Who Will Take Care of You?
Who will take care of you? Everyone dreams about the beginning years of retirement, their first trip to Iceland, their new house by the water, and joining the garden club. But what part of the daydream does the nursing home come into play? You know, the one where you are in a wheelchair with your other friends playing bingo for the past 5 hours. Maybe you haven’t gotten there quite yet, or maybe that is more of the nightmare you keep on lockdown, far into your subconscious. You will just deal with it later. BUT it is one of the most critical things to plan for because if you don’t, you are leaving that HUGE burden to your loved ones. Can you imagine the guilt, the stress, and the anxiety your children or other family members will go through trying to figure out how to take care of you while maintaining their own lives? Now that I got your attention, it’s time to dive into how to plan for it so you can have a happy retirement past the initial golden years.
There are 3 areas of your life you need to plan out in case your health does start to decline, and you need extra help. The areas include your money and money decisions, how to pay for your health care costs, and how to manage your belongings. For some women, the thought of being a burden is terrifying. If you’ve been independent your entire life or for the last few years, you will have a hard time asking for help when you do need it. And chances are you will need help at some point. One way to feel still in control is to do extra planning so you will be the smallest burden possible!
Here is a great way to start the planning and what to think about.
Money: Just because your health has started to take its toll, doesn’t mean your bills don’t need to get paid. Think about who can take over your bills: you can hire a professional Daily Money Manager to do this; but there is a larger picture to consider. You don’t want to lose your house or forget to pay your taxes because you can’t remember where your hair brush is let alone your bank account. Who will make the decisions about your money, how to pay things, investment changes, and take money out of your accounts to pay for your life? This will be your Power of Attorney. I would recommend building a personal care team: a Daily Money Manager, a Financial Advisor, and a person you know and trust to act as a power of attorney. Make sure all of these people know about each other, and have each other’s contact information, too!
Health Care: health care costs are very high, and the inflation rate for them is higher than the normal inflation rate, sorry to tell you! Do a dry run with your money on a financial program software to see how you will be able to afford extra care or even a nursing home. There are different ways to fund it, so speak with a professional to learn about your options, such as Long Term Care policies and life insurance policies with a long term care rider. These policies can be costly, but nothing is more expensive than the cost of nursing homes! And trust me, your family doesn’t want to take care of your nursing home bill any more than you want to pay for theirs. By having your long term care plan in place, you will be in control of your destiny and less of a burden to your family. You can even pick out the nursing home and put a deposit down if you want!
Your belongings: This is what most people don’t think. What will happen to your home: will you rent it out, sell it, use the equity to pay for your extra care? Does your family know you don’t want your grandmother’s rocking chair sold? Who will move you into a home, sell your house, organize your belongings? You can have a professional organizer on call, have a journal of the stuff you want to keep and pass on, and a realtor ready to list your house. Having a plan in place gives you peace of mind.
You can start to see how many things you can plan today to make tomorrow’s decisions so much easier for everyone! There are more areas to think and plan out when dealing with your health in retirement, but these are 3 good starting places. To get even more information, I welcome you to schedule a call with me. My Strong Retirement Club deals in depth about these issues so the members won’t be a burden later in life and continue living their retirement dreams.
Guarantees are based on the claims paying ability of the issuing company. Long Term Care Insurance or Asset based Long Term Care Insurance Products may not be suitable for all investors. Surrender charges may apply for early withdrawals and, if made prior to age 59 ½, may be subject to a 10% federal tax penalty in addition to any gains being taxed as ordinary income. Please consult with a licensed financial professional when considering your insurance options.