Accepting changes and planning for them.
While change is a part of life no matter how old you are, many significant life transitions occur, which can have a profound effect on your daily life or that of an aging loved one (parents, in-laws, favorite aunt, etc.).
Whether your preference is to plan for eventualities or just improvise as they come up, most of us will face these transitions and have to deal with the implications. It may be something we personally encounter or help a loved one through. Regardless, there will be decisions to be made, having financial implications, which may impact one’s financial & life plan.
- Retirement: This is something that many look forward to. However, some miss the comradery from coworkers and perhaps haven’t filled their time with new interests and activities. This can result in feeling boredom, isolation, irritability, sadness, even depression, and anxiety. Thus, it’s important to start thinking of what activities you may enjoy as you age and get involved now.
- Health: Health issues can impact our daily life. Whether it’s chronic arthritis or pain, a sudden illness like a stroke or heart attack, the expenses of treatments or medications, or the onset of degenerative diseases such as Dementia and Alzheimer’s. It’s critical that we stay physically and mentally active as we age, but even the most physically fit individual will at some point have to make some lifestyle adjustments.
- Home Care Services: Many of us today employ the services of others for house cleaning, gardening, snow removal, etc., and as changes to one’s energy, health and abilities manifest, it might signal that it’s time for additional home care services. Could be assistance with shopping, cooking, grooming, or driving to name a few. These types of services are great alternatives for those who don’t yet want or need a residential option.
- Relocation to different housing: At some point, the costs and upkeep associated with a house may simply be a burden or be too much trouble. Many Canadians are moving to active adult communities that offer a variety of activities and home care services. As we continue to age and once one’s health and wellness are not sufficient enough to be on our own, even with home care services, one may need to tackle a significant life transition - moving in with family, a residential care facility or perhaps one day a long-term care facility. While most don’t like thinking of our later years, it’s comforting to have a plan and know our wishes will be carried out.
- Financial caretaking: The ability to make financial decisions can decline as we age. At some point, we may need assistance with paying bills, filing taxes, etc. It’s essential to have a financial caregiver who can legally offer support on financial matters for seniors.
Ultimately my clients want to know they are going to be ok and that their wishes will be carried out. I believe the best time to start talking about a client’s needs and aspirations for their 70s and beyond is decades earlier, before health, age and other sources of urgency generally begin to pile up. Ideally, I start these conversations with clients who are in their mid-50s, and no later than the early 60s.
If you are thinking of any of these or helping a loved one - what matters to you, matters to me. Let me be a part of your support team.
Contact me at 416-699-4550 or send me an email at firstname.lastname@example.org for a no-obligation consultation. You can also click here if you want to send me a question.