How To Prevent The Necessity Of Intergenerational Living
You raised your kids to be independent.
You taught them to take care of themselves and to plan for the future. The question is, did you plan for your future well enough? Did you plan to be independent of your children as you age? Did you plan wisely in the event you’ll need long-term care?
Many older Americans who didn’t anticipate the 2008 recession lost their retirement savings and/or their jobs. Many of them have not been able to bounce back. Despite the fact that they saved, many did not have a solid financial plan in place designed to protect them when the market went south. And, truth is, few saw that coming.
Perhaps as a direct result of this we are seeing more and more older Americans moving in with their adult children out of necessity. In some circumstances it might be the ideal arrangement. When children love their parents so much that living together is not a challenge, everyone benefits. But in many instances that is not the case.
It May Not Be Too Late To Reclaim And Maintain Your Independence
If you are in your 60’s and have not yet put a plan in place for your elder care, there is not a moment to lose. Even if you were hurt in the economic downturn of the last recession, you might still be able to create a plan that will serve your long-term care needs.
You may very well be able to avoid moving in with your children. And that may come as a relief to you both. But you will need a well thought out plan in place that takes advantage of every resource that you are legally entitled to.
Work With A Financial Advisor
Working with an experienced fiduciary financial advisor experienced in elder care is essential. There are many financial strategies specifically designed to preserve what funds you currently have instead of attempting to grow your funds. There are financial plans that can also put you in a solid position to weather the next recession or financial downturn.
Whether living with your adult children or on your own, what would happen if you were to have a debilitating stroke or another unexpected illness or accident? You must anticipate being able to have access to the care required in these types of events. Long-term care insurance is integral. A reputable, experienced financial adviser can offer a number of solutions that can safeguard the money you have now and also provide you with enhanced, long-term care benefits.
Give us a call today and we’ll be happy to help you consider all the possible scenarios and possible outcomes and create a balanced plan to help you face your elder years with confidence. And without having to move in with the kids, unless you really want to.