“Faith and fear both demand you believe in something you cannot see. You choose.”– Bob Proctor
WHEN SHOULD YOU SEEK ADVICE
There are many important decisions to think about for your later years in life and at times it can seem overwhelming. The good news is that there is no lack of expert resources you can tap into so you’ll be more prepared and at ease leading up to and during retirement.
Having solid, good information is crucial to making sound decisions and minimizing risk and stress.
One of my favorite writers at HECM World, Amara Rose, identified 4 areas where seniors should seek advice in advance in her most recent article.
#1. AGING IN PLACE
I’ve talked about this a great deal and it’s been reported in numerous studies but more and more Americans are wanting to age in place. With aging in place comes the question of caregiving and most likely in-home assistance. Even a fit, healthy senior needs to plan for this in the case they live to be a ripe old age, take a fall or suffer from an unexpected illness and require temporary or longer-term assistance.
According to Genworth Financial, $45,760 is the average annual cost for a home health aide.
This is where a certified financial planner (CFP) could be a strategic resource for seniors and family members to work together and put a plan in place ahead of time.
#2. RETIREMENT PLANNING
My clients can have very different visions for their retirement years but most are planning for an active lifestyle, which is in alignment with the majority of the 76 million Boomer retirees and soon-to-be retirees out there. Whatever lifestyle you’re envisioning, you’ll need to make sure your bank accounts and any other financial resources will be able to support it.
One of the challenges in planning for your golden years is pinpointing exactly what your expenses in retirement will look like. A CFP and an accountant/CPA are two potential resources. It’s always ideal to consult these experts sooner than later so you can get an understanding of what’s required to achieve positive outcomes in retirement and start on the right path.
#3. END-OF-LIFE CARE
Discussing end-of-life care is never easy but necessary. Questions like do you want palliative and hospice care, a DNR (do-not-resuscitate) order or every possible medical intervention in the case of serious illness should be answered and put in writing.
Speaking with your physician or another trusted healthcare professional to discuss options for end-of-life care so you have the facts and make informed decisions is crucial. Then consult an Elder Law and Special Needs Law attorney to ensure your long-term care and end-of-life care plans are official and complete.
#4. ESTATE PLANNING & ASSET PROTECTION
Estate planning is incredibly important to making sure your property and assets end up in the place you want and the decisions in your absence will be made by the people you trust and reflect your wishes. Prudent planning will also provide protection for your loved ones and ideally prevent potential messes when you’re gone.
Estate planning can involve the services of a variety of professionals, such as an Elder Law or Special Needs Law attorney, your accountant, financial planner, life insurance advisor, banker and broker.
Getting all of your ducks in a row for your years later on in life doesn’t have to be complicated if you leverage the many resources out there. With some skillful planning with the proper experts, you can be fully prepared financially, emotionally and mentally.