Many Americans are helping to care for an aging parent or relative. Even if you’re not today, you may well find yourself in that situation in 5, 10, or 15 years from now. Sometimes that care is directly assisting with daily living, but often that care may be helping someone navigate the challenges of maintaining their independence for as long as possible.
Below are links to resources which can help. Organization and planning are key, and these are areas where a CFP professional like myself can help in ways that go way beyond just managing investments. We’ve organized this into three categories: Planning, Health, and Financial.
PLANNING
The Retirement Problem: What Will You Do With All That Time? From Knowledge@Wharton
Can We Talk? A Financial Guide for Baby Boomers Assisting Their Elderly Parents (book)
10 Tips for Holding a Family Meeting from Psychology Today
HEALTH
Getting Started With Medicare from Medicare.gov
NCQA Health Insurance Plan Ratings for comparing Medicaid Supplement Policies available in your state.
Long Term Care: Costs, How to Pay, Staying in Your Home, from the US Department of Health and Human Services
10 Early Signs and Symptoms of Alzheimer’s from the Alzheimer’s Association
Advance Care Planning from the National Institute on Aging
FINANCIAL
Social Security Retirement Planner
10 Things You Can Do to Avoid Fraud from the FTC
Getting Your Affairs in Order from the National Institute on Aging
Estate Planning for Second Marriages from the American Bar Association
Working with a financial planner is a way to bring a third party to help facilitate important discussions. There are so many vital questions to consider: Where would you like to live as you age? What health issues may impact this decision? Do you have a plan for care or extra help? Who will manage your assets and pay your bills? How will you communicate decisions and wishes to your family?
Planning for health issues, financial objectives, and family communication means parent’s wishes can be honored if or when a crisis occurs. Aging can be very stressful on family members, not to mention potentially a significant financial obligation. I think a lot of us would rather not think about our parents or relatives as aging, but we are doing everyone a disservice if we don’t talk about this and plan ahead.
Extracted from: Planning Concerns for the Aging Population, Susan Korngay, Journal of Financial Planning, April 2017, pp. 27-30.
