The average age of Americans is rising. This means that since retirement fund are going to be used for a longer period of time, more care must be taken when planning for the future of the elderly.
Rising Costs of Health Care
One thing to look out for when doing financial planning is making sure that there are adequate funds available for any health care needs. Medicare and Medicaid might seem to provide all that is need, but that can be far from the truth depending on your needs. Carefully look at any health issues you currently have and see what their longer term effects might be. Also look into family history to see if there are any curve balls ahead.
How Did the Recession Affect Finances
The recession hit many of the elderly hard due to their dependence on investments. Is this true for your or your loved one’s situation? Check to see what the finances look like and make sure that amounts that were expected to be in place are indeed there.
Assistance From Loved Ones
Are you going to require assistance from loved ones, or be the one providing assistance? If the financial situation is dire, ignoring the problem will not make it go away. Sit down and have frank discussions with loved ones about any assistance you might need, or you might be available to provide.
For any legal questions, contact Stano Law Group.
