“Aging and getting older can be ‘a mean Rubik’s Cube, in which several different sides of your life are turning simultaneously.’ As while good genes increase longevity, they can also increase the cost of living and duration of retirement.
Married couples often find support with one another, but spouses typically don’t age equally well, and one can become a burden to the other. Relatives themselves can be a godsend or become additional/unexpected dependents.
[The four (4) ] typical transitions [to consider] that occur as we age:
- Health Care (not just setting advance medical directives and health care powers of attorney, but more broadly helping the whole family understand the kinds of health care and medical preferences of clients, and whether/how they want to be cared for if/when/as their health deteriorates);
- Financial Decisions (as cognitive skill peaks at age 53, but retirees are generally in their 60s, 70s, and 80s, where cognitive skills may be declining, which in turn can be exacerbated by elderly cognitive disorders, raising series questions about what the plan is to interact with and support clients in their later years);
- Living and Lifestyle (as retirees go from an active to semi-active to relatively inactive lifestyle, which in turn can drive a need for changes in everything from social support to outright living space environment); and
- Transportation (as “giving up the car keys” and the independence they provide can be one of the hardest things for elderly clients to give up, even as continuing to drive when it’s no longer safe can pose significant danger both to the elderly client themselves, and those around him/her as well).
The key point, though, is simply to recognize that as we age, we lose various “abilities” that we can no longer do (independently, or at all), and each of those transitions present significant challenges… but ones that can, at least to some extent, be planned and prepared for so the transition is a little easier when it actually happens.”
Article providing insights:
The Four Transitions Of Aging (Steve Gresham, Financial Advisor)
Quoted from Michael Kitces of Nerd’s Eye View at Kitces.com, as part of Michael’s weekly compilation of information for planners; source https://www.kitces.com/blog/weekend-reading-for-financial-planners-apr-20-21-2/ , which [I’ve edited] for a public audience for clarity and emphasis where needed.
Time Allocations and Self-Reported Happiness Of Retirees (Retirement Insights Series Part 1 of 3)
The Trick To Keeping Friends As We Get Older (Retirement Insights Series Part 2 of 3)
Photo by Austin Neill on StockSnap.