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Life doesn’t hand us very many guarantees… But one thing I can tell you with absolute certainty – we’re all getting older.
And sure, sometimes it’s a shock when I look in the mirror and realize I, too, am getting older – but it comes with some pretty cool perks like wisdom, retirement, grandkids and a discounted cup of coffee here or there.
Whether you’re making plans for yourself or an aging parent, it’s important to be purposeful and intentional when considering later-life needs like retirement, long-term care, healthcare coverage and estate planning.
No one likes talking about getting older! But it’s better (and more affordable) to plan early – instead of when the unexpected comes knocking at your door.
In this section…
- What are later-life needs?
- Why should a CPA help address later-life needs?
- Is there anything else I should know about later-life needs?
What are later-life needs?
We all know someone who is dealing with the effects of failing to plan for long-term care. It could be a friend who has had to quit their job to take care of their elderly parent full time. Or maybe it’s the spouse who sacrifices their freedom and financial resources to care for their loved one. Or worse still, the elderly person shouldering the entire burden of their own long-term care.
The common thread in all of these scenarios is, with proper planning and thoughtful guidance, these situations can be far less stressful for the individual and their family. The time to make plans is today.
A recent projection shows 52% of Americans 65 and older will develop a serious disability which requires long-term services and support for at least two years. Additionally, one in seven of these disabled Americans will require costly care for five or more years. Medicare may cover some of these costs, but for the majority of Americans who don’t meet the system’s stringent income requirements, most expenses are paid out of pocket – and it adds up quickly!
A few later-life needs to consider could include:
- Financial planning for those with chronic or terminal illness.
- Funds to cover care needs.
- Financial abuse.
You need a dedicated financial professional who understands the costly nuances of aging and can work with you and your loved ones to develop a plan to live life with dignity and grace.
Why should a CPA help address later-life needs?
Let’s be honest: These conversations are never easy. The last thing we want to talk about is declining health or the long-term care needs of our own or a loved one.
But shying away, dodging or otherwise failing to address the logistics and finances involved with these scenarios only serves to delay the strain and stress.
You need a CPA skilled in elder financial matters who will help you consider and account for the following:
- Plan for financial security in old age.
- Give peace of mind about future plans in case of a catastrophic health event.
- Relieve stress from family members tasked with care.
Skill and counsel are imperative during these times, but you’ll also want a professional who can approach this season with empathy, care and respect. Consider these questions as you look to hire a trusted financial advisor for later-life planning:
- Does the professional consider the individual’s emotional and physical needs?
- Is the professional sensitive to mood, physical ability and cognitive skill?
Find a financial professional you can trust, not just for their savvy, but also for their sensitivity, awareness and compassion as you tread through these times.