There are plenty of conversations that can make us feel squeamish, reluctant, or just downright uncomfortable. As a parent of three kids ages 20, 18, and 11 I have gotten comfortable with “The Talk” you have with your children. For me, the first time through was given with a discernable quiver in my speech, but as they say, practice makes perfect. Lately, “The Talk” I find myself having with a lot of clients is the one about Health and Housing. Frankly, I am not sure which one is easier, but I do know they are both important!
What is your Housing Plan?
As comprehensive financial planners, we are concerned with helping our clients lead a more fulfilling life. As you age, health and housing become critical elements that can determine the success of your retirement plan. Clients used to ask, “Will I have enough for retirement?” Now what I hear is, “Can I afford the type of care and housing I want?” This “Talk” is so much more than a conversation about nursing homes. Do you want to live in the three-story home where you raised your family? You know, the one with all those stairs and the lovely yard that seems to need so much attention? Have you had an expert come into your current home to suggest safety measures such as rails and bars in key areas? Is a first-floor condo in your future? Should you consider moving closer to one of the children? Should you buy or rent/lease? Do you want to involve your children or others in the conversation?
If you’ve asked yourself any of these questions, it's a sign that you need to have “The Talk”. Only you can determine the correct answers and, while “The Talk” can be a little intimidating and uncomfortable, the decisions will be much better if you develop a plan before a health or financial crisis. We are here to help.
Timothy Wyman, CFP®, JD is the Managing Partner and Financial Planner at Center for Financial Planning, Inc. and is a frequent contributor to national media including appearances on Good Morning America Weekend Edition and WDIV Channel 4 News and published articles including Forbes and The Wall Street Journal. A leader in his profession, Tim served on the National Board of Directors for the 28,000 member Financial Planning Association™ (FPA®), trained and mentored hundreds of CFP® practitioners and is a frequent speaker to organizations and businesses on various financial planning topics.
Any opinions are those of Center for Financial Planning, Inc. and not necessarily those of Raymond James C14-012690