Maintaining financial health in later senior life requires different strategies than planning for other stages in your life. Just as decision-making is at it's most emotional, and possibly most complex, is when the financial industry tends to lose interest, unless there's a singular product to be sold.
About
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We have a crisis in our society that we will all need to confront eventually, either directly or indirectly. Our patchwork healthcare system doesn’t know how to provide for the needs of our aging population. My wife and I have lived through this “confrontation” four times now, as we’ve dealt with the care needs brought on by the deteriorating health of an aunt, an uncle, and two parents under very different circumstances, leading to very different solutions.
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Wouldn't it be great if someone could help you:
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We all have one thing in common. Barring one alternative, we are all going to get old. No matter our wealth, social status, ethnic background, interests, activities, our IQ, or our determination to avoid it - we are aging every day and we will get old. It’s the one thing that ties us all together. It’s the one issue we should all be interested in, because we will all need to "live it".
With good luck and good health "growing old" is coming to you. There’s a common expression in financial planning: “No one plans to fail, they just fail to plan.” In no facet of life is this more common, than when thinking about the inevitable affects of aging. As we or our parents reach later life, or "elderhood", the ragtag system of available supports is complex, specialized, multifaceted, uncoordinated, and “siloed”. That’s not “soiled” misspelled, but “siloed”. Services don’t overlap in any planned, organized way, but exist separate from each other, usually without sharing information and sometimes without appreciation for other disciplines. What happens to most of us is we lurch from crisis to crisis, finding the immediate, short term solution to deal with each stage of aging, but not recognizing or planning for what probable stages and complications are coming next. How do you pull together the financial, legal, and care management needs of an aging loved one? How do you coordinate it? When do you contact an elder law attorney? When is it time to bring in a geriatric care manager? This is what we can plan for and manage together. |
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Bill Stadler CFP®, RLP® Trumbull, CT 06611 Phone: 203-727-0247 |