65, 75, 85 When Do You Start Planning for Your Old Age?Posted by in Aging | Caregivers | Estate Law | Health | Home Health Care | Medicaid | Medicare | Personal Stories | Retirement
We plan for our Retirement at 65 but realize we may live till 95– what happens in between to help us maintain our lifestyle in the face of advanced age, possible health problems and finanncial concerns. Boca Home Care Services urges all Boomers and aging or elderly Seniors/Retirees to keep planning. We provide education, referrals and of course, Home Health Care.
So many people plan for their retirement. Sixty Five has been a target for a long time. When Social Security and Medicare were passed, that basically matched an American’s life expectancy. Now we can live well into our nineties, well past retirement or even a post retirement period. How do you make a life plan for the last DECADES of your life rather than the last years?
A caller phoned today stating her 93 & 94 year old parents have nearly used up their $100,000 line of credit from their home – on home care. (Too bad they didn’t call us $75,000 ago) The daughter wanted to know what to do. Her mother went into Hospice in seven months ago and is living with end stage cancer. Her father will not separate from her. They had always been independent and stubborn. They figured their six children would take care of them – those children are now in their sixties, some with health problems of their own. What they didn’t figure on, was living so long.
Neither is a war Veteran, their house is worth under $100,000 and they want to remain at home. There are a few people who can help, the Hospice Care Manager, a Geriatric Care Manager, a Financial Planner with expertise with Seniors, an Elder Law Attorney, Medicaid- Community Diversion Program and the family. They certainly need a specialst who can help them understand the limited resources available, the intricacies of the Hospice/Medicare/Medicaid system and how they may or may not overlap.
At Boca Home Care Services we urge people to plan, plan and plan ahead for their post, post retirement. A time when their health may be most compromised and their resources depleted. Invest in a Financial Planner and Elder Law Attorney. Learn what is possible and what may not be. Even most Long Term Care policies are just for a few years today. Living between the ages of 85 and 95 is a real possibility now, imagine how much further we Boomers can go.
So pick your number – 70- 75- 78- 80-82… whatever it is make it sooner rather than later. Put that stubborn streak to work for you– be stubborn about having to move out of your home because you can’t afford it any longer. Be stubborn about keeping your quality of life as close to what it is now as possible. Be stubborn about maintaining your independence by planning, not reacting to circumstances that you could/should have anticipated. We can see that our parents are outliving ages that they thought was even possible. Be stubborn about planning your lifestyle as you head towards 100.
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