The plan we would rather avoid

The plan we would rather avoid

by Amber Idleman on Aug 6, 2018

Planning, Retirement

Many of us make plans for retirement, a new home, a dream vacation, a new car; but many of us would rather not plan for what our end will be.  We haven’t figured out immortality yet so we will all end our time on this earth.  Do you have a plan for that, or for your parents if you are responsible for them?  (And that is becoming more common.)

I read an interesting article related to this and there were several good suggestions.  One is to discuss with your family what your wishes are.  A medical power of attorney is a good idea.  Many people I have talked to do not want extraordinary measures taken at the end of their life.  As one client told me, “if it is time to go, it is time to go”.  It is important to have these wishes expressed in writing and someone designated to ensure they are carried out.  Along those lines, you can discuss with your doctor what options are available for end-of-life-care. 

Talking to a spiritual advisor can help you work through some of these decisions. 

Consider the financial goals and implications of the final years.  Memorial services can be significant.  And a living facility or in-home care can be financially devastating.  For example, I attended a conference recently and one of the presenters told us about a couple who had experienced the financial impact of long term care.  In their early 70’s the husband had a stroke and eventually came down with dementia.  His wife had to bring in a care team as she could not take care of him by herself.  They were well off financially and were able to pay for all of his care until he passed away in his late 70’s.  However, his surviving wife only had $70,000 left when he died and had to move in with one of her children. 

Most people do not want to be a burden on their spouse or children. I strongly urge everyone to start planning for this now to eliminate or ease that potential burden.

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