with what you have today, even if it’s saving 20% of your income,” Davis says. “Make the best decision today. If you continue to make the best decisions year over year, each time something changes and cash flow frees up, it’s all going to compound itself into the best retirement possible.”
Every time something changes, it’s an opportunity to review and re-assess budget and lifestyle. Davis warns against the “I’ll save more later” attitude that some people can adopt at a young age. This attitude lasts for a lifetime, and unfortunately, Davis has seen it negatively impact retirement plans in the past.
“If someone is later in their career and have nothing to show for savings — there’s a lot of those people — the first thing [to do] is to turn the budget upside down,” Davis says. “Today is the day to make hard decisions about your expenses. Start ranking things, and whatever is at the bottom of the list, cut it to free up money for savings.”
Three Steps to Take This Year
1. Talk About the Future. Figure out where you’re comfortable. If it’s in your home, start considering what you’ll need to do to stay there. If you’re not comfortable at home, begin looking at different retirement communities. Talk with your family and friends during the process or after you’ve made your decision.
2. See Your Doctor. Go to a physician to make sure the medication you’re on is the proper medication for your needs. Have your eyes and ears checked and make sure you’re all-around physically well. Ask them about healthy foods that can help your body and mind age properly, like vitamin D (strengthens immune system and bones) or dark chocolate (boosts heart health).
3. Stay Active. Keep moving cognitively and physically and try to challenge yourself at least once a day. Instead of sitting and watching TV, take a walk or drive to a coffee shop to interact with people. Your brain will thank you later.
Brandon Hayman
Do I know where I want to live when I get older?
Everyone has different financial plans for retirement, and everyone has different dreams for how their life will look once they round out their career. Whether retirement is right around the corner or far away, one of the best ways to prepare is to weigh options, choose the best fit, and discuss decisions with friends and family.
Transitioning to a Retirement Community
For those who want to stay active (and maybe make some new friends) during retirement, there are a lot of different communities to choose from. The Vantage at Cityview is a community featuring gorgeous views and different levels of living that are tailored to its residents’ needs.
“Retirement communities offer many things that keep you going,” Nyki DeLoach, assistant executive director at The Vantage at Cityview, says. “Not only is there staff there, but you’ll have friends checking in on you and planning things with you.”
DeLoach says there’s much more to experience in communities along with amenities, classes, and staff assistance. Residents thrive on the social activity happening around them.
“You’re only steps away from fun, educational programs or physical exercise,” DeLoach says. “We keep mind, body, and soul engaged.”
Scheduled transportation services available at retirement communities make it easy for residents to go to health care appointments, as well as shopping trips or entertainment outings (to see a movie or a play. It’s like living in a high-scale apartment, with additional help when you need it. There are even a beauty salon and barbershop within the community that residents can walk to.)
These kinds of communities make it easy to enjoy independent living in retirement and easy to transition into assisted living or memory care (both of which feature 24-hour, seven days per week health care staff) when the time is right.
When touring retirement communities, ask about how resident programs are created and how staff-patient relationships are in the community. At The Vantage at Cityview, the community has eight levels of engaged living available.
“Our community designs these programs based on meeting with the residents and learning what they want to do,” DeLoach says. “The staff joins in the fun.”
The staff at The Vantage at Cityview is committed to creating deep connections with everyone who lives there and spends time connecting with residents, learning about favorite pastimes and preferences. Even independent living residents are sure to find a friend or two among the friendly staff who can assist with tasks like laundry or housekeeping.
“If you’re considering leaving your home and moving into a community, don’t second guess yourself and allow care professionals to assist in the transition,” DeLoach says. “It can be difficult to think about giving up your home, but you’ll gain so much if you do.”
by Brandon Hayman
Three Steps to Take This Year
1. Do Some Soul-Searching. Think about what kind of lifestyle you want. Do you want to be steps away from exercise classes or the pool? Make a list of what you’d like and what you need, then take it with you when you visit potential communities.
2. Figure Out Your “Must-Haves.” Assess what you’d like to take with you when you move into a community. Think about which rooms you spend the most time in and why you spend the most time in them. From there, you can determine the items that are most important for you to bring with you to your new home.
3. Research Retirement Communities. Look for a community where you can age in place. Communities like the Vantage have different levels of living, so they’re more able to meet residents’ needs and ease the transition through aging.
“Stay mentally and physically active,” DeLoach recommends. “Be around people and enjoy life. Happiness helps the body both mentally and physically.”
Staying at Home and Aging in Place
Fort Worth has a multitude of great retirement communities, but that’s not the only option for the city’s residents. Those who want to grow old in the comfort of their own home can do so with help from in-home care companies like Home Care Assistance of Fort Worth.
Usually, it’s either cognitive difficulties or problems that occur after a fall that prompts people to ask about in-home care, says Will Frederick, owner of Home Care Assistance of Fort Worth.
“Falls are a really common challenge,” Frederick says. “Someone falls and, suddenly, they’re coming out of the hospital after having anesthesia, and they’re confused about what’s going on. Or they’re depressed because they were walking and now they’re not.”
A few easy ways to avoid the possibility of falls in the home:
Remove clutter from around the house
Add a bench seat (or grab bar) to the shower, in case you get lightheaded
Lower the height of the bed so it’s easier to get in and out
Get rid of throw rugs that are easy to trip over
Turn on nightlights at night
Limit the number of stairs used around the house
Get a Life Alert, just in case
Loss of independence is a big hurdle that many people face as they grow older. It can come on suddenly after a fall or over time during the natural aging process. Often, families notice changes in their loved ones when they make an in-person visit.
“If you can’t lay your eyes on your parents or senior friends as often as you want to, changes do happen, and that’s usually when we get called,” Frederick says. “There’s something going on cognitively where they’re more forgetful than they used to be.”
Sometimes, the person navigating cognitive difficulties calls to ask for help. This usually happens after encountering a nerve-wracking experience, like getting lost coming home from the grocery store. A friendly caregiver can make these new life changes a little less extreme.
“Anyone can have the skill to change a diaper or wipe up a spill, but it takes a talented caregiver to engage cognitively [with someone],” Frederick says. “Our goal is to engage in activities that are cognitively stimulating each day, like having a great conversation.”
Home Care Assistance focuses on the Balanced Care Method, a holistic method that derives from the elderly in Okinawa, Japan. In Okinawa, it’s common for individuals to live until they’re 100 or older, usually enjoying independence and health into their later years.
Studies of their lives have shown that only one-third of life’s longevity is based on genetics — The other two-thirds are lifestyle choices that are easy to implement, which are integrated into The Balanced Care Method with six components: cognitive stimulation, nutrition, physical activity, sense of calm, and social engagement. This method has been shown to help people live out more balanced, longer, happier lives.
Cognitive stimulation is a key component to this method, which is why Home Care Assistance of Fort Worth strives to engage in cognitively stimulating activities each day. When a caregiver comes into the home, they’re not taking away any independence — They’re providing a way to keep both mind and body active during a time of change.
“Usually, caregivers have cared for a mom, a grandmother, or a grandfather, and it filled them with joy and passion,” Frederick says. “We’ll never have someone come into your home who doesn’t have compassion or doesn’t care.”
Caregivers are drug tested, background checked, and educated in the Balanced Care Method. They’re able to provide various levels of care, ranging from running grocery errands and washing laundry to assisting with basic needs like showering or going to the restroom.
“If you want to stay at home, we can make sure that’s a reality for you,” Frederick assures. “We can help out with anything that’s required for someone wanting to live at home.”
One of the best things someone can do is to discuss the situation with loved ones and choose levels of care based on what the person being cared for wants. For example, Frederick’s mother recently chose to terminate her in-home care because she’d prefer to be on her own.
“Although I disagree with it, I have to realize that it’s her wish,” Frederick says. “There are consequences, like an increased risk of a fall. We’ve discussed those, and she’s okay with those. I’ve had to come to accept that I’m okay with those, too.”
Although these conversations are difficult — and might not be what we want to hear — it’s important to discuss how family members and friends would like to be cared for as they grow older. It’s ultimately their decision to make.
If someone does decide to stay home without in-home care, it’s extremely important that they continue to socialize, even if their senses are declining due to age. Having experiences outside the home and interacting with other people lead to a healthier and longer life.
It’s normal for people to become more reluctant to go out when they begin experiencing loss of senses. It can keep them from going to the store, going to see friends, or going to see the doctor.
“Even if you can’t hear well or you can’t see well, that shouldn’t stop you from getting out and living your life,” Frederick says. “[These changes] may limit you in some regard, but don’t let it keep you from the social aspect of your life. It’s so important.”
Three Steps to Take This Year
1. Talk About the Future. Figure out where you’re comfortable. If it’s in your home, start considering what you’ll need to do to stay there. If you’re not comfortable at home, begin looking at different retirement communities. Talk with your family and friends during the process or after you’ve made your decision.
2. See Your Doctor. Go to a physician to make sure the medication you’re on is the proper medication for your needs. Have your eyes and ears checked and make sure you’re all-around physically well. Ask them about healthy foods that can help your body and mind age properly, like vitamin D (strengthens immune system and bones) or dark chocolate (boosts heart health).
3. Stay Active. Keep moving cognitively and physically and try to challenge yourself at least once a day. Instead of sitting and watching TV, take a walk or drive to a coffee shop to interact with people. Your brain will thank you later.
Brandon Hayman
Am I taking care of my mind and body?
Regular checkups at the doctor are a normal part of growing older, but spending your golden years bouncing from doctor to doctor, managing an illness, shouldn’t be. Jaime Cobb, vice president of dementia and caregiver education at the James L. West Center, often sees chronic, long-term stress contribute to health issues in older age.
“We can’t get rid of [stress] all the time,” Cobb says. “But we can better manage it. We can do that with diet and exercise, meditating, journaling, and doing hobbies that you like on a regular basis to maintain stress levels.”
Stress can be detrimental not only to the body but also the brain — increasing chances of dementia and Alzheimer’s disease. To the untrained eye, normal changes that happen in aging could look like the beginning of these diseases.
Cobb says it’s common to have some cognitive changes in older age. It may take longer to process something, to recall someone’s name, or to remember why you walked into a room — “senior moments.” Progressive dementia or neurodegenerative changes, on the other hand, can cause a person to forget why they walked into a room — but they don’t ever realize they forgot.
“Memory loss is an early warning sign of dementia, but [the disease] is much more than that,” Cobb says. “It attacks the entire brain, and our brains do everything. Absolutely everything. Eventually, [dementia] affects all areas of the person.”
According to Cobb, it’s important to get a diagnosis from a doctor if dementia is suspected because there are a variety of things that could cause cognitive issues. There could be a medication interaction, stress or sleep issues, or a deficiency in certain vitamins and minerals.
Fortunately, The James L. West Center has over 30 programs that are free to the community, including a class about what normal aging does (and doesn’t) look like.
“At the end of the day, if it’s you or a loved one doing something uncharacteristic, and they’ve been doing it, then it’s something that you should talk to the doctor about,” Cobb says.
If it is dementia, the caregivers and the individual who’s been diagnosed needs to focus on the abilities and skills they still have left. Nurture the things you have and try to sustain them with positive lifestyle changes like eating well and managing stress.
It also gives the individual time to discuss their wants and needs with their family and friends. This is a very necessary conversation because most people assume that their partner, kids, or parents will know what they want, but realistically, they may not know. It’s important to discuss what they want in the future and how they’d want their family to help if they couldn’t help themselves.
Even if dementia isn’t the diagnosis, it’s important to try new things that are slightly challenging. Doing these activities (which can be as simple as a new Sudoku puzzle) “works out” the brain and builds new neuron reserves that can be drawn from later.
“If you have brain changes or are starting to lose some neurons, [doing this] will give you more reserves there for your brain to pull from,” Cobb says. “It can delay the onset of dementia, depending on how many reserves you have. Build up those reserves as much as you can.”
Watching TV, scrolling through Facebook, or doing the same “easy” crossword puzzle time and time again aren’t challenging for the brain, says Cobb. The brain has already learned how to do those things, so those neurons are already strong. Doing something more challenging or different will create new neurons and build up reserves.
A few ideas:
Try a new crossword puzzle
Use your nondominant hand to brush your teeth
Learn a new hobby or a musical instrument
Have a conversation with a friend or family member
“One of the best things you can do is volunteer,” Cobb says. “You’re socializing, you’re having to move, you’re talking to people. You get most of those areas of well-being checked off when you go volunteer.”
Three Steps to Take This Year
1. Exercise Your Body. This (and a healthy diet) is your brain’s best friend. Whether you like lifting weights, going on walks, or riding the stationary bike, take time to exercise frequently to keep your body and mind in shape.
2. Exercise Your Brain. Try something new every day to keep creating new neurons. It doesn’t have to be extremely difficult, just a little challenging. Use it as an opportunity to learn something new or see if you can beat a past timed record for a favorite pastime.
3. Learn More About Aging. The James L. West Center is one of many nonprofits in Fort Worth that offers resources for adults who are curious about aging. Start small with a free James L. West class, then look further into local resources like The Area Agency on Aging.
“If you want to make these changes, you can start slow; you don’t have to do it all at once,” Cobb says. “Start slow and add things as you go. It’s about progress, not perfection.”
Brandon Hayman
Am I ready to pass on peacefully?
There’s no one in this world who hasn’t had to consider the big questions that come with passing on. Fortunately, funeral prearrangements can make this question a little bit easier to answer in 2021.
“The gift of prearranging answers all questions and leaves a lasting memory with peace of mind,” Roberts says. “Our goal is that the grieving family only worries about making one phone call, lessening the decisions and burden.”
The cost of funerals can make some stop in their tracks, but thanks to Roberts Family Affordable Funeral Homes, there will never be a family without a funeral option due to cost in Fort Worth.
“We believe that celebrating an individual’s life is not something that should be defined by what a family can afford,” Roberts says. “We want to always find a way to remember someone’s life in a manner that is dignified at a price that’s affordable.”
Families can feel pressured into choosing cremation because of cost, but burials are affordable, especially when prearranged. Educating families about the benefits of prearranging can help prevent future problems or hardships when navigating the funeral-planning process after a loved one has passed away, Roberts says.
Often, Roberts hears families worry that they’re going to be locked into using the funeral home where they’ve prearranged their services. Since the money that families use for funding funerals in Texas are held with a prearrangement insurance company or a trust fund overseen by the Texas Department of Banking, this is not the case.
“These funds can be used for any funeral home at any future date,” Roberts says. “This protects families in case something should happen to their chosen funeral home or if that family should move. It’s the ultimate safety net.”
Prearranging a funeral can lock in today’s funeral prices for a future need. It’s never easy to talk about mortality, but it’s an inevitable part of life. The question is not if the arrangements are made — it’s who will make the arrangements.
“We plan most every special event in our lives, so it makes sense to plan one’s final celebration,” Roberts says. “This gift allows families to focus on grieving and remembering the special memories shared on this special walk we have together.”
There are a lot of different ways to be remembered, from green natural burials to closed casket services. According to Roberts, prearrangements that don’t require embalming offer a more affordable opportunity to say goodbye at the fraction of a cost of a traditional service.
For example, green burials at Roberts Family Affordable Funeral Home include the funeral home and burial space at Azleland Cemetery and Memorial Park for a lower cost of $1,995. With prearranging, families can make interest-free payments for up to five years, lowering this kind of funeral cost from an immediate $1,995 to about $33 per month over 60 months.
During the prearrangement process, families also experience the lasting memory of planning their loved ones’ funeral together. Through active listening, funeral homes like Roberts Family Affordable Funeral Home help create a loving celebration of life.
“We walk them through what’s important and ask them how they want to be remembered,” Roberts says. “Each family is unique, and there’s no right or wrong way with final decisions.”
Three Steps to Take This Year
1. Consider the benefits of prearranging. Families are often comforted by the fact that they prearranged a loved one’s funeral. This elimination of worry and decision-making can make a world of difference for those grieving. Although it’s a difficult question, funeral prearrangement is important to think about.
2. Inform your family of your decisions. There are usually some additional funeral costs that can’t be paid in advance. They’re minimal, but you should include your spouse and children in your decision process and the prearrangement process, so that they can be aware of these smaller costs and, more importantly, what you want in your final celebration of life.
3. Do your research. The first step to prearranging is to find the right funeral home who can assist in the process. Check and compare prices, read websites and reviews, ask if interest-free payment plans are available, and set an appointment to meet with the staff, tour the facility, and make sure the funeral home is compassionate and caring.
