Retirement Planning for the Unexpected

As we get older, we start to think about retirement and what it will look like for us. Our first thoughts are about the daily grind we put our bodies through for so long. Then we start to think about daily life – sleep a little longer, start to exercise, fix the house up, plan a vacation, make it to happy hour and spend more time with the family. All great thoughts until life takes an unexpected turn.

I had the pleasure of speaking at Town Square recently, an adult day care center. In the past, I visited assisted living and nursing homes facilities, but this experience was a pleasant surprise. The staff was friendly, lively and interactive with the members. The members were very upbeat and socialized with each other. You could feel that they enjoyed coming here to be with friends. Many of the people were in wheelchairs and had some form of dementia. But the interaction they had with each other seemed to reduce the effects of their illness.

Speaking to the family members was a different situation. Although they agreed that this type of facility was helpful to their parents or spouses, the hardship they encountered when they took their loved one’s home told a different story. The thoughts of vacation, going to happy hours, sleeping a little bit more or exercising were not part of their reality. They were either taking care of their loved ones 16 hours a day or asking family members to assist.

One woman shared that she was taking care of her mother without any assistance. The woman’s brother promised to help care for their mother for six months and share the responsibility. But when her mother’s house was sold and she took the first six months with her mom, she was informed by her brother that his six months was not going to happen.

She has the power of attorney for her mother. For it to be in effect, two doctors need to sign the documents which has not happened yet. We discussed steps she can take to improve her situation.

Planning is vitally important for aging parents or unexpected challenges. To prepare for the unexpected, one should have their important documents organized and personal wishes documented. This includes assigning a power of attorney, living will, medical records, financial documents, and important personal documents such as a birth certificate and social security card.

Meeting with a Certified Financial Planner with years of experience in the retirement arena can guide you in creating a retirement plan that meets your goals and prepares you for the unexpected.

Book a Free Consultation online at duffyfinancialplanning.com.