Through our work at Silver Sherpa, our global research, and input from hundreds of clients over the last decade, we created a model for Smart Ageing based on nine essential quality of life factors. Smart Ageing means thinking differently about our ageing journey. It is about empowering older people to create their own path, to lead happier, healthier, and more meaningful lives, living with purpose and  contributing to their community.

When we think about the well–being of older people, the first thing that often comes to mind is healthcare and other physical concerns. While these are important considerations, they are just the “tip of the iceberg” when it comes to considering a holistic plan. Factors such as social isolation, financial preparedness, and intellectual stimulation are also important for quality of life. The diagram below outlines the nine factors.

1. Physical Health and Wellness

Let’s start with a broad definition of health – the World Health Organization (WHO) defines health as “a state of complete physical, mental, and social well–being, and not merely the absence of disease or infirmity.” Physical health and wellness examples include:

• Health conditions
• Medical and care coordination
• Physical activity
• Nutrition
• Functional ability to do Activities of Daily Living (ADLs)

The physical health category can involve services such as hospital systems, primary care – with services from a doctor, nurse, or physiotherapist, for example – or community services such as Wheel-Trans. These types of services  can be blended with private services such as a private nurse or massage therapist coming to your home.

Unfortunately, health and care services for older people are often disorganized and fragmented. The problem becomes particularly acute when elders require ongoing care from multiple providers in different settings or are discharged from hospital without the necessary support services already in place at home. Transitions can be difficult, and families are often left scrambling for solutions at the last minute. This creates undue stress on the senior and their family, and could lead to significant financial costs.

2. Environment and Living Options

Environmental and safety factors address the most risk-free situations for older people such as:

• Housing
• Home safety
• Self-care
• Supported care
• Transportation

Having experienced the COVID-19 pandemic, most seniors are extremely focused on staying in their own home as long as possible. However, there are circumstances where this may be unrealistic or simply not safe. At some point, elders may need to obtain in-home support for personal care, which can be quite costly, or relocate to more supportive accommodations.

It takes time and expertise to search out the best and most appropriate providers and cost out the financial implications. If an older person can no longer live alone, it is important to consider the housing options that will provide the most optimal environment given their health, social, and other needs. Another key consideration is identifying housing accommodations that allow the person to “age in place” rather than move again as their needs evolve.

3. Financial Preparedness

It is important for elders to have a financial plan in place to ensure their expenses and accommodations will be paid for as they age, especially in the case of surprise healthcare expenses from an unexpected diagnosis or accident. There are numerous other aspects financial professionals can assist with, including overall tax planning, cash flow projections, insurance needs, etc.

Whether a person’s situation is simple or complex (such as families with special needs children or complicated succession dynamics), a financial plan must be customized to reflect their unique needs and wishes.

4. Legal Preparedness

As we age and enter our “third act”, we must ask the tough questions – are all our legal affairs in order? If we cannot speak for ourselves, is someone named to speak on our behalf for medical and personal care? Is there an up-to-date will and designated Attorneys for Personal Care and for Property? Are there alternates named in the Power of Attorney documents? Are advance care wishes included in the Power of Attorney for Personal Care documents?

This step is crucial for peace of mind. Prudent estate planning ensures a senior’s wishes will be respected, especially if they are unable to speak for themselves. It will ensure their beneficiaries receive the legacy intended for them, and their estate will be dealt with as per their wishes.

5. Social Activities and Relationships

Participating in activities with others on a regular basis and developing meaningful relationships is a key contributor to happiness and health at any age. Research has found that Canadian seniors are at an increased risk of poor health and even death when they face prolonged social isolation. For example, staying home alone with a caregiver can be very isolating. Other aspects often associated with senior living that can contribute to social isolation may include poor health, loss of friends or a partner, decreased mobility, or vision loss and/or hearing loss.

It takes effort to build and maintain meaningful and healthy relationships to the end of our lives. The COVID-19 pandemic and its accompanying public health isolation measures had a serious impact for many seniors. As society emerges from this period, it will take time to rebuild these social networks.

6. Emotional Well-being

Emotions can have an enormous impact on quality of life and the changes we experience as we age can leave some feeling anxious or depressed. Elders may be able to rely on family and friends to prepare for and cope with the challenges that arise. “Silver Solos” who are aging alone without family, will need to develop their own trusted circle of people on whom they can depend. Others may need additional support managing feelings, such as grief counselling.

7. Spiritual Well-being

Living with purpose is a lifelong pursuit. As one of our clients said: “Everyone needs a purpose to get up in the morning.” Elders want to continue to explore and live by their belief systems and values as they age, especially in the community they choose to live in.

Many seniors decide to return to their faith communities as they get older, and those communities can often be a hub of social activity and companionship.

8. Intellectual and Vocational Pursuits

We do a great deal of planning for the day we retire. But what about post-retirement? With the longevity revolution underway, it is possible that many of us will retire in our 60s or 70s and then live another 30 years. So how do we stay engaged in creative and intellectually stimulating activities?

Older people have important roles to play within their families and their community, and there are numerous intergenerational programs that delight both young and old. There are many ideas and opportunities to get involved!

9. Mental Health and Wellness

Mental health is just as important as physical health. Whether an elder is living at home or in a retirement community, it is important to have an appropriate smart ageing plan that includes mental health.

Mental health and wellness can have many parameters such as:

• How you feel about yourself and your life
• Your ability to solve problems and deal with challenges
• Your ability to build relationships with others and contribute to your community
• Your ability to achieve your goals

Smart Ageing Integrates All 9 Factors

Each of the factors discussed above is integrated with and influenced by the others. Taken as a whole, these nine factors create a holistic picture of Smart Ageing. However, in times of crisis, if one or two of these factors start to deteriorate, it can create a domino effect, influencing the other factors and potentially resulting in an unmanageable situation. For example, a healthcare crisis such as falling and breaking a hip can trigger numerous health care issues, followed closely by housing and safety issues on discharge from the hospital. Those factors, in turn, can lead to financial issues related to the cost of respite care, resulting in further strain on emotional well-being, etc.

Planning ahead empowers you to document your wishes and allows you to proactively think about each of these integrated quality of life factors. That is why we have designed our Smart Ageing Program. Using our Smart Ageing audit tool, we review all nine factors to help you identify any gaps or red flags. You can get your documents and plans organized for the future. And as you age, you can change your plans, as necessary.

Planning and making decisions takes time and thought. And many clients share that they do not wish to be a future burden on their families. So there is no better time than now to start thinking about how to age smartly and achieve an excellent quality of life. Focusing on the “tip of the iceberg” is only the beginning.

Contact us today to learn how to make your “third act” your best one yet!