If your aging parents were to have a medical emergency, could you provide the vital information doctors would need to care for them? Do you know the names of your aging parents' doctors? Is your mom taking any medications? Has your dad ever had any surgery. If you are like most people, you don’t have some of this vital information at your fingertips. The fact is most seniors and their adult children are not prepared for what lies ahead. In addition, the country itself is not prepared. Did you know that 3.5 million Americans reach the age of 55 each year? Or that one-third of our country's population, or 70,000,000 people will be on Medicare and benefiting from Social Security by 2030 according to the U.S. Census Bureau. Today’s medical infrastructure is (number of geriatric specialists and others with geriatric training) simply is not adequate to deal with a mass influx of older patients. Our government has not been able to articulate a solution to the current and future financial needs of this age group. Individuals are better off relying on their own planning.
It would be nice if we all lived to a ripe old age with no bumps along the way. If you are concerned about aging relatives or if you are a senior citizen, this book can provide invaluable guidance. An old line goes, “I want to die like my grandpa – peacefully in my sleep, not screaming like the other three people in his car.” But the end of life likely will involve more complexity.
We live in a time where many adult children find themselves needing to be responsible for their aging parents care. Their care may include all aspects of life; physical, mental, emotional, and financial. The roles of the parent to child can become reversed as the adult child’s responsibility increases through needing to make decisions that impact the parent’s daily life. The family dynamics can quickly change leading to increased stress. The added stress caused by such change can cause conflict, hurt feelings, and in extreme cases, a total breakdown of the relationship.
The amount of stress can be reduced with proper planning focusing on how to best meet their needs. With proper planning, when a crisis occurs, everyone can navigate the difficulty and avoid many of the traps that result in poor decision making and damage relationships.
Proper planning can occur when working with a Certified Financial Planner that specializes in helping deal with aging parents. A counselor with experience working with families can also be a valuable asset. The financial planner and counselor provide a whole person team approach aimed at meeting the needs of the aging parents and the adult children.
Consider the following:
1. The life expectancy of a senior citizen with a fracture is significantly reduced.
2. The average cost of long-term care nationwide is approaching $56,000 per year.[1]
3. Among 80-year-olds, 50 % will be afflicted with Alzheimer's disease.[2]
As a financial planner, much of my profession focuses on investment returns. So why would a financial planner write a book about aging? Here’s the answer: In my career I've seen the effects of a financial services industry that plans for the future without taking into account the future mental and physical condition of the individuals it aims to assist. Contrary to popular belief, the greatest risk facing retirees is not the stock market, nor inflation, nor the solvency of Social Security. The future health of a client is the single greatest factor in determining the success or failure of their financial plan.
A stroke, or fall or the onset of Alzheimer’s can eat up almost any size estate, but money is only one contributing factor of this issue. One-third of all senior citizens' caregivers are relatives or friends who many times put their lives on hold to fill that role. Their labor of love often leaves them exhausted. Decisions regarding the type of care or physical placement of an ailing senior often create a crises environment since the need typically rises without warning. The chaos that erupts when family members are told that an aunt can’t live on her own is beyond description.
The impetus for this book stems from a combination of the things I have witnessed in 25 years of giving financial advice and interviews with physicians, social workers and family members of ailing senior citizens. Amazingly, much of this chaos and stress is almost entirely preventable.
For more information, contact David Disraeli at 512-464-1110
[1] United Seniors Health Council, a nonprofit group in Washington, D.C
[2] Alzheimer’s Association of America