We're still in halfway decent shape but are at the point that we need to put an updated plan in place to be sure we're covered for our senior years. I've seen a number of scenarios where people are totally unprepared and things go south quickly, or people make suboptimal decisions because circumstances change and they're in a rush to act.

That, and we're getting hounded by Fidelity and Vanguard to add a Trusted Person as a contact on our accounts in case they see any "usual activity" on our accounts. Are they trying to tell me something? Seriously, though, it's a good idea. Anyone can get scammed.

We don't have kids, and don't have a lot of close friends that we would ask to take over certain aspects of our lives. It's both a matter of trust, and not wanting to burden them with what can be a pretty big job. We did have some people set up as successor trustees who we thought could take some tasks over, but we've found over the years is that fate sometimes takes things in a weird direction. People move, die, or the relationship changes and there's suddenly a hole in the plan. Solely relying on individuals can be tricky.

Thought I'd start a thread to see what kinds of things people are doing to make sure that things run smoothly as they age, and to share information and resources that might be helpful to fellow WTFers. I'm also hoping kathyk will stop in and comment if she has the opportunity.

I'm a little familiar with this outfit, which provides some interesting services that help with day-to-day financial management. Thought I'd throw the link out here for others to look at and comment on.

https://www.mypersonalbookkeeper.com/

This particular group was working on behalf of a resident in the memory care unit where my Mom lived. The lady had both physical and cognitive issues, so needed help managing her financial affairs. She had a nephew who was the family point person with MPB. The MPB client advocate used to visit the lady on a weekly basis and often acted as her advocate for issues relating to the nursing home, more administrative and day-to-day rather than medical.

In theory, it sounds like a useful service.

Would love to hear what you think about the "getting old" carp.....

I’m doing, meh, OK on the estate and documentation stuff. I have kids to divvy my will, powers of attorney, and all that kind of stuff amongst and have done it comparatively recently.

What I wonder about, or know I have to plan for someday, is the aging in place or finding someplace to live with some help available. Being a man in his 70s with no one within 500 miles who has a key to my condo or knows how to get in, eventually could be a problem. as it is, if I take a fall on the stairs, I’m guessing the neighbors will eventually notice the circling vultures, or smell of decaying flesh.

I have handled this issue reasonably well, so far, by ignoring it. I think it means my next move, if nothing else changes, will need to be someplace with some sort of community, and possibly assistance.

quote:

if I take a fall on the stairs

Do you have a smart watch or other way to call for help? If not, please considering getting something like that!

WTG, I don't have any helpful info, but we, being childless, will be thinking about this more in the not so distant future.

Aren't services like MPB super expensive?

I hear you, Doug.

We do have some very good neighbors, including one whom we would trust with financial matters, but she has a life of her own, including aging parents. But she's willing to be a point person who could coordinate in an emergency. I'm naming her and my best friend (who lives in the Pacific Northwet) as trusted contacts, and getting them each other's contact info so they can coordinate in case we had a short term emergency. We'll see where things go from there.

I'm also thinking about setting up a circle with other seniors who touch base on a daily basis, if only via text. I'm thinking about a joke of the day or something, and have everyone respond just so we all know we're OK. A smart watch is a good idea, too, especially if you're alone. I took a tumble ten or twelve years ago on the front porch when Mr wtg was up in Door County. I was able to get up and in the house, but it could have been an issue. And I fell two years ago around Christmas and banged up my knee. Those kinds of incidents have gotten me thinking hard about this.

quote:

I think it means my next move, if nothing else changes, will need to be someplace with some sort of community, and possibly assistance.

My FIL lived at a great place that was almost like a resort. He didn't want to be a burden on his kids even though several offered to have him move into their home. Friendship Village was the perfect solution. The place is huge and has all levels of care. The grounds and amenities are amazing. He had his independence, didn't have to cook, and could socialize with people as much or little as he wanted to. Mostly he had lunch with his buddy Marvin the extrovert. As my FIL was a man of very few words, it worked out well.

It's not for everyone, but it worked out really well for him. The thing that seems to be happening, though, is that more people are trying to stay home for longer, so the large continuing care communities are having trouble staying afloat because people are waiting to move out of their homes.

We would love to stay in our home, but we are open to moving somewhere down the road. It really boils down to being flexible in adapting to whatever might come up.

quote:

Originally posted by ShiroKuro:

Aren't services like MPB super expensive?

I haven't contacted them about their fees. We're not at a place where we need their services but I will be checking them out to see if they are an option in the future.

It's just like any other budgeting exercise. You look at what you need/want, and how you can pay for it or if you have to forego it because you can't afford it. It's just that the budget items change as you get older.

We are childless, too, but it's not unusual for people with kids to have the same issues to consider. Offspring may live far away, or have their own families to care for ("sandwich generation"). And sometimes the kids just don't have the right skill set or the willingness to help.

You're tapping into my worries. However, for me, it's just a matter of deciding how much risk I want to take. In 2015, the mean age of death in the U.S. was 78.9; the mode was 87. The 80th percentile was 91.7.

So I guess, if there's a 20% chance I live to age 92, I'd better plan for that.

Aside from that, the great unknown is the risk of something catastrophic that doesn't kill me but that does require expensive care.

Going by the lifespan of my parents and grandparents, I’ll likely be dead in five years, ten on the outside. Women in Sharon’s family tend to live well in to their nineties, with a couple clearing 100.

I’ve decided to accept fate and advise Sharon as I can.

Long term care is one of the seminars that’s offered by Moneysmart week which is held for one week in April of each year. Check the web site listed below to see if there are any seminars located near you. I’ve posted about this before. I attended many seminars of different topics that were hosted in Chicago and suburban libraries. Because of COVID-19, the in-person seminars were cancelled in 2020. Virtual seminars took their place. In-person seminars may be back again. You’ll have to check.

How did Moneysmart week originate? TV financial news reporter Terry Savage teamed up with the Federal Reserve Bank to start Moneysmart week lectures and seminars. The seminars are free of charge, last about 1-2 hours long, and held in mostly municipal libraries all around the country. The lecturers are all professionals in their field and there’s NO sales pressure. The lectures cover a wide range of financial topics including: long term care, market investing, trusts and wills, real estate sales/purchases, and more.

I attended many of the lectures. One of them dealt with trusts so I went to it. After the lecture, I asked the lecturer/attorney for his business card. He was the best of the best I thought so I used him to set up a trust.

wtg, find out what your options are.

https://www.moneysmartweek.org/