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5 Steps to Ensure You're Not a Burden on Your Family as You Age
Retirement Daily on The Street ^ | June 2024 | Patti Black

Posted on 11/12/2024 1:14:04 AM PST by where's_the_Outrage?

As we get older and contemplate the possibility of declining health, many of us worry about becoming a burden on our family members. Among the questions I hear are: Will I have enough money to last? Can I afford the healthcare I’ll need? How can I make it easy for my family to settle my affairs when I’m gone?

But what does it mean to not be a burden? What actions should you take now? After discussing the issue with accountants, estate attorneys and clients, I’ve identified five steps to help reduce the likelihood that you will be a burden on your family as you age:

Step 1: Have a long-term care plan. Understand whether you have the resources to remain financially independent and pay for long-term care if you need it.....

Step 2: Simplify and organize your financial information. Make it easy for your adult children to find your financial information if you have a medical crisis or upon your death. Medical emergencies and death are stressful;......

Step 3: Provide contact information for the professionals you use. This list should include your accountant, financial planner, estate attorney, banker, and insurance agent.

Step 4: Make sure your estate planning documents reflect the law and your family situation. Your will, power of attorney, and health care directive should be current, and your children should know where to find them.......

Step 5: Take the next step. You do not have to complete steps one through four immediately, but do take action.

(Excerpt) Read more at msn.com ...


TOPICS: Chit/Chat; Health/Medicine; Society
KEYWORDS: deathplanning; dontbaburden; estateplanning; familyburden; retirement
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She missed a big one, Downsize, get rid of your junk. My dad had 6 files cabinets with stuff going back to the 60's. I had to check every file as he hid things in them.

Last year we contacted an estate planning attorney. As a senior citizen and pensioner I have a minor child (God blessed me) and I needed to get a plan in place just in case something happened to her mom and me. It also did the financial planning to make it easier for my wife.

1 posted on 11/12/2024 1:14:04 AM PST by where's_the_Outrage?
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To: where's_the_Outrage?

/humor

Regards,

2 posted on 11/12/2024 1:16:43 AM PST by alexander_busek (Extraordinary claims require extraordinary evidence.)
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To: where's_the_Outrage?
I've gotten rid of most of my junk. At 80...I need few clothes so that's a couple bags full for the church.

I get my groceries delivered by Walmart. And I have a laundry service that is very reasonable...that picks up, wash, fold and deliver.

My job is to exercise the car once a week. I do cook all the time and try to keep things picked up.

My kids are all over the country...but every morning we play wordle and NYT Connections.

So far, I'm lucky...and a low maintenance senior.

I do still acquire new things...like my Josh Allen poster. Yes!!

3 posted on 11/12/2024 1:46:04 AM PST by Sacajaweau
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To: alexander_busek

With Trump now having a united Senate and House behind him, it’s a lousy time to die. You want to hang on and enjoy the next four years before shuffling off this mortal coil.


4 posted on 11/12/2024 1:46:23 AM PST by Ueriah
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To: where's_the_Outrage?

Well, all of my family are gone,

BUT I HAVE worked out a 5-step plan for retirement. I think I’ve got this figured out:

1) Marry a rich single woman

2) Marry a rich single woman

3) Marry a rich single woman

4) Failing that, the Rapture

5) Failing that, World War III


5 posted on 11/12/2024 1:53:10 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: where's_the_Outrage?

bfl


6 posted on 11/12/2024 2:14:05 AM PST by ClearCase_guy (My decisions about people are based almost entirely on skin color. I learned this from Democrats.)
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To: Sacajaweau

80, really? You seem pretty spry for 80. Share your secret, please.


7 posted on 11/12/2024 2:31:24 AM PST by Psalm 73 ("You'll never hear surf music again" - J. Hendrix)
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To: SaveFerris

You forgot alien abduction.


8 posted on 11/12/2024 2:33:20 AM PST by neverevergiveup
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To: neverevergiveup

Oh yeah, thanks!

I’m heading out to Roswell right now!

Maybe Area 51.


9 posted on 11/12/2024 2:50:24 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: where's_the_Outrage?

p


10 posted on 11/12/2024 3:16:33 AM PST by gattaca (Once a nation loses control of its borders, it is no longer a nation...Ronald Reagan)
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To: where's_the_Outrage?

Bkmk


11 posted on 11/12/2024 3:17:33 AM PST by sauropod ("This is a time when people reveal themselves for who they are." James O'Keefe Ne supra crepidam)
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To: SaveFerris

There must be a candy bar heiress somewhere near you.


12 posted on 11/12/2024 3:33:31 AM PST by Larry Lucido (Donate! Don't just post clickbait!)
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To: SaveFerris

I might see you there!


13 posted on 11/12/2024 3:38:45 AM PST by neverevergiveup
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To: Larry Lucido

I just hope I can get her to make modest fashion choices...


14 posted on 11/12/2024 3:39:12 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: neverevergiveup

I’ll be in a TR-3B

It’s my daily driver


15 posted on 11/12/2024 3:39:43 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: SaveFerris; Larry Lucido
Well, all of my family are gone, BUT I HAVE worked out a 5-step plan for retirement. I think I’ve got this figured out: 1) Marry a rich single woman ...snip...

HA! Got you beat. I have a ONE-step retirement plan!

1) Drop dead in my home office.

16 posted on 11/12/2024 3:41:34 AM PST by Lazamataz (The BEST birthday present I ever got WAS DONALD TRUMP WINNING IN 2024!!!)
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To: SaveFerris

Cost or skin exposure?


17 posted on 11/12/2024 3:43:14 AM PST by AndyJackson
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To: neverevergiveup; null and void
No not this one (stock photo) - my Dad, God rest his soul, had the Triumph



I had to land on a carrier. I refueled and loaded up some chemicals to spray over Nully's house. Don't tell him I told you. Then, it was off to Hong Kong for some real Chinese Buffet.


18 posted on 11/12/2024 3:44:53 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: AndyJackson

Sue Ellen has this terrible habit of wearing undergarments as if they were a top.

It might be the sugar-high from all of the candy bars.


19 posted on 11/12/2024 3:46:08 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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To: Lazamataz

We gotta buy those robot women!

Now if I just had some of that...green stuff...whatever it is


20 posted on 11/12/2024 3:47:04 AM PST by SaveFerris (Luke 17:28 ... as it was in the Days of Lot; They did Eat, They Drank, They Bought, They Sold ......)
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