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.
Nobody 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 that 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.
What’s common among these situations is that they place an undue burden on the elderly and their family members, and they are preventable with a little time spent planning on the front end.
The fact is: The likelihood of needing long-term care is higher than the likelihood of events that most people wouldn’t dare skip out on insurance for, such as a house fire, flooding, car accidents, etc. With the aging population and growing life expectancy in America, the need for later-life care is higher than ever, and with that, the need for later-life planning.
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.
Especially in cases involving decline in cognitive function associated with disease or old age, you need a financial planner who knows how to navigate the many nuances of the situation.
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 skilled CPA to help you consider and account for the following:
- Plan for financial security in old age.
- Give peace of mind about future plan in case of 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.