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Aging Parents - Perfectly Imperfect Families Financial Services
Some things to consider
Getting older is a natural part of life—but without the right financial preparations and strategies, it can be very stressful and confusing. Retirement planning involves forecasting your anticipated expenses as you age (including new medical expenses) and creating savings and investment plans that can cover those expenses. Those financial challenges can also impact adult children. At Perfectly Imperfect Families, we specialize in providing retirement advice online so our clients feel more confident and comfortable approaching retirement age. Start your own preparations by learning about common financial challenges and then meeting with a reputable retirement financial advisor. orper mattis, pulvinar dapibus leo.
Financial Challenges of Aging Parents
Most people already know the value of saving for retirement and old age. However, predicting how much money you’ll need for new medical concerns and expenses is difficult. Some of the most common challenges that aging parents and their families experience are:
- Medical costs for illnesses, chronic conditions, sudden falls, and surgeries
- Long-term care costs for recovery and chronic conditions
- Assisted living, caregiving, or using home costs
These costs are very unpredictable and, without proper planning, can leave families having to make medical decisions based on finances rather than health and quality of life. That’s why the retirement financial advisor team at Perfectly Imperfect Families is committed to providing education, resources, and services that help aging parents prepare.
Financial Solutions for Aging Parents
The best approach to address these financial concerns is to prepare early: the longer you grow your retirement accounts, the more stable your financial situation will be. Proactive planning also means you aren’t left simultaneously handling medical and financial emergencies. Aging parents need to consider two different financial concerns: how to pay for medical and retirement costs and how to ensure their finances are managed well if they are no longer able to do it themselves. We often help our clients with these solutions:
Long-Term Care Insurance
This is an additional type of coverage that covers some or all costs associated with long-term care and management of chronic conditions. Depending on the type of policy you choose, it can cover caregiving services, assisted living costs, home health care, and more. Policyholders can pick policies with different per-day payouts, days of coverage, and additional riders.
Annuities
An annuity program will pay out installments based on paid premiums over time, converting retirement savings into predictable payments. Depending on the type of annuity you select, you might:
- Have fixed payment amounts or payouts that carry based on market activity
- Receive immediate payout or have a deferred payment schedule
Your insurance provider will manage the policy so you have a predictable income cycle throughout retirement.
Living Trusts
Living trusts are a tool for managing your estate and wealth while you’re in retirement. Aging parents can proactively establish where they want their assets to go and how they want those assets managed. Not only does this protect them from financial scams and potential elder abuse, but it also helps the estate avoid probate. Adult children can then address end-of-life care costs and funeral arrangements.
How Perfectly Imperfect Families Can Help
Retirement planning is essential for every stage of life, and adult children can help their parents by finding a reputable retirement advisor experienced in retirement strategies, living trusts, and comprehensive retirement planning services. At Perfectly Imperfect Families, we provide financial guidance, including advice regarding insurance policies for aging parents, so your family has more financial peace of mind. We can help you by creating a tailored plan based on:
- A detailed needs assessment
- In-depth financial planning
- Investment advice and access to investment strategies and resources
- Long-term care insurance planning for anticipated and unanticipated medical needs
Navigating Aging Together—A Partner in Perfectly Imperfect Families
Financial planning alone is hard work, and trying to navigate medical expenses, insurance, and long-term retirement planning can quickly become overwhelming. Reach out to a retirement financial advisor at Perfectly Imperfect Families today for expert guidance and friendly advice to get started.