The onset and progression of memory loss is one of the top concerns of American adults as they prepare for and enter retirement. Everyone knows it’s important to think about end of life preparations, but far fewer are prepared for memory-related illness even though it afflicted 5.7 million adults last year.
To get ahead of this life-changing situation, it’s helpful to ask a few simple questions:
Do you have a Power of Attorney in place?
If someone becomes disabled a Power of Attorney is a powerful instrument to make sure their intentions are carried out and that necessary changes can be made. Make sure that a Power of Attorney is in place both for health care as well as finances.
Is someone else aware of your finances?
All the savings in the world can’t help you if they can’t be found. Make sure someone close to you understands your money and investments and has the necessary approvals from banks and brokerages to help.
Have you investigated strategies to protect your assets?
Long term care providers like assisted living are very expensive. With proper estate planning, it may be possible to minimize or avoid paying these large expenses yourself.
Have you consulted with an estate planner?
The financial landscape is complex, and even the most well-studied individual might be caught off-guard by new developments such as the 2019 Pension Protection Act and the 2020 CARES Act. Consulting with a financial professional who specializes in the issues faced by seniors is an important way to make sure your future is still on track.
Bill McCarthy and Associates has cared for seniors and their families in all stages of retirement for over twenty-five years, helping clients understand and refine their finances as well as preparing for the future. For a free consultation please leave your information below.