Financial Planning for Retirement

Financial Planning for the Elderly: a Personal Perspective

March 1st, 2007
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Being that this is my first contribution to Gilbert Guide’s helpful elder care blog, I thought it appropriate to provide you with a little insight about myself outside what’s available on my Web site, www.forretiredonly.com .

Beyond my 29 years of providing financial services to the public in a wide variety of areas, I have also personally confronted some of these difficult issues with my own parents. My clients and their children deal with a myriad of concerns, problems, and questions regarding aging challenges. We all are looking for the “correct” and best solutions to the complex matters we face.

Both of my parents live on their own and are well into their eighties. In my father’s case, it has been a very slow and increasingly frustrating, humiliating deterioration that’s occurred over more than fifteen years. I have sadly and regrettably moved him four times in that period. First, he was at home, and then in a condo on his own. Next, he moved to a retirement living facility in Boston. He’s currently in his second assisted living facility, in Denver, with a high probability of needing nursing home care in the future. We have also used a wide variety of services for the elderly in each community, including homecare, to maintain his living situation. Prior to the last fifteen years, Dad was very active. A dentist and a sportsman, he lived life to its fullest. His hearing loss and macular degeneration (he’s now blind) eventually caused his need for help­—and put an end to his active independent living. There were other contributing factors, including dementia, neurological seizures, propensity to fall, daily incontinence, and the ever-increasing inability to deal with taking care of himself in his current environment. Without his children nearby (he wanted to stay in Boston and thought his younger sister would help him), small things became large problems with huge negative implications. The difficult decision to move him came in 2003 so he could be closer to one of his children for the frequent assistance that was needed. The typical family conflicts arose, as such issues tend to magnify whatever the underlying dynamics that existed. For now we’ve found a workable balance. However, Dad’s quality of life has since deteriorated significantly—his current state is one of care maintenance. Luckily, my father had enough financial resources for my family members and me to be able to access. These offered us some latitude in our choices for Dad—at least for now.

My mother’s is a completely different story. She lives alone in an apartment, and has multiple physical problems. With a limited income and minimal resources, she has fewer options than my father.

As to clients, over the years I have seen a wide spectrum of elder care problems, concerns, conflicts and answers. Every situation is different—there is no “one size fits all” ! Some people are prepared; most are not. The people, resources, needs, limitations, values, expectations and the health care demands differ. The situations they face are frequently unexpected or unknown. Sometimes the players involved are in denial. The solutions are mostly difficult, but can be easier if approached with knowledge, understanding, and willingness to open both the heart and mind to possibilities.

I hope to present in coming writings some more ideas of the things that need to be considered in planning a loved one’s care and helpful methods of resolving them. Yes, in an occupational sense, I provide assistance with financial issues, but in the later stages of life, frequently, everything is intrinsically intertwined. Next month I’ll be addressing how, exactly, a financial planner fits into all of this, and outline how you can help yourself handle present and future financial care needs. I will be coming back to more specific problems, considerations and possible solutions on later articles. Please feel comfortable to call me if you wish for more specific insight.

  

Editor’s Note: for more about financing long-term care, visit Duane Lipham’s expert corner.

Posted in Financial Planning for Retirement: Suzanne Wolfson

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4 Responses to “Financial Planning for the Elderly: a Personal Perspective”
  1. Lisa Farley Says:

    Thank you for sharing your mom and dad’s stories. it was particularly touching to read about your father’s situation.

    We live in a society that tends to forget about the future. Planning for my later years is one of the last things I want to do, but realize talking to a financial adviser and considering purchasing long-term care insurance is becoming higher and higher on my list of priorities.

    If anything, preparing for the future now will make it so much easier on my family (as you are well aware) in the event I need senior care. Thanks for a great piece.

    Lisa

  2. Suzanne Wolfson Says:

    Lisa;

    Thank you for the acknowledgment and I hope you continue to follow the up coming blogs I will be writing.

    There is a lot to consider and think about regarding Financial Planning for being Elderly. Unfortunately most people think it will never happen to them or that they will have alternatives and control at that point.

    A division of my company “Long Term Care Insurance Advisor” helps people with just that issue via an agency that tries to structure and find the most appropriate program and specific company/policy to meet the individuals parameters and needs. If I can be of assistance let me know.

    No matter what, I strongly recommend you protect for this huge, costly risk in some fashion.

    As to my father, we were lucky he had resources for us to tap. The truth is there is merely enough now for about 5 years. Luckily if he is forced into a medicaid facility, his limitations and loss of most of his senses will minimize the impact. Who would have imagined!

    Thank you for your response,

    Suzanne

  3. What’s in Your Parent’s Wallet? (And What That Means for You) | Gilbert Guide Blog Says:

    […] Be realistic! Identifying options and their costs begins here. A financial planner can help evaluate the situation and alternatives. Discuss with your parents the possible combination of government, insurance, community and family resources as financing alternatives. […]

  4. KGW Says:

    It’s nice to see someone bring up denial. Our big problem is that our mother is the pro-active sensible one AND she’s the one with the dementia. Her short term memory is shot so even when we talk about it and she is horrified by the situation, she will have forgotten the whole thing in 5 minutes. Our father refuses to admit there’s a problem and refuses to think about planning. It’s difficult situation.

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