Aging is a process that’s changing. We’re now living longer and more active lives. And as we approach our later years, many of us have strong feelings about where and how we want to spend this period of our lives.
While residential care homes can be wonderful places, most people want to remain in their homes and “age in place” for as long as possible. This can, however, present some unique challenges. As we age, our physical and mental health can decline, sometimes quite quickly. That’s why it’s vital to create the right support system for ourselves or loved ones.
From housekeeping to managing medication and meal preparation, there are many common areas where people need assistance. Fortunately, there are companies that specialize in home care services. They can help resolve these issues. These services do come with a price tag, though, so it’s important to consider your family budget.
Financial management is another important consideration that’s often overlooked. As we age, our financial capacity decreases — and according to the Journal of the American Geriatrics Society (April 2017), women may be impacted more than men.
That’s why it’s important to consider financial management early. This includes:
• Paying bills
• Depositing checks and balancing bank statements
• Providing budgeting and longterm planning
• Managing health insurance and medical claims
• Evaluating government and pension benefits
• Facilitating communication with legal, financial
and tax professionals
Finding a financial manager can be challenging, but there are options available. You can ask a trusted family member or friend to help, or consult with your tax preparer to see if they offer this service. Corporate trust companies and private fiduciaries also offer financial management services.
Working with a financial manager is a partnership that requires careful consideration and structuring. But with the right approach, this relationship can help ensure controlled and wise management of your finances as you age — and help you focus on enjoying life to the fullest.