The purpose of Next Act Financial Planning is to provide education, planning, and ongoing support to families and individuals who are confronting the aging process, while trying to understand the confusing mix of services available.
What's a Senior Life Action Plan?
A Senior Life Action Plan is a team effort. We'll work together to identify the specific risks and the specific positive possibilities. We'll follow the steps below to build a plan of action that makes sense to you.
1. Identify personal lifestyle goals built on the individual's personality and current preferences
* Understand the options along the continuum of care as we age
* What are the pros and cons of different directions based on personality, as well as current
and expected health
* What personally, specifically, makes life worth living? What moves you, what motivates you -
what makes you want to get out of bed in the morning?
2. Identify the resources & obstacles
* Financial resources
* "Other resources" - family, friends, personal skills, amount of positive energy & attitude
* Specific health concerns - physical, mental, emotional
* Location, location, location
3. Build the knowledge of detailed options - short and long term
* Build a structure for execution
* Narrow Living and support options
#From Independent Living to Assisted Living to Skilled Nursing facilities to
Continuing Care Retirement Communities (CCRCs)
#In home at various stages of care needs - risks & benefits
* Funding strategies
#Best asset draw down strategies
#How best to invest NOW
#Where do Medicare and Medicaid fit in
#Long Term Care insurance
4. Steps to execution
* Tie in identified goals, obstacles, & resources (financial & non-financial), to build detailed
short and long term steps to reach the desired outcomes
* Identify when it may be appropriate to involve an Elder Law Attorney, Psychologist, Social Worker,
or Geriatric Care Manager
Life is ever changing - particularly during the "third & fourth acts" of life. (Are there plays with four acts? Well, many of our lives have four acts. And the fourth act can have as much adventure and satisfaction as the others.) As with any financial plan, it's impossible to build a single plan to cover all possibilities. Every Senior Life Action Plan is a living, changing plan of action and needs to be treated that way. Alternative directions based on changing health or changing desires must always be expected.