Today I am hosting a blog entry by Marcy Ages. Marcy’s specialty, as a Financial Planner, is planning for aging. Please note that after the blog post there is information about an event that Marcy is hosting in the Toronto area to discuss the issues surrounding aging and how to be financially prepared for either your own aging or for your elderly parents.
Senior Consultant & Certified Professional Consultant on Aging
by Marcy Ages
You’ve sent months working with your financial planner to put together a plan that covers all of your financial planning needs. You’ve reviewed your investments, your insurance coverage, your estate planning and whether or not you can retire when you want to, on your terms. But you never mentioned to your planner that both you and your spouse have parents who are elderly and are starting to show signs of ill health. You have not included a crucial item in your plan for a successful retirement.
So what are some of the issues that you should address in your plan for caring for your aging parents? Do yo and your spouse have work schedules that are flexible enough to accommodate someone who has to take time off during the week to take a parent to a doctor’s appointment? What roles will the rest of the members of your family take on so that you do not have to shoulder the complete burden of caring for aging parents? But what if you are an only child or the only child in the city? What will be the plan then? If you have siblings and they live int he city, who will be responsible for which duties? Who is able to help out financially and who can volunteer their time? If the time comes, who will be willing to house Mom and Dad if they are no longer able to live on their own but refuse to move into an assisted living facility?
Have your parents indicated to you whether they would prefer to live at home as long as possible and rely on attendant care in the home or move to an assisted living facility when the time comes. Have you reviewed the costs associated with these options and do you know how the system works in your city?
Are your parents living in a home that will not meet their requirements as they age? Are there too many stairs? Is there a bathroom on the ground level? Will they need to sell their house and move into something smaller? Do they currently have so much junk in their house that it will be an enormous, time consuming job to sort and dispose of items when the time comes to move?
Do your parents have updated Wills and Powers of Attorney? Do you know who they’ve appointed as executors of their Wills and given Power of Attorney to? Do you know what their healthcare wishes are if they become incapacitated and where they keep their important papers?
So have that family meeting now and discuss all of these issues. It’s possible that your parents have already made their plans and there is nothing that you have to do. But if they haven’t you can address these issues now and ensure yourself a smooth retirement in the future.
Marcy is hosting an event discussing the issues revolving around aging. I am posting the details below. If you think that this topic would be of interest to you please reserve a spot. The details are below:
Marcy Ages, a Financial Consultant and Certified Professional Consultant on Aging at T.E. Wealth, together with The Care Network, will be hosting a T.E. Wealth-sponsored event.
Debbie Gilbert, a Certified Professional Consultant on Aging will present “I was Never Taught this Dance! Caring for Ourselves – Caring for Others.”
For the first time in history, we are living longer. Older seniors and baby boomers are setting new records for longevity. Nobody taught us the dance of growing older. We need to learn the steps to help us age well and stay in control of our lives. Through stories both personal and professional, “I was Never Taught this Dance!” touches on:
- Body/Mind/Heart: a holistic view on aging; seeing the big picture
- Financial Health: protecting you, preserving your wealth and understanding today’s care costs
- Legal History: taking care of business; Powers of Attorney for personal care and property and Wills
- Family Health: time to talk; care conversations, avoiding conflict and enriching relationships
- House Health: when your place becomes your prison, housing options
Date: September 20, 2012
12 Bushbury Drive
North York, Ontario
The Care Network is a team of experts who provide the support and resources needed by individuals coping with Eldercare issues. Led by Marcy Ages, this referral network also consists of:
- Victoria Winter, a lawyer specializing in Estates and Trust Planning.
- Debbie Gilbert, a Certified Professional Consultant on Aging who specializes in eldercare, self care and care for the caregiver issues.
- Anita Evans, a real estate agent who has worked with many individuals wishing to downsize their homes as they grow older.
- Paula Gardner, a Professional Organizer and Certified Relocation and Transition Specialist, who helps senior adults and their families with moving and downsizing.
If you would like to attend this event, please contact Julie Hug by September 14, 2012 at 416-640-1645 or email@example.com