Aging in Place Requires Savings

Would you like to age in place?  Stay at home, or maybe an in-law apartment with your kids, or at one of the South Shore’s many wonderful independent livings?  Here’s the bad news: If you start to need help with daily activities, like showering or meal prep, bringing in that care will cost money.  (Do I help people plan to access public benefits for home care?  Yes.  But public funding alone is not enough – even if we can secure that, you will still need to hire additional private help.)
 
When clients come in for a planning session, a few days earlier they drop off bank statements for all their accounts.  The day before our planning session, I’m reviewing those statements looking for several things, but one might surprise you – it has nothing to do with the law – I’m looking at your spending habits.  And if I see what looks like excessive or unnecessary spending, I’ll point it out.  Why?  Because I want you to have more money, because you will need it to be able to stay at home and bring in care.
 
For example, if I see a really high cable bill, I’ll ask you if you really watch all those channels.  And if I see an extraordinary utility bill, I’ll suggest you call MassSave to do a home energy assessment.  And if I see something that looks like a bogus scam, even if it’s just a few dollars per month?  I’ll point it out just because it makes me mad that some people think it’s OK to take advantage of you.
 
If you love eating out, or vacationing, or spending time on your boat, by all means, do it.  But if there’s an easy and painless way to trim some unnecessary spending?  Do that, too.  Squirrel away the extra acorns so you’ll have them to bring care into the home and stay independent for longer.

Until next time, take care…