 Caring for an aging parent or loved one is an invaluable form of support, but it can feel stressful and overwhelming as it often comes with unique financial, medical and legacy challenges.
For some, the care giving journey is a gradual process of increasing support to loved ones. For others, a significant health or financial event prompts caregiving responsibilities unexpectedly. While every family situation is different, these actions can help prioritize your loved one’s wellbeing and manage stress: 1. Clarify Roles and Responsibilities Caregiving is a partnership. As such, gather your family members for an initial conversation to help define roles and responsibilities. Regularly revisit the roles and responsibilities as needs and capacities change over time. It’s also important to learn and confirm the wishes and preferences of those being cared for. 2. Stay Connected and Informed on Finances It’s common for an adult child to help manage or provide general oversight to finances as their parents or loved ones age. 3. Review Insurance Policies In addition to your loved ones’ finances, familiarize yourself with their insurance policies. Ask permission to closely review the policy details to determine if the policy is up-to-date and the coverage meets their needs. Specifically, confirm that the correct beneficiaries are listed. 4. Watch for Financial Fraud Aging individuals are often at higher risk of becoming a victim of financial fraud and identity theft. 5. Manage Health Information Regardless of if your loved one has a medical condition, it helps to become familiar with their health care. 6. Understand Their Legacy Wishes An Ameriprise Financial study found that more than two-thirds of investors indicated they wanted to pass along wealth to their heirs. But many people are reluctant to discuss their intentions during their lifetime. To stay informed on your loved one’s wishes, set aside time to have a legacy conversation and go over the details of their estate plan. Ensure all heirs attend or record the discussion, so everyone hears the estate plan details firsthand and can ask questions. Remember You're Not Alone As loved ones age, it’s normal for families to find themselves providing more support. Taking proactive actions now can reduce stressors for you and your loved one later. An Ameriprise financial advisor, along with medical and legal professionals, will help you navigate and coordinate the challenges of caring for aging parents or loved ones. Source...
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 We have gathered together resources for older adults which were helpful during the COVID-19 pandemic and are still valuable today. Some of the resources are local to the Colorado Springs area while others are on a national level. Let us know in the "Comments" section of additional resources you would like added to this list Seniors Guide to Medicare www.singlecare.com/blog/seniors-guide-to-medicare/ A Seniors Guide to Budgeting and Couponing couponfollow.com/research/seniors-guide-to-budgeting-and-couponing Grants & Resources for Seniors https://grantsforseniors.org/ myvision.org https://myvision.org/guides/alzheimers/ https://myvision.org/guides/aging-and-eyesight-guide/ Pikes Peak Library District https://ppld.org/ iReviews www.ireviews.com/online-scams Tech Enhanced Life https://www.techenhancedlife.com/ Privacy and Your Cell Phone https://www.cellphonedeal.com/blog/privacy-and-your-cell-phone Internet Basics for Seniors https://www.allconnect.com/blog/internet-basics-for-seniors Privacy in the Digital Age https://www.broadbandsearch.net/blog/privacy-in-the-digital-age Retire Guide - Senior Benefits Discounts retireguide.com/guides/senior-benefits-discounts/ Retire Guide - Medicare retireguide.com/medicare/ Senior Resource Council seniorresourcecouncil.org/ Seniors Blue Book www.seniorsbluebook.com Colorado Springs Senior Center www.csseniorcenter.com Silver Key Senior Services https://www.silverkey.org/ Innovations in Aging https://innovationsinaging.org Pikes Peak Area Council of Governments/Aging http://www.ppacg.org/aging/ NAMI Colorado Springs https://www.namicoloradosprings.org/ The Senior List www.theseniorlist.com/ Silver Sneakers https://tools.silversneakers.com/ Renew Active www.uhcrenewactive.com/home Yes, parent's stuff can be a boomer burden! Many baby boomers and those in the over 50 group are facing the inevitable in life. They have aging parents or their parents have already passed away. Besides coping with the emotional burden, there is also the matter of the financial aspect of a death and also dealing with your parents stuff. It can certainly be overwhelming!  Top 4 suggestions for action to take now and later: 1. Start Now – If parents are alive and willing, ask if they would like help in deciding what they want done with their belongings when they die. They might also want to start giving things away to family and friends while they are still alive. 2. Savor Memories – One way to remember a loved one is to make shadow boxes containing mementos of their hobbies and activities. They take up much less room and provide pleasant memories of a loved one. They can also be made for other members of the family. They make nice mementos for grand children and nieces and nephews. 3. Don’t Wait Too Late – You will be surprised to know that your aging parent (s) would actually welcome help in culling out possessions. It is a good time for them to reflect back on their life. It is also an excellent way to find out more about their life that you maybe didn’t even know! Communicate with your parents early! 4. Dealing with Siblings – Keep in mind when working with siblings in this situation that there are differences in how things should be done. Some adult children just want to “get it done” without giving much time or thought to the process. There are also those that want to touch each item and reminisce to great lengths. Come up with a plan on how you are going to deal with your parent’s possessions that will be workable for all to handle. Professional organizer, Claudia Smith, advocates a simple rule of thumb. “We spend our first 40 years in life collecting things and the second 40 years getting rid of things.” Additional info - Which is Better: Moving Trucks or Portable Storage Containers? When planning a move, choosing between portable storage containers and a moving truck rental can be quite the conundrum. Both options have their unique advantages and drawbacks, making it a tough choice to nail down. Read more here... How to Deal with Your Parents Stuff!
Have you checked on these retirement expenses lately? What we’re talking about is the annual cost of a private room in a nursing home or even home health aide services. The amount for a private room in a nursing home has cracked the six-figure mark ~ $108,408! The amount for home health services averages $26 per hour These amounts are according to Genworth Financial in their 2021 Cost of Care Survey. This rising cost of care has outpaced inflation. Where you live in the U.S. makes quite a difference. You can calculate the cost of care by state here: Cost of Care If you are interested in Local Senior Research Guides, this is an excellent resource: Senior Care Their local senior guides show community demographics, senior housing, long term care choices, healthcare quality ratings as well as other very helpful information. A growing number of older adults need specialized care. However, there is a shortage of skilled workers — both of which raise care expenses.  Look at these numbers of growth between the years 2020 and 2021:
Why Cost of Care is Increasing The core driver of increases in the cost of care services remains supply and demand. Every day until 2030, 10,000 Baby Boomers will turn 65 and seven out of ten of them will require long-term care services at some point. The level of care needed by this rapidly aging population has itself increased over the years. The high turnover rate and insufficient supply of professionals to meet this growing demand pre-date the COVID-19 pandemic, but are now amplified as those providing care on the frontline must consider their own risk of exposure against increasing opportunities for competitive salaries in alternative lines of work. Source... It’s Time to Plan Ahead by Identifying How You would Like to Receive Care: Planning for your care as you get older is very important and can be daunting. You might want to work with an advisor to lay out a plan of where and how you would like to receive care. Make sure you select trusted individuals to oversee your medical care decision making. This may include family members as well as other expects in the field of financial planning and medical care.  Honoring 11+ million unsung heroes: Alzheimer’s caregivers
About 3.3% of the U.S. population – over 11 million people – currently serve as volunteer, unpaid caregivers for 6.5 million loved ones living with Alzheimer’s disease. In Colorado alone, we have more than 159,000 unpaid caregivers assisting over 76,000 people with Alzheimer’s. November is a special month to honor this unique, dedicated group of people. Originally designated as National Alzheimer’s Disease Awareness Month by President Ronald Reagan in 1983, the event later was expanded by President Bill Clinton to honor our nation’s caregivers: National Family Caregivers Month. To be clear, Alzheimer’s is a horrible disease that takes a toll not just on those living with it, but their volunteer caregivers and our society as a whole. For example: * The average voluntary caregiver provides over 27 hours of care per week. * Across the U.S. in 2021, volunteer caregivers provided about 16 billion hours of unpaid care. At a value of $16.98/hour, that total ($271.6 billion) is more than 14 times McDonald’s revenue in 2020 ($19.2 billion). * In Colorado in 2021, 159,000 volunteer caregivers provided 184 million hours of unpaid care valued at $3.7 billion. Beyond their time, caregivers make direct financial contributions. On average in 2021, dementia caregivers reported spending $12,388 each for medical, personal care and household expenses for the person with dementia. The disease also takes a personal toll: a Stanford University study reported that caregivers have a 63% higher mortality rate than non-caregivers, and 40% of Alzheimer’s caregivers die from stress-related disorders before the person for whom they are caring. There is help for these heroic caregivers. The Alzheimer’s Association offers a wide range of educational programs and services – all at no charge – for caregivers of persons living with Alzheimer’s disease. To learn more, go to www.alz.org or call the Association’s free 24/7 Helpline at 800-272-3900.  Just that quickly my life changed. My mother suffered a minor stroke and a subsequent pulmonary embolus. She was hospitalized twice and was also battling the beginnings of dementia. My mom had always been so independent, even to the point of joining my friends and me for an occasional Happy Hour (pre-COVID 19). However now, she really needed my help. Her memory wasn't that good anymore, and while she wasn't incapacitated she did need assistance with keeping track of medications, doctor appointments and light housekeeping. Of course, at the time my mom became ill, my corporate job was busier than ever. I often found myself working long hours, albeit at home, to stay on top of things while also trying to keep an eye on mom Any life I had outside of work and my mom seemed to disappear. Burnout was on the horizon. Juggling care giving and full-time work are not uncommon. According to researchers, in 2014 there were an estimated 23.9 million caregivers that also had outside jobs. So how do you find a balance between caregiving and having a full-time job? Here are some things I learned: Get organized. That means organize your life so you can be effective at both caregiving and your job. I started my mornings an hour earlier than usual. This way I was able to get in some early morning meditation, breakfast and get a jump on my paperwork before I was flooded with emails and phone calls. I also set up a calendar for my mom, so she could easily keep track of her doctor appointments. The family invested in a 30-day pillbox, with an alarm that made it easier for my mom to know which pills to take and when. Reach out for help. Though my sisters lived on the opposite coast, they came out to help care for my mom. While a full-time nurse wasn't necessary, we were able to have a nurse come in twice a week to check on my mom and her medications. The home health nurse was covered by Medicare. This assistance from others was invaluable. I was able to regroup and spend time on things that needed my attention at home. Make time for yourself, even if you only have 30 minutes to spare, spend it on you. The "me time" can be used to relax, meditate, spend time with friends or just take a long bath. You also need to take care of your health. Get in some exercise like a nice walk and eat well. If you start to feel ill, make time to get medical attention. You can't be of assistance to a loved one if you are not healthy. Talk to others who might be in the same situation. Reach out to peers who have also taken care of an ill or aging loved one. Not only are these people be a source of wisdom and encouragement, but they will help you feel you are not alone. Juggling care giving and full-time work is never easy. But if you have a plan, doing both is possible. Leslie Smith is a lifestyle strategist for women over 50. For more from Leslie check out her blog at [http://www.reinventinggrandma.com] Article Source: https://EzineArticles.com/expert/Leslie_C_Smith/228387 For more Healthy Living: How to Boost Your Sleep Quality as You Grow Older Do you want to know the 6 Myths of Retirement? Of course, you do! Myth# 1: How much should you save for retirement ~ “Your retirement plan and withdrawal strategy should be as unique as you are, taking into account your current finances, future income, goals and dreams along with many other considerations.” Myth# 2: Medicare will cover healthcare needs during retirement ~ Medicare can be a godsend for doctor visits and hospitalization costs. However, it does not cover most long-term care needs such as extended nursing home stays, assisted living and many types of home health care. Keeping health care costs in mind is a vital part of retirement planning. Myth# 3: I can’t count on Social Security ~ You can’t count on Social Security payments to cover all your retirement needs. However, it can make sense to estimate what your payments will be as part of your overall retirement planning and budget. Consider delaying Social Security payments beyond your full retirement age up until age 70. You may receive significantly larger monthly checks. We have provided a link to a Retirement Income Calculator for your use...Click Here  Myth# 4:
I can work as long as I have to ~ Did you know that half of all early retirements are due to illness or disability? Also, finding good paying jobs later in life can be difficult. The bottom line: it’s probably best not to rely too much on income that you may make during your retirement. Myth# 5: I’ll spend less and pay less taxes in retirement ~ You may actually be spending more in retirement than you thought. Think about traveling, visiting children and grandchildren as well as pursuing new hobbies and activities. It all takes money! Myth# 6: Home situation will stay the same ~ Moving is often a major part of retirement. You may decide to move closer to family members. Or, you may need an assisted living situation or an area with more transportation and maintenance services at hand. Retirement Income Calculator - Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement. Your annual savings, expected rate of return and your current age all have an impact on your retirement's monthly income. View the full report to see a year-by-year break down of your retirement savings. Make sure you consult with a certified financial planner (CFP) and/or a lawyer with expertise in finance issues for retirement. Avoid the 6 Myths of Retirement. For More… And More... 6 Myths of Retirement – Plan Now!  Q: What do most Americans cite as their #1 fear during retirement?
A: Running out of money. If you are living in a primary residence, plan to stay a minimum of 18 months and have paid your mortgage and creditors on time for the last two years, you might want to consider a Reverse Mortgage. DID YOU KNOW?
A reverse mortgage offers options, flexibility A reverse mortgage can help homeowners at least 62 years old age-in-place, maintain independence, retain home title ownership, gain access to home equity that earns compound interest tax-free (and is non-taxable when drawn on) or double their purchasing power to get a newer home. They enable older Americans to borrow against the equity in their homes to help fund retirement needs without having to make PI monthly payments as required with traditional “forward” mortgage or home equity loans. Funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, refinances or passes away. A reverse mortgage was a “win” for many local Coloradan clients of Kevin Guttman’s, including:
Is a reverse mortgage right for you? A Certified Reverse Mortgage Professional can educate you about your specific numbers and what you might quality for, as well as provide an analysis of your situation, so you can make an educated decision. All reverse mortgage borrowers are required to get counseling from an independent, third-party, HUD-approved counseling agency. A reverse mortgage does not have to be complicated when you have a professional’s help! Let Kevin Guttman help guide you through the Reverse Mortgage application and arrange for an appraisal of your property after receipt of your HUD counseling certificate. He can process the necessary paperwork, including a title report and the checking of balances of liens/mortgages to be paid off. Once completed, the documents will go to a loan underwriter for final approval. You will work with your reverse mortgage specialist to satisfy any conditions or requirements needed to close the loan. Learn more at ReverseMortgageRevolution.com. Certified Reverse Mortgage Professional (CRMP) -- An elite designation Guttman, a reverse mortgage specialist with C2 Financial Corporation, recently achieved Certified Reverse Mortgage Professional (CRMP) status, joining a group of 176 such designated individuals nationwide who currently hold the designation. He passed a rigorous exam and background check, demonstrating a competency in reverse mortgages and dedication to upholding the highest ethical and professional standards. “Achieving this milestone is a testament to my commitment to reverse mortgages,” said Guttman. “The process was long and arduous and adds to the level of expertise maintained by me and our firm.” In addition to his CRMP designation, he also earned a Military Mortgage Designation to better serve veterans. Prior to his current career, Guttman was a fundraiser, campaigning for the less fortunate in need of clean water, medical clinics, schools and small business loans. He is also an ordained minister and best-selling author. The real estate business is multi-generational in the Guttman family, as Kevin’s father was a REALTOR®/real estate investor and he currently works with his wife of 33 years, Sabena. Client referrals drive business Guttman and his team have been serving Colorado families by referral since 2004, earning five-star reviews from clients online. Credit up to $750 is given at closing for the appraisal, with 10% given to charity. View YouTube videos here. Call 719-302-5820 or 877-251-9709, or email kevin.guttman@gmail.com. Q: What do most Americans cite as their #1 fear during retirement?
A: Running out of money. If you are living in a primary residence, plan to stay a minimum of 18 months and have paid your mortgage and creditors on time for the last two years, you might want to consider a Reverse Mortgage.
A reverse mortgage can help homeowners at least 62 years old age-in-place, maintain independence, retain home title ownership, gain access to home equity that earns compound interest tax-free (and is non-taxable when drawn on) or double their purchasing power to get a newer home. They enable older Americans to borrow against the equity in their homes to help fund retirement needs without having to make PI monthly payments as required with traditional "forward" mortgage or home equity loans. Funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells, refinances or passes away. A reverse mortgage was a "win" for many local Coloradan clients of Kevin Guttman's, including:
 You are in retirement or moving towards retirement and you receive an inheritance. What do you do with the money or the property?
The answer depends on several factors. What is your current financial situation? What do you expect your financial situation to be in the short term and in the long term? Too many people have little or no idea because they have not done proper planning during the income producing years. You definitely should not expect an inheritance to pay for the rest of your life. Things happen. People live longer. Your planning should revolve around your resources, not someone else’s. After evaluating your Money Life, it is time to figure out what to do with the inheritance. Write down your goals (with your spouse, of course). Put together a plan. Then, take action; follow your plan. If you wish to work with a financial person, choose someone who is a fiduciary, someone who by law must put the client first, someone who does not make money by selling financial products. If you don’t need the inheritance, think of your Legacy. Your legacy is what you pass on to your descendants as well as your personal contribution to all mankind in the future. Pay it forward; leave the world a better place than you found it. Money Coach Bill Stanley is a Registered Investment Adviser, a fiduciary who does not sell financial products. He educates and he coaches. Bill’s passion is financial literacy for all. His book, “Money Sense for Young Professionals” is a perfect gift for that child or grandchild who is interested in a better money life. Bill has started a private nonprofit, the William Stanley Foundation, as part of his legacy. |
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