It May Not Always Be Pickleball Time.

Do you ever think about growing old? Like for real? Because if you’re lucky, you’ll grow old. I think when most people who never spent a day of their life in elder care think of growing old, they think of vacations, gardening, getting up after 9 AM and afternoon naps. The reality though is you just may be one out of the nine people who develop Alzheimer’s dementia over the age of 65 according to the 2022 Alzheimer’s Disease Facts and Figures Special Report by the Alzheimer’s Association. That is, if nothing changes by the time you reach that age.

The odds are that number is most likely a bottom average as people of color continue to be the least properly diagnosed and supported population. Not to mention, according to the same study, people aged 65-74 years or 1.75 million, are living with dementia. That’s a lot. With the official retirement age set at 67 for most people working now, if someone develops dementia at 65, they won’t even make it to retirement. What’s even worse, besides their dreams being smashed, is their spouse, partner or family is often left completely unprepared for this tragedy that’s often been called the long goodbye. And what’s not talked about often enough, it isn’t just a long goodbye to their loved ones, or even their dreams, but to all the financial reserves they’ve worked so hard to save over their years.

The reality is, growing old is hard.

Unless you are rich, it will be even harder if you don’t prepare early. And there’s no such thing as too early. You might be well aware of that phenomenon of the years starting to fly once you reach 20. One minute you’re celebrating your 21st birthday and next thing you know you’re in your forties wearing out a hamster wheel somewhere. Having worked in senior care for over twenty years I have seen people’s lives be completely devastated by the ailments of aging (because dementia is certainly not the only ailment) and I have seen what other families did to prevent a complete ruin of their nest egg.

“You can’t enjoy your wealth, without your health.”

The best thing you can do to prevent a collapse of everything you built your entire life is to stay healthy, for as long as you can. My dad always said, “You can’t enjoy your wealth, without your health.”  With all the advancements in healthcare we now know that many ailments can be prevented, if not mitigated. A National Institutes of Health study found that midlife heart disease, diabetes, high blood pressure, and cigarette smoking are linked with a higher risk of developing dementia. There’s a saying that goes, “What you do today, you pay for twenty years from now.” It’s definitely something to think about. Another thing to consider is the prevalence of increased marijuana usage with its legality across the country. Time will only tell what affect that will have on the user’s brains as they age.

Long-Term Care Insurance

Financial health is the next thing to plan for. This is definitely something a lot of people in their forties are trying to catch up on. They have struggled through so much college debt, recessions, ever increasing inflation without wage matches and etc. But, it’s never too late. Having worked in senior care for over twenty years, below are a couple things I have learned from those who planned well.

Long-term care insurance has been a viable choice for some people I knew as it paid for their attendance at an adult day care, home care and also assisted living while protecting their other assets. People are often shocked to find out that Medicare will not pay for long-term care so it’s important to have a back-up plan. Some long-term care insurances are stand-alone while others are a hybrid policy where it’s a rider on a life insurance policy and it will take from the payout value of the life insurance plan to pay for care.

Long-term care insurance isn’t cheap, but it is definitely a nice safety net as the cost of assisted living can run up to $55,000 per year , skilled nursing homes up to $100,000 and adult day cares up to $30,000 per year. With costs like that, I don’t know many average folks who could bare that financial burden for very long. The cost of coverage of course depends a lot on age and health. The best thing to do is some research and as always, shop around.

Can a Trust be Trusted?

Another option I hear about a lot from the people I work with is that they put their assets in a trust. I don’t know enough about trusts to explain them, but I do know there are many kinds of trusts. The three most known and utilized are Revocable, Irrevocable and Medicaid Asset Protection Trusts. I knew a gentleman whose wife was in a nursing home. Years before she needed long-term care, they established an irrevocable trust and they named their niece as the beneficiary. They were a childless couple, and their niece was very close to them, and they trusted her.

When the trust had a distribution, she would cut them a check, so they’d have some additional income to live on besides social security. This is definitely a very restricted way of living but a length this couple went to. If you would like to learn more about trusts, Valur has a fairly decent breakdown of all the different types of trusts. It’s worth it to invest some of your free time now into learning about all the different financial paths to security in your senior years.

You Worked Hard, Find What Benefits You May Be Entitled To.

One of the bigger issues I find is the lack of information dissemination about social programs for our seniors. I get calls all the time from community members who are struggling finding care for their loved one while they work, or that they need help paying for care and don’t know who to turn to. I often wonder what kind of resources the doctors are supplying their patients.  A person receives a diagnosis of dementia and the doctor says “good luck, have a nice day”.

 There is help out there, even for those who think they may not qualify for anything. I always tell people, you never know and it’s worth it to check. One of the first places a person can go to find help for an elderly person is BenefitsCheckup.org which is a free resource from the National Council on Aging. Another resource is to call your local Area Agency on Aging. Most counties have them and you should ask for an assessment. A county case manager will be able to tell you what benefits may be available to you or your loved one. Be prepared for a decent wait to get an appointment as most county social programs run on skeleton crews. But it is worth that wait.

Old Age is No Place For Sissies. -Bette Davis

My main concern as I grow old is not to be a burden on my family members. A lot of people think it’s the children’s obligation to take care of their parents. I do not. I come from the school of thought that my kids didn’t ask to be born. It was my obligation to raise them, and they owe me nothing. If out of love they want to care for me, that’s another story. But obligation doesn’t fly for me. They will have their own lives, their own struggles. I have been firsthand witness to children caring for their parents, their own kids and all while going to work and managing a household. It’s too much. Not only does it put a strain on the children’s lives, but it puts strain on their marriages as well.

When thinking about growing old, keep in mind not only finances, but your interpersonal relationships. Aging is a complex issue with so many things to take into consideration. One must think of asset protection, care planning, where you might live or even if you’ll be able to drive. Planning for your senior years must be a thoughtful process. With the help of the internet and the advice of other seniors who are doing it well, it’s possible to lay out a good plan. Because if you’re lucky, you’ll grow old

What is the view from your window about growing old?