BUILD A PLAN

Put together a proactive aging strategy as part of your retirement planning to address the potential risks of dementia, Alzheimer’s, and diminished capacity. Your aging strategy should address:

• Estate and Legal Documents

• Health Care

• Finances

• An Emergency Action Plan

Planning ahead is the best gift you can give yourself and your family.

FIND SUPPORT

When people think about estate planning, they usually focus on creating a will, but for solo agers - there are two additional pieces that can't be ignored.

1. Finding a durable power of attorney for your finances and

2. Finding a durable power of attorney for your healthcare.

This means choosing individuals to handle your financial and healthcare decisions if at some point you can't. A trusted support team can help protect you from exploitation when you're most vulnerable.

In order to find advocates, solo agers need to actively maintain meaningful relationships and stay engaged in social communities.

GET A TEAM IN LINE

A trusted support team can protect you from exploitation when you're most vulnerable.

Your team should have:

• A Health Care Durable Power of Attorney

• A General or Financial Durable Power of Attorney and

• A Successor Trustee

Choose family members and friends you trust that are responsible and decisive. Advocates can be the same person, but don't have to be. Choose based on the skillset of individuals in your circle. Always keep backups in mind.

Lastly, round out your team with a financial planner and an estate planning attorney. They can help you select the best individuals for each task and help them navigate decisions in your absence.

KEEP YOUR SUPPORT TEAM STRONG

The average amount of time caregivers spend providing unpaid care for loved ones per week is 23.7 hours. For working caregivers, this means making accommodations that can result in the loss of substantial future wages and compromised retirement planning.

A trusted support team can protect you from exploitation when you're most vulnerable. Consider reciprocating by protecting your team too.

Help your caregivers:

• Plan ahead as much as possible before their caregiving duties begin.

• Work with their employer to see what arrangements can be made stay employed while being your caregiver.

• Plan how to share responsibilities with other advocates on your team ahead of time.

• Work with a financial adviser to plan their retirement with caregiver duties considered.

KEEP YOUR ESTATE PLAN UP TO DATE

A lot can change overtime - tax law may change from one administration to the next, your individual needs may change, or your family may change with the addition of grandchildren.

These are all practical reasons to keep your estate plan up-to-date. Remember, your estate plan helps assure your welfare is handled with care when you are unable to make decisions for yourself - a time when you are most vulnerable to financial exploitation. Make sure your Health Care Durable Power of Attorney, Financial Durable Power of Attorney, and Successor Trustee are reviewed regularly.

Most industry experts recommend reviewing your estate plan every 3-5 years.

CHECK YOUR CREDIT SCORE

If you are an older adult, it is important to put safeguards in place to protect yourself from Financial Fraud and abuse.

For example, check your credit report annually and utilize credit monitoring services like EverSafe to protect you and your family against financial abuse and identity theft.

FREEZE YOUR CREDIT WHEN NECESSARY

If you find yourself a victim of fraud or identity theft, you can freeze your credit account in four easy steps.

• Step 1: Gather Information like your social security number, date of birth, and address.

• Step 2: Contact Equifax, Experian, and Transunion credit bureaus to freeze your credit.

• Step 3: Thaw your credit when needed. Unfreezing credit requires the same process.

• Lastly, Step 4: Stay vigilant by reporting anything that seems suspicious.