September 7, 2017

long term care

Weekly Market Commentary
September 7, 2017

The Markets

While second quarter’s growth spurt was welcome news, it was overshadowed by the devastation wrought by Hurricane Harvey in Texas and across a swath of the Gulf Coast. Initial estimates of the property damage inflicted by the storm stand between $30 and $40 billion.
We send our thoughts and prayers to all of those affected by Hurricane Harvey.

One of the most prevalent themes that I am observing is that many of our clients are taking care of aging parents and finding out how complicated that is. In my own family we have been caring for our aging mothers who are both in their 90s. In addition, many clients are facing decisions about retirement and any possibilities for income and long-term care options. If these are issues for you, I can help. Both myself and Patrick Kelley in my office are educated and licensed in the various long-term care options for you to consider and evaluate. We have an opportunity for you to have long-term care that includes life insurance as well. This option would provide a death benefit to your significant other if you did not use the long-term care portion of the policy.

In retirement there are also several options for cash flow that can be discussed in addition or as an option to annuities.

IF YOU DON’T LIVE NEAR YOUR PARENTS AND OLDER FAMILY MEMBERS, you may want to learn more about Social Security’s Representative Payment Program (RPP). The Center for Retirement Research at Boston College (CRRBC) published a brief in August that provided some insight into the need for the program:

“Many older individuals with cognitive impairment, including the vast majority of people with dementia, need help managing their finances. For retirees receiving Social Security benefits, the Representative Payee Program can serve as one source of this help. In the Representative Payee Program, a retiree’s benefit is sent to another person (often a relative) who spends it on the retiree’s behalf and submits records to Social Security documenting that the expenditures were in the beneficiary’s best interest.”

Currently, not many people take advantage of the program. More than 10 percent of people who are age 65 or older have dementia, but just 9 percent of that group has a payee.

That doesn’t mean retirees aren’t getting the help they need. Most are, according to CRRBC. Ninety-five percent of people with dementia have someone to help – an unimpaired spouse, nursing home staff, or adult children. Two-thirds have assigned power of attorney to a trusted party.

If your parents are older and you haven’t talked with them about how to handle issues related to finances and aging, it may be a good time to open a dialogue. Daily Caring suggests you, “Approach the conversation around the most important considerations for older adults: safety, freedom, peace of mind, social connection, and being able to make choices.

Focus On The Positive

“Best thing about being in your 90s is you’re spoiled rotten. Everybody spoils you like mad and they treat you with such respect because you’re old. Little do they know, you haven’t changed. You haven’t changed in [the brain]. You’re just 90 every place else…Now that I’m 91, as opposed to being 90, I’m much wiser. I’m much more aware and I’m much sexier.”
–Betty White, American comedian

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