Special Focus Section : RETIREMENT
Retirement living in the Delta
Excellent options are available,
but early planning is the key
BY MARK BIRD
DBJ Contributing Writer
The millions of “baby boomers” who are reaching retirement age face a world radically different from that of yesterday’s senior citizens. Indeed, the whole concept of old age has changed-for one thing, people are simply living longer. Thanks to modern medicine and better lifestyles, many will remain in good health for years after retirement. Thanks to changing attitudes, many will continue to enjoy active lives for perhaps decades. And, due to personal choice, or sometimes economic reality, many will not even retire completely, continuing to work at least part of the time well beyond the typical retirement age.
Where today’s senior citizens is no longer a simple choice between staying at home, moving in with family, or going into a traditional nursing home. Options abound to meet specific lifestyle preferences or health care needs-independent living, assisted living, personal care, and specialized care for particular needs like those of Alzheimer’s patients.
Delta residents and those looking to retire to the region (as are a growing number of seniors) are fortunate to have a wealth of facilities available to them. Many of these offer options for all stages of care requirements which advancing age might bring, all within one community; a number of them report additions of programs and services, and even physical expansions, designed to address the changing needs of 21st century seniors.
Oxford’s appeal as a retirement continues to grow, as evidenced in part by the large numbers of people researching the town through its Retiree Attraction Program website. Christy Knapp reports that the site averages 1,200 to 1,800 “hits” each month.
“People planning for retirement are looking at different places around the country-looking for a place where their nest egg will go further, where they can save money on taxes,” Knapp observes. “Many times they’re also looking for more temperate weather. I find that many are really looking to buy property and relocate, not just have a second home-here in Mississippi, you get the best tax advantages if this is your primary residence.”
A local developer is at work on a gated community for people 55 and over, Knapp reports. It will be Oxford’s fist such development, offering a secure living option that she says is growing more popular among retirees.
An expansion will soon be underway at Oxford’s Azalea Gardens, reports Sandra Enfinger, marketing director. “We hope to start later this year on a project to add more assisted living apartments. With this addition, we’ll have an equal number of independent and assisted living units.
“I don’t like to use the term ‘facility’,” she continues. “We are a community, a lively place with parties and all kinds of activities-we have a good time here. Some people still have the misconception that Azalea Gardens is a nursing home. But when they visit, they find out that we have all kinds of things to do, and our residents are as independent as they can be.”
At Greenville’s Magnolia Gardens, Joy Lehman comments, “In the Delta, as in other parts of the country, people are more focused now on the different aspects of the retirement stage of life. People are living longer-it’s not that uncommon anymore to live to be 100-and we’ve realized that we need to rethink our own future plans here at Magnolia Gardens.
“Our existing space is full, so we’ve purchased property next door where we’re going to put in a nursing home. That way, we’ll be able to offer options for what I see as the three stages of retirement living-independent living, assisted living, and nursing home care.”
Market analysis that indicated a change in the community’s needs has resulted in a conversion project currently underway at Flowers Manor in Clarksdale.
“The average age of persons entering some kind of retirement facility is rising,” explains Bill Lewis. “In fact, the average age goes up one year every year. People are not only living longer, but also staying healthier longer. With that in mind, we realized that we needed to make some changes in the services we provide.
“So we’re taking a wing of our independent living facility and converting it into ten, one-bedroom personal care units.” Personal care residents typically require a higher level of assistance in areas ranging from monitoring of medications to personal grooming, he explains.
Willie Britt of Indywood reports that all three of its assisted living communities-in Indianola, Greenwood, and Cleveland-are full or nearly so. Increased health care needs are not the only reason many people choose assisted living, she points out. “A lot of people just don’t want to live alone, or they like the fact that now they don’t have to cook or take care of other daily things themselves anymore.”
Paula Mann, Program Director at Garden Park Adult Day Care Center in Greenwood, reports the addition of some new services. “We’re working closely with home health agencies in the area and, with their help, we’re now offering things like occupational therapy and exercise therapy,” she says. “And, the agencies actually contacted us about offering these services.”
Garden Park is consistently maintaining its capacity of twenty clients per day, according to Mann, and is beginning to work on plans for a future expansion that will add square footage and staff, in order to increase capacity.
Extensive marketing efforts and presentations to hospitals, churches, and other groups have raised public awareness of their services, Mann comments. “People in the region seem now to have a lot more general knowledge about who we are and what we provide. We are not just glorified babysitting-we have a full spectrum of activities and services.”
Greenville’s Wellington Place offers one of the few certified Alzheimer’s units in the state, a secured area separate from the facility’s assisted living units. A program now being offered is an Alzheimer’s support group that meets monthly, reports Program Coordinator Bridget Flowers. “We also offer respite care, a short-term stay that’s good if the family needs to go out of town for an extended time and the elderly/disabled person is unable to go but also unable to stay at home alone.
“We have a day care program as well,” she continues. “If the family needs a break once in awhile, needs to go out of town for the day, or has other obligations, the elderly/disabled family member can come to us for a few hours or for the day.
“The addition of these services was in response to the needs of families and the community-many families want to care for their loved one at home for as long as possible.”
With excellent facilities and a broad range of specialized services available in towns throughout the Delta, finding an option that fits one’s particular needs is not a problem for the region’s senior citizens. The challenge, as for older Americans around the country, is adequate retirement income.
The costs of living, and certainly medical costs, continue to rise, and while Delta retirement living options remain competitively priced, many seniors have been unable to save adequately for this stage of life, even some who have diligently followed a plan of investment and savings. Others have simply never addressed the eventuality of old age.
“I think there’s a lot of concern about available retirement income, especially among baby boomers,” says Ike Trotter of Greenville’s Ike Trotter Agency. “And younger generations don’t believe there will even be Social Security for them when they reach retirement age.
“What’s happened is that many people just find it tough to put enough aside for a decent retirement income,” he continues. “These are big issues-how much money will there be, and for how long will I need it? These days, if you retire at age 65, you may live until age 90 or longer. You’re not looking at just a few years-it’s a third stage of life, maybe 25 or 30 years, and not necessarily in declining health.”
Stacey Wall, president and CEO of Pinnacle Trust Co., provides an overview of current conditions. “The strong rebound in the stock market last year gave investors a little confidence in the longer term prospects for investing in stocks for the first time in four years. Those that stayed in through the rough times saw their retirement accounts rebound during 2003. Those that had gotten out of the stock market prior to the rebound were left wondering what to do.
“This year, stocks have been stuck in a fairly tight trading range,” he continues. “Money market accounts still offer limited returns-bond yields are not much higher and bond prices have been falling at rates have risen. So the choices are still difficult for investors as they face their retirement future.”
Wall says the best advice is not necessarily what investors like to hear. “Reduce your expectations for future returns of your retirement accounts. Start sooner and save more. Increase your retirement plan contributions any and every time you receive a pay raise-that’s the best time to increase without having to feel the pinch of cutting back.”
He adds that those approaching retirement should consider part-time work options, pointing out that many retirees find part-time jobs are a good way to supplement income and keep from become bored. “It’s not always easy to adjust from working full time to be at home every day, “ he comments.
“Everyone’s retirement situation is different,” says David Hardy, a partner in the Smith, Turner, & Reeves CPA firm, which has offices in Jackson and Oxford. “Some people are capable of planning ahead of time, but others are not financially able to do so.” Noting increased activity in wealth management and asset management, with an increasing number of companies specializing in these areas, Hardy comments, “My recommendation is to find a qualified planning expert. There are so many things out there you can do-and once a good planner sees what you have and where you want to go, they can really help you.
“The important thing is to start planning as early as possible, so you don’t find yourself in a lurch. A lot can be done if you have time-investments, 401K, IRA’s. But they don’t do much good if you only give yourself a year to accomplish your goals.”
Among those who work on a daily basis with seniors, there is unfortunately a general opinion that advance planning is not the norm, although some say there are encouraging signs. These industry professionals also provide helpful bits of advice for retirees.
“In my experience, you find some people who are well-prepared and well-insured for retirement,” comments Sandra Enfinger. “But often, even if they’ve planned carefully, they tend to wait until they have to make a move before they contact us. And a lot of people still don’t seem to be aware of the insurance that’s available to help plan for assisted living, or do not realize that assisted living options like ours are available right in their area.”
Says Bridget Flowers, “I think a lot of seniors planned the best they could. Assisted living is a concept that was not available when most of seniors were still of working age. I want to point out to seniors and their families that if you are a veteran or the widow of a veteran, there are benefits that can help pay the cost of assisted living. I urge everyone to check with their insurance agents on policies to cover assisted living and start getting coverage now.”
Bill Lewis feels that today’s senior citizens and their family members are much more knowledgeable about retirement living options. He attributes this in part to increased media coverage of senior issues, and to the wealth of information readily available on the Internet.
“An encouraging sign to me is that more family members-more of the younger people-are getting involved in the selection process,” he comments. “Planning ahead remains the biggest key. Not only so you can plan for the costs that will be involved, but also so you can choose from the widest range of options and get the best deal for your dollar.”
While agreeing that many people still wait until the need arises before looking into retirement living options, Willie Britt is also encouraged by increased involvement by family remembers in the planning process.
“I advise everyone to get long-term care insurance,” she says. “Start planning while you’re younger-the long-term policies are more affordable, and you have time to really look into all your options. We invite people to come in and really check us out, see if this is indeed the right place for you or your family member. And do it while you’re still able to get into assisted living-once you’re a resident, you can stay, even if your care needs change.”
Joy Lehman says, “We have a waiting list now, which indicates to me that people are coming in earlier. And younger family members are much more involved. They’re also better educated on concepts like assisted living and long-term care insurance. In fact, I find many times it’s the seniors themselves who still have the wrong idea about what assisted living is, or believe that a traditional nursing home is their only option.”
Comments Paula Mann, “Many people make the very natural mistake of waiting until the last minute before looking into long-term care, adult day services, hospice care, or other options. Then they get into a rush and don’t really consider their options carefully.
“It never hurts to look into your retirement options very early-even if it seems like something that’s in the remote future.” DBJ
