Baby Boomers & Financial Planning

 

Baby Boomers & Financial Planning 

From finances, to the healthcare system, to advanced care planning, there is a steep learning curve associated with caring for a loved one. If you’ve helped care for a parent, or had a loved one with a health crisis, you know how complicated, demanding, and dynamic the circumstances can feel. As the baby boomer generation finds themselves caring for aging parents while aging themselves, and maybe even caring for children as well, they have a unique opportunity to learn from their loved ones and shape how future generations plan for and view long life.

NPR has a wonderful segment called Baby Boomers, Lessons in Financial Basics that looks at who the baby boomer population is and what they should be doing to save. (Click here to listen.)

As we are living longer, one of the challenges of longevity is that our retirement and savings must cover a longer period of time. How much should we save? Should we invest in long-term care insurance? What will our healthcare costs be? What is covered by Medicare? All of these questions and many more come to mind. For many families, a great starting point to begin to find answers to these eldercare questions is to consult with a Geriatric Care Manager. As an RN or MSW, a Care Manager can share their perspective from inside the healthcare industry. From navigating difficult decisions, to providing the care your family needs, their guidance and professional eldercare expertise are vital to advanced care planning. We can’t emphasize enough the importance of talking early and often with family members about advanced directives, finances, as well as the values and wishes that you want to shape the last 20-30 of your life. While the conversations are difficult, they are the building blocks of quality of life and choices for aging adults. Sound Options has been providing Care Management to the Puget Sound since 1989. You can also find a certified geriatric care manager anywhere in the country through the National Association of Professional Geriatric Care Managers at www.caremanager.org.    

 

Published on March 5, 2013.