PLanning for Retirement/Aging Care

From My Recent Experience...

Ladies! This is really important, you'll thank me later. Have a sit down discussion as soon as you can with your own parents and your husband's about what their plans or wishes are about retirement, assisted living, nursing care, wills, living wills, etc.

As some of you know I spent my summer with my uncle who was recently hospitalized back in June. I have spent countless hours searching out sub acute care facilities, assisted living facilities, continuing care facilities, getting POA (power of attorney), documents notarized, chasing rehab therapists and giving lessons to social workers, dealing with ridiculous bankers. Leaving my job (again, countless hours without pay) to go after somebody to get them to do their job in caring for my uncle. I should've billed them!

DO YOURSELF A HUGE FAVOR NOW and get with those loved ones who are just around the corner from retirement themselves or recently retired and talk about the future. It would be much easier to have a plan of action now instead of waiting until something happens and you are thrown in the midst of the chaotic whirlwind of getting your loved one the best care affordable and trying to figure out what to do and how to do it (while at the same time running your own life and caring for your own family and personal issues).

It's a lot, trust me, but if you start talking about it now, thinking about what options might be affordable to your loved ones, you'll be much more prepared later. You should also start planning for your own retirement/aging care so as to not lay a burden on your kids. At least consider the costs and maybe meet with your bank's financial planner and see what types of free advice you can get.

There is also something called Long Term Care Insurance http://www.longtermcareinsurance.org/

* The average Ancient Greek lived until age 18. The median life span of a Puritan was 33. The average American life expectancy is now about 75 years for men, 84 for women. Over half of Americans will spend part of these these extended years in long term care situations.

* In 1994, 7.3 million Americans needed long term care (LTC) services at an average cost of nearly $43,800 per year. By 2000, this number rose to 9 million Americans at nearly $55,750 per year. It's currently near $75,000 per year. By 2030 those needing LTC will skyrocket to 23+ million Americans, with projected, individual long term care costs reaching $300,000 annually per individual!

Check it out, make a plan, COMMUNICATE with your loved ones!