Aging solo is about those individuals who are widowed or not married, live alone and have no family or none they can count on. They are going through the last years of their lives on their own. It can be just fine until one’s health declines and the usual activities and access to friends get out of reach.
With the possibility of needing long-term care in the future, many people are interested in proactive planning.
What types of decisions have you and your loved ones made, or avoided making, about planning for the years ahead?
Political instability, rampant inflation and the specter of recession are looming threats to our clients’ financial future, which directly impacts their ability to take care of themselves at a point in their lives when they are likely to need care or other age-related services.
Family members of all kinds have fought over money matters since time immemorial, but it may be worse for cash-strapped caregiving families. The costs of caregiving activities, including hiring aides, buying supplie, and covering medical and pharmacy copays, negatively affect family caregivers’ pocketbooks and morale.
If caregiving looms in your future — and it likely does if you’re a daughter, an only child or the one (if you are, you know what I mean) — take time now to protect your financial life.
New research, published in JAMA Network Open shows that using a comprehensive approach to engage patients in Advance Care Planning (ACP) during the COVID-19 pandemic effectively improves the opportunity for ACP discussions and documentation as well as equitable healthcare delivery.
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
The costs of long-term care for older adults can be significant. Federal Medicare health insurance benefits do not cover most of these costs. Most people who incur costs for long-term care cover them with a combination of personal savings, long-term care insurance and Medicaid, among other sources.
Several types of special income trusts and other strategies can be helpful, when trying to protect your family’s assets from the devastating costs of long-term care.
