Elder Care Planning: Is It Time to Start?

 The truth is, we all will think about retirement planning – we all want to retire someday to enjoy the fruits of our working life labor.  We plan for where we will live, what we will do with all of our free time, and how we will pay for all of those things as we enjoy our non-working years.  What we don’t often plan for, or even want to think about, are those things that we don’t plan for – things like health care issues or the need for change in living arrangements that may happen as we age.  There is a need to plan for this part of retirement, as well.

How do you know if you have planned well for ALL of your retirement; that you have planned for the “what-ifs” to help ensure that your future retirement – all of it – remains on track and can be successful?  You might consider starting with our Future Care Strategies Checklist. By taking 5 minutes to consider issues relating to your estate planning, financial planning and future care preferences and plans, you can determine if there are additional areas that need to be addressed in your future retirement planning. 

We believe that it is important for all individuals to have as much control over their lives – for their whole lives – as possible.  Work with your financial planner to make sure that all of your future planning needs – not just the financial aspects – are in place before a crisis occurs.  Take a few minutes today to make sure that your planning is complete.

This is the first in a monthly post (2nd Thursday of each month) that will address Elder Care planning topics.  If you have a specific question or issue you’d like addressed, please contact me at Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP® is a Partner and Financial Planner at Center for Financial Planning, Inc. Sandy specializes in Elder Care Financial Planning and is a frequent speaker on related topics. In 2012 and 2013, Sandy was named to the Five Star Wealth Managers list in Detroit Hour magazine. In addition to her frequent contributions to Money Centered, she is regularly quoted in national media publications such as The Wall Street Journal, Research Magazine and Journal of Financial Planning.

Five Star Award is based on advisor being credentialed as an investment advisory representative (IAR), a FINRA registered representative, a CPA or a licensed attorney, including education and professional designations, actively employed in the industry for five years, favorable regulatory and complaint history review, fulfillment of firm review based on internal firm standards, accepting new clients, one- and five-year client retention rates, non-institutional discretionary and/or non-discretionary client assets administered, number of client households served.