Stages of Retirement
It has been said there are three stages to retirement: the “ go go “ years, where you do everything you couldn’t while working and raising kids, (like traveling the country) the “slow go” years, where you take things a little easier, and the “no go” years, where you no longer have the mobility you once had. Lack of mobility can take many forms, from physical issues, to mental issues. Whatever the cause, this is referred to as incapacitation, where one can no longer do everything for themselves and needs aid in daily activities. Keeping it simple, there are usually four conceptual methods to deal with this: home health care, adult day care, assisted living or nursing home. Each of these can be burdensome and expensive to the family. The average cost of a nursing home in Texas is now $7000 a month, and prices are even higher on the east and west coast. That’s over $85,000 a year. Just 10 years stay could drain $850,000 out of family wealth, causing struggles for a surviving spouse and leaving much less to leave as inheritance. Addressing medical concerns and having a properly prepared plan in place, in estate documents, can make a huge difference, and also can make sure your wishes are addressed.
Are your prepared for future Health Concerns?
Here are just a few things to think about:
- Physical Limitations
- Mental Limitations
- Home Health Care
- In Home Aid
- Nursing Home
- Adult Daycare
- Assisted Living
- Retirement Home
Medicare is usually not an ideal scenario. In pre-planning for long term care there are many factors. If you are impoverished and thus can possibly qualify for Medicaid, then Medicaid will take your Pension and Social Security. Medicare will decide where you receive care. After you and your spouse have passed, Medicaid may liquidate certain of your remaining assets to recover some of their costs. As a firefighter friend said to me, “would you rather plan for a fire before it starts, or once you’re in the middle of it?” The answer is obvious. Medicare has a 5 year waiting period, if you are planning to give your assets away so you can qualify for Medicaid. So if you do no estate planning, and then incapacitation becomes an issue, Medicare becomes crisis planning. The odds of leaving behind what you initially intended to, are then greatly diminished, as rushed decisions must then be made, and with limited options then available. Contact us today to help you establish a properly drawn up plan, that’s right for you and your family.
“Would you rather plan for a fire before it starts, or once you’re in the middle of it?”
