A goal without a plan is just a wish. – Antoine de Saint-Exupéry
While scanning international studies on aging in place and planning effectiveness, a new whitepaper from Australia triggered a revealing phrase: the paradox of planning. While older people in Australia and Canada overwhelmingly have the goal of aging in place, few actually have the knowledge of what to do and how to start planning for the care, financial, and other implications.
In our practice, we are seeing a steadily increasing number of individuals who want to age in place at home, even with complex health care needs, and eventually palliative care needs. Most of these individuals have estate plans in place and significant financial resources. However, little or no planning has been done to prepare the individual, their partners or their families for the overwhelming complexities should they choose to manage complex care until death at home.
As advisors, if we do not address this paradox of planning, we will continue to be ineffective in addressing our clients’ ultimate goals. Wishing to age in place at home and having no documented plan to do so are contradictory yet valid statements in their own right. So how does one address and manage this paradox?
There are insights to be gained from the Australian example. Benetas, a leading not-for-profit aged care and community services provider in the state of Victoria, recently commissioned an independent study by Lewers Research to survey Australians aged 55 and older and examine how well prepared this population is to age at home. During the study, they introduced a new tool called the Ageing in Place Readiness Index.[1]
The Ageing in Place Readiness Index brings new insights to planning. Using this type of index as a benchmark and reassessing it over time can provide valuable information. The five key dimensions to measure how prepared older individuals actually are to live at home are:
- Preparedness: Examples include modifications already made to the home, a budget established for health care and home care.
- Knowledge: Examples include awareness about managing medications, fall detectors, and the availability of support programs in the community.
- Attitude: Examples include feeling comfortable about getting help and care in the home, accepting some loss of independence when relying on assistance.
- Technology: Examples include awareness and usage of smartphones and tablets, videoconferencing, and biomedical monitoring.
- Confidence: Examples include maintaining social connections, dignity and health as you age.
A future blog will explore the findings of the Australian study, with the preview that 89% of Australians want to age at home, but only 8% say they feel completely prepared. Truly, the paradox of planning.
In Canada, we too are in the midst of a longevity era. Individuals and their families do not feel prepared for their post-retirement years, especially if there is a sudden health event or a decline in capacity. As advisors, if we do not address this paradox of planning, we will be ineffective in addressing our clients’ ultimate goal. Wishing and hoping is not a plan.
[1] https://www.benetas.com.au/files/20260501-Benetas-Ageing-in-Place-White-Paper.pdf
