Solo Aging: Preparing for the Unexpected
There is something special about working with older adults. I appreciate their wisdom from many years of experience. I enjoy listening to their stories about their past and present adventures. As a kid, I especially enjoyed spending time with my great-grandmother who would tell a story about how she met my great-grandfather. It didn’t matter how often she told the story, it was fascinating each and every time I heard it.
I have quite a few clients that are solo-agers. Some were never married, have no children and no siblings. Others are widowed and living alone. As a financial advisor, I help them manage their investments, create a retirement income stream and review their overall financial health, as you would expect from a financial advisor. Yet, I also meet with them at their home and make a point to get to know the other important people in their lives. I recommend other resources they may need, such as case managers and estate attorneys. I check in with them and make sure they follow up to get the requisite care they need.
My clients are like family. As the oldest of four kids with aging parents, caregiving is a role that comes naturally. Within that role, I see that people are living longer and with the rising cost of healthcare, solo-agers can quickly run out of money. One client has 24/7 in-home care that easily costs $20,000 a month. This care can last for months, even years, and can quickly deplete savings.
Another client has the onset of dementia and I have seen a steady decline over the last year. They are aware of forgetting things but still want to be self-sufficient; for example, taking the lead to contact a care manager for assistance. For the last six months, I have inquired whether they had reached out but they had not. There is recognition of the declining situation, as they recently asked me how to finance in-home care. With no family members, this client had set up a durable power of attorney with their estate attorney many years ago. Luckily, a doctor reached out to the durable power of attorney who is now actively helping to get their affairs in order, along with the necessary care.
Being prepared for the unexpected is more important than ever with people living longer and many living alone. It’s essential to have a plan so that if something happens that affects your health and/or your finances, you will know what to do. More importantly, you will be well cared for as someone steps in to ensure you are safe, healthy, and happy. This is vital for everyone but especially for solo-agers.
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