1. Partial disengagement - In order to transition smoothly, you must partially disengage yourself from your full time working life. This isn't to say that you must go cold turkey. Instead, you have to develop a different mindset that retirement, although a time for change, is a period of new growth and a time for self fulfillment. At this point, many go from full time to part time and some go from full time to no work at all. Trust your instincts and go with what you feel works for you.
2. Changing our image - You must change your internal image about what your career means. After all, don't focus on 'What am I to do now that I'm retired?" instead think "What will I become once I'm refocused and retired?" Therefore, you have to change your perception and realize that you can succeed as a retiree if you believe that you can.
3. Appreciating ourselves - Remember that you're a unique individual and you need to celebrate this fact, every single day! Your personal worth is far beyond the work you did in the past. You have so much to give and contribute to the world and retirement is the perfect time to let your "inner light shine" and let this light shine as far as you can see.
4. Staying connected - You should be committed to interacting with people with whom you have a common interest. Finding such people can be done by improving your social life to include more people, places and things. Make it a point to get to know people with similar interests as yours. Join clubs and groups, participate in activities, and have a great time.
5. Remain active - Do not think of retirement as only a period of rest and relaxation. Times have changed, and so has the concept of retirement. Being inactive is "OK" if this is all that you want to do. This is about you. Some people take a period of a few months to a year to just cool out and relax before moving on into a more active life. Whether you decide to be "active" or "inactive" and how long, it is totally up to you. You know yourself better than anyone else and you must do whatever makes you happy.
6. Consider your options- Consider your many available options. Whether you 'ease' into retirement, take a course at a college, or work some part time job or pursue a volunteer position, do what you want to do and let no one tell you what you need to do while in retirement. This is your personal time and you are in control of your life.
7. Increase our knowledge - There is no end to educating yourselves. As long as you've got breath in your body, you should increase your knowledge base. After all, learning is a lifelong process and there are many things that you can do to increase your knowledge and in the process share your knowledge with others. For instance, you can learn computers. You can learn how they operate, how to fix them, and many other things. The possibilities are endless.
8. Explore Your Dreams - Retirement is a perfect time to fulfill your dreams, especially now that you have some time to devote primarily to your needs. Take some time and really think about what you want to accomplish in life and then make those dreams a reality!
9. Join a Cause - Retirement does not mean that you are worthless. To derive a feeling of self worth and fulfillment, commit yourself to a worthy cause that you truly believe in. For instance, you might chose to help people become aware of the devastation of HIV or breast cancer.
10. Maintaining youthful attitude - Retirement from a job does not mean that you give up everything and retire to 'watering plants'. Just because you are so does not mean you have to act your age! It is the attitude that counts.
Redefining yourself after retirement is not as difficult as you might imagine. By maintaining a youthful attitude, joining a cause, exploring your dreams, increasing your knowledge, considering your options, remaining active, staying connected, appreciating ourselves, changing your image and partially disengaging from work force, you can redefine yourself.
Knowing When to Get Help
Wednesday, February 2, 2011
Thursday, January 20, 2011
Selecting an In Home Care-Giver
So the “Aha” moment arrives. Circumstances make you realize two things. 1) I’m not as young as I used to be, and 2.) “Old age ain’t for sissies” as the great Bette Davis once said.
Gradually, or sometimes suddenly, it happens… we can’t keep up with household chores, we can’t see the street signs to drive safely, we give up cooking or we can’t walk without holding on to the furniture. And it begins, a nagging fear that we’re losing our independence. In fact, loss of independence is the biggest fear among seniors. So what is the typical senior response? Pull ourselves up by the bootstraps and keep on going, of course! Call in the kids to help out! They’re supposed to take care of us in our old age, aren’t they? Unfortunately, the kids have spouses and children of their own. And they have full time jobs, not to mention they live out of town. It’s time for a new strategy.
Many seniors are finding the solution to remaining independent at home lies outside the family circle with paid caregivers. Gina Germany, of Touching Hearts Senior Care explains, “Most seniors find caregivers in two ways.
The old way is to run a classified ad or hire through a temporary service. The senior bears all the “employer” responsibility for this kind of caregiver.”
Germany recommends seniors ask the following questions of independent caregivers:
1. What client references can you provide?
2. What is your experience/background?
3. Do you have any certificates or training? Is it current?
4. Have you worked with ( Alzheimer’s disease, cancer, etc)?
5. What would you do if I had medical emergency?
6. How much notice would I have if you could not come in for a day?
Can you arrange your own substitutes?
7. How do I contact you?
8. Are you bonded? Have you ever been convicted of a crime?
9. Do you have liability insurance?
“These folks are usually less expensive but there’s a lot of risk involved in hiring them”, Germany says. She continues, “The downside is:
It‘s difficult to find the right person.
You are responsible for performing a criminal background check
You are responsible for finding a replacement if the caregiver is absent
You bear the burden for withholding payroll taxes, and providing state mandated worker’s compensation coverage.
You bear the burden for liability problems like theft from or damage to your property. “
The new way is to contract with a Senior Care Agency. These private agencies provide “in-home, non-medical care”. The number of agencies is growing quickly to meet the demands of a fast-growing senior population. They provide a wide range of services including light housekeeping, meal preparation, laundry, transportation, shopping & errands, and in many states including Alabama, assistance with personal care. These one on one services can continue should the senior move into assisted living or even a nursing facility or hospital.”
Companion Care is usually available anywhere from a few hours up to 24 hours a day. Payment is private pay and may be covered by long term care insurance policies.
Some questions Germany suggests you ask a Companion Care agency:
1. Do they have references from other clients?
2. What services will they be providing?
3. What training/experience do the caregivers have?
4. How do they supervise their caregivers?
5. Are the caregivers bonded and covered by workers compensation insurance?
6. What is the schedule for service?
7. How do I change the schedule?
8. What if I have a problem with a caregiver?
9. Does the agency have an emergency or after-hours phone number?
10. What are the financial arrangements?
11. Who owns the agency? Is it part of a larger organization?
12. Are the caregivers employees held accountable by the agency or independent contractors accountable to no one?
13. Does the agency carry Professional Liability Insurance?
The Pros:
Service is easily customized for each client’s needs
Extensive hours available
Staff is screened and supervised
Agency is responsible for all employer tasks like payroll, taxes, liability insurance, workers compensation, bonding
Agency is responsible for providing a replacement should the assigned caregiver fail to arrive or need a day off.
Germany says, “This service is more expensive than independent caregivers but the right agency will provide the most customizable, reliable, worry free, in- home service available.”
So the “Aha” moment arrives. Circumstances make you realize two things. 1) I’m not as young as I used to be, and 2.) “Old age ain’t for sissies” as the great Bette Davis once said.
Gradually, or sometimes suddenly, it happens… we can’t keep up with household chores, we can’t see the street signs to drive safely, we give up cooking or we can’t walk without holding on to the furniture. And it begins, a nagging fear that we’re losing our independence. In fact, loss of independence is the biggest fear among seniors. So what is the typical senior response? Pull ourselves up by the bootstraps and keep on going, of course! Call in the kids to help out! They’re supposed to take care of us in our old age, aren’t they? Unfortunately, the kids have spouses and children of their own. And they have full time jobs, not to mention they live out of town. It’s time for a new strategy.
Many seniors are finding the solution to remaining independent at home lies outside the family circle with paid caregivers. Gina Germany, of Touching Hearts Senior Care explains, “Most seniors find caregivers in two ways.
The old way is to run a classified ad or hire through a temporary service. The senior bears all the “employer” responsibility for this kind of caregiver.”
Germany recommends seniors ask the following questions of independent caregivers:
1. What client references can you provide?
2. What is your experience/background?
3. Do you have any certificates or training? Is it current?
4. Have you worked with ( Alzheimer’s disease, cancer, etc)?
5. What would you do if I had medical emergency?
6. How much notice would I have if you could not come in for a day?
Can you arrange your own substitutes?
7. How do I contact you?
8. Are you bonded? Have you ever been convicted of a crime?
9. Do you have liability insurance?
“These folks are usually less expensive but there’s a lot of risk involved in hiring them”, Germany says. She continues, “The downside is:
It‘s difficult to find the right person.
You are responsible for performing a criminal background check
You are responsible for finding a replacement if the caregiver is absent
You bear the burden for withholding payroll taxes, and providing state mandated worker’s compensation coverage.
You bear the burden for liability problems like theft from or damage to your property. “
The new way is to contract with a Senior Care Agency. These private agencies provide “in-home, non-medical care”. The number of agencies is growing quickly to meet the demands of a fast-growing senior population. They provide a wide range of services including light housekeeping, meal preparation, laundry, transportation, shopping & errands, and in many states including Alabama, assistance with personal care. These one on one services can continue should the senior move into assisted living or even a nursing facility or hospital.”
Companion Care is usually available anywhere from a few hours up to 24 hours a day. Payment is private pay and may be covered by long term care insurance policies.
Some questions Germany suggests you ask a Companion Care agency:
1. Do they have references from other clients?
2. What services will they be providing?
3. What training/experience do the caregivers have?
4. How do they supervise their caregivers?
5. Are the caregivers bonded and covered by workers compensation insurance?
6. What is the schedule for service?
7. How do I change the schedule?
8. What if I have a problem with a caregiver?
9. Does the agency have an emergency or after-hours phone number?
10. What are the financial arrangements?
11. Who owns the agency? Is it part of a larger organization?
12. Are the caregivers employees held accountable by the agency or independent contractors accountable to no one?
13. Does the agency carry Professional Liability Insurance?
The Pros:
Service is easily customized for each client’s needs
Extensive hours available
Staff is screened and supervised
Agency is responsible for all employer tasks like payroll, taxes, liability insurance, workers compensation, bonding
Agency is responsible for providing a replacement should the assigned caregiver fail to arrive or need a day off.
Germany says, “This service is more expensive than independent caregivers but the right agency will provide the most customizable, reliable, worry free, in- home service available.”
Monday, January 3, 2011
Veterans Benefits
If you are a Veterans or if you know of a Veteran, please read this important article about benefits that are available for those who qualify.
You cannot be charged for assistance with your VA application.
The applicant will only be paid back to the date that the application is TURNED IN.
It is not difficult to apply if you have trained advocates to assist you.
The Facts:
-VA Pensions are available for Veterans OR surviving spouses of Veterans.
-$22 Billion dollars is set aside each year for pension but very little is ever used.
-Millions of WWII and Korean War Veterans have no idea that it is even available.
-Surviving spouses of Veterans can qualify if they were married to the Veteran at his time of death, and have not remarried since (unless the most recent marriage was to a Veteran).
Preliminary Qualifications:
-90 days of active duty (anywhere in the world), with 1 day during wartime
-Honorably or Medically discharged
-Privately paying for Medical Expenses
Pension amounts:
-Married Veterans receive $1,949.00 per month / Both spouses Veterans $1,291 each
-Single Veterans receive $1,632.00 per month
-Widows of Veterans receive $1,055.00 per month
Department of Veterans Affairs pensions do not work like Medicaid. They are based upon the amount of medical expenses paid out of pocket for:
• Home Health Caregivers and Nursing Homes
• Assisted Living Communities and Alzheimer’s Communities
• Prescriptions and Medicare Supplement Insurance
There are other internet sources that may give out incomplete information to those who are asking for it. Please call even if you feel that you may not qualify.
Please call Gina Germany with Touching Hearts Senior Care at 251-445-4204
or visit our website at www.touchingheartsseniorcare.com
You cannot be charged for assistance with your VA application.
The applicant will only be paid back to the date that the application is TURNED IN.
It is not difficult to apply if you have trained advocates to assist you.
The Facts:
-VA Pensions are available for Veterans OR surviving spouses of Veterans.
-$22 Billion dollars is set aside each year for pension but very little is ever used.
-Millions of WWII and Korean War Veterans have no idea that it is even available.
-Surviving spouses of Veterans can qualify if they were married to the Veteran at his time of death, and have not remarried since (unless the most recent marriage was to a Veteran).
Preliminary Qualifications:
-90 days of active duty (anywhere in the world), with 1 day during wartime
-Honorably or Medically discharged
-Privately paying for Medical Expenses
Pension amounts:
-Married Veterans receive $1,949.00 per month / Both spouses Veterans $1,291 each
-Single Veterans receive $1,632.00 per month
-Widows of Veterans receive $1,055.00 per month
Department of Veterans Affairs pensions do not work like Medicaid. They are based upon the amount of medical expenses paid out of pocket for:
• Home Health Caregivers and Nursing Homes
• Assisted Living Communities and Alzheimer’s Communities
• Prescriptions and Medicare Supplement Insurance
There are other internet sources that may give out incomplete information to those who are asking for it. Please call even if you feel that you may not qualify.
Please call Gina Germany with Touching Hearts Senior Care at 251-445-4204
or visit our website at www.touchingheartsseniorcare.com
You cannot be charged for assistance with your VA application.
The applicant will only be paid back to the date that the application is TURNED IN.
It is not difficult to apply if you have trained advocates to assist you.
The Facts:
-VA Pensions are available for Veterans OR surviving spouses of Veterans.
-$22 Billion dollars is set aside each year for pension but very little is ever used.
-Millions of WWII and Korean War Veterans have no idea that it is even available.
-Surviving spouses of Veterans can qualify if they were married to the Veteran at his time of death, and have not remarried since (unless the most recent marriage was to a Veteran).
Preliminary Qualifications:
-90 days of active duty (anywhere in the world), with 1 day during wartime
-Honorably or Medically discharged
-Privately paying for Medical Expenses
Pension amounts:
-Married Veterans receive $1,949.00 per month / Both spouses Veterans $1,291 each
-Single Veterans receive $1,632.00 per month
-Widows of Veterans receive $1,055.00 per month
Department of Veterans Affairs pensions do not work like Medicaid. They are based upon the amount of medical expenses paid out of pocket for:
• Home Health Caregivers and Nursing Homes
• Assisted Living Communities and Alzheimer’s Communities
• Prescriptions and Medicare Supplement Insurance
There are other internet sources that may give out incomplete information to those who are asking for it. Please call even if you feel that you may not qualify.
Please call Gina Germany with Touching Hearts Senior Care at 251-445-4204
or visit our website at www.touchingheartsseniorcare.com
You cannot be charged for assistance with your VA application.
The applicant will only be paid back to the date that the application is TURNED IN.
It is not difficult to apply if you have trained advocates to assist you.
The Facts:
-VA Pensions are available for Veterans OR surviving spouses of Veterans.
-$22 Billion dollars is set aside each year for pension but very little is ever used.
-Millions of WWII and Korean War Veterans have no idea that it is even available.
-Surviving spouses of Veterans can qualify if they were married to the Veteran at his time of death, and have not remarried since (unless the most recent marriage was to a Veteran).
Preliminary Qualifications:
-90 days of active duty (anywhere in the world), with 1 day during wartime
-Honorably or Medically discharged
-Privately paying for Medical Expenses
Pension amounts:
-Married Veterans receive $1,949.00 per month / Both spouses Veterans $1,291 each
-Single Veterans receive $1,632.00 per month
-Widows of Veterans receive $1,055.00 per month
Department of Veterans Affairs pensions do not work like Medicaid. They are based upon the amount of medical expenses paid out of pocket for:
• Home Health Caregivers and Nursing Homes
• Assisted Living Communities and Alzheimer’s Communities
• Prescriptions and Medicare Supplement Insurance
There are other internet sources that may give out incomplete information to those who are asking for it. Please call even if you feel that you may not qualify.
Please call Gina Germany with Touching Hearts Senior Care at 251-445-4204
or visit our website at www.touchingheartsseniorcare.com
Saturday, August 7, 2010
2010 Senior Fest
A fundraising event to honor our Senior population and raise money for the United Way of Southwest Alabama and the Area Agency on Aging
INTRODUCTION
Touching Hearts Senior Care (THSC) is proud to present the 2010 SENIOR FEST, October 23, 2010 from 9 am – 2 pm with Opening Ceremony beginning at 10 am. This event is created to be an annual event to honor our senior and veteran populations with entertainment, food, beverages, and education. All the proceeds raised will be divided equally between United Way of Southwest Alabama and the Area Agency on Aging in Mobile.
BACKGROUND
For over three years THSC has been helping the elderly in our community with activities of daily living, including transportation, personal care, light housekeeping, meal planning and preparation, running errands, medical reminders, and performing other duties that will help our seniors stay safe and independent in their homes.
THSC realizes that there are many seniors and veterans that feel they have been forgotten and we want to show them they deserve to be honored for their lives and contributions to society. We also realize that our seniors’ and veterans’ families and friends need to have information available to them to help understand how the long term care process works, and how it is changing in order that they can successfully care for their loved ones.
You have been carefully selected to participate as a sponsor for this event because of your dedication to seniors in our community, and because of your ethical business practices. We are offering your company the Sponsorship opportunities in this proposal to seek maximum exposure for your Company by linking your organization with this wonderful event.
OPPORTUNITY
• Premiere Sponsorship Package
• Presenting Sponsorship Package
• Platinum Sponsorship Package
• Premium Sponsorship Package
• T-shirt Sponsor
• Contributor
THSC 2010 SENIOR FESTIVAL
Saturday, October 23, 2010, 9 am – 2 pm, 1301 Azalea Rd, Mobile, AL
BENEFITING UNITED WAY OF SOUTHWEST ALABAMA AND THE AREA AGENCY ON AGING
EVENT SPONSORSHIP
PLEASE CONTACT TOUCHING HEARTS SENIOR CARE FOR A COMPLETE SPONSORSHIP PACKET:
Touching Hearts Senior Care, 1301 Azalea Rd. Mobile, AL 36693 Tel: 251-445-4204
Email: gina@touchingheartsseniorcare.com
Sponsorship Levels
Premiere Sponsors $5,000 - Three sponsorships available
• Our Premiere Sponsor’s Name will appear predominately on all media announcements, i.e., radio, television, and social media sites
• Our Premiere Sponsor’s Name will appear predominately on all printed material, including newspaper announcements, fliers, posters, programs, and T-shirts
• Premiere Sponsors will receive recognition at the beginning of the event and have the opportunity to provide a corporate banner on stage
• Premiere Sponsors will have the opportunity to be recognized and speak on the main stage during opening ceremonies in front of the attendees and throughout event
• Premiere booth location provided
• Web link to all social media sites and web site link
• Sponsor may provide a product sample, coupon, or literature for attendees
Presenting Sponsors $2,500 – Five sponsorships available
• Our Presenting Sponsor’s Name will appear on all media announcements, i.e., radio, television, and social media sites
• Our Presenting Sponsor’s Name will appear on all printed material, including newspaper announcements, fliers, posters, programs, and T-shirts
• Presenting Sponsors will receive recognition at the beginning of the event
• Booth provided
• Web link to all social media sites and web site link
• Sponsor may provide a product sample, coupon, or literature for attendees
Platinum Sponsor $1,000 – Five sponsorships available
• Our Platinum Sponsor’s Name will appear on all printed material, including newspaper announcements, fliers, posters, and programs
• Our Platinum Sponsor’s Name will appear on T-shirts
• Web link to all social media sites and web site link
• Sponsor may provide a product sample, coupon, or literature for attendees
• Booth location provided
Premium Sponsors $500 – Seven sponsorships available
• Our Premium Sponsor’s Name will appear on all T-shirts
• Recognition on fliers, posters, and programs
• Booth provided
• Web link to all web sites and all social media sites
• Sponsor may provide a product sample, coupon, or literature for attendees
T-shirt Sponsor $250 – Ten sponsorships available
• Our T-shirt Sponsor’s name will be appear on all attendee’s T-shirts
Contributions of $100 or more names will be listed in the program.
Event date: October 23, 2010
• Vendor exhibits – 9 am – 2 pm
• Opening Ceremony begins at 10 am
For more information or questions call: Gina Germany at 251-445-4204
Thursday, July 15, 2010
Let's Talk About Elder Abuse
Elder abuse refers to any action or inaction that results in harm to a senior citizen or puts the senior at risk of harm. This may be physical, emotional, or sexual abuse. It may involve neglect or desertion of a senior citizen. Or, it may be the misuse or theft of an elderly person's property or money. A family member or friend may commit elder abuse. It may also be perpetrated by health care providers in the home or in a facility.
Elder abuse is a serious problem in the United States. Every year, there are hundreds of thousands of senior citizens who experience this type of abuse. Legislatures in all 50 states have passed laws preventing the abuse of senior citizens. Although these laws differ, Adult Protective Services (APS) agencies in each state investigate reports regarding elder abuse.
Types of Elder Abuse
Elder Abuse is a general term that refers to any deliberate or negligent act that puts a senior citizen in harms way. It may be committed in various ways, and they are listed below:
Elder abuse is a serious problem in the United States. Every year, there are hundreds of thousands of senior citizens who experience this type of abuse. Legislatures in all 50 states have passed laws preventing the abuse of senior citizens. Although these laws differ, Adult Protective Services (APS) agencies in each state investigate reports regarding elder abuse.
Types of Elder Abuse
Elder Abuse is a general term that refers to any deliberate or negligent act that puts a senior citizen in harms way. It may be committed in various ways, and they are listed below:
- Physical abuse
- Sexual abuse
- Psychological or emotional abuse
- Material and financial exploitation
- Neglect
- Self-neglect
- Abandonment
Signs of Elder Abuse
Although a single sign may not necessarily indicate abuse, there are some signs that are highly suggestive of elder abuse. These include:
- Bruises, burns, broken bones, or abrasions
- Withdrawal from normal activities without explanation
- Bruises around the breasts or genital area
- Sudden change in finances
- Unattended medical needs, poor hygiene, or unusual weight loss
- Verbal belittling or threats to the senior
Reporting Elder Abuse
In the case of an emergency, always call 9-1-1. If the elder abuse does not result in medical emergency or pose an immediate threat, one can contact Adult Protective Services (APS). In most cases, APS will conduct an investigation. Services for victims who may need crisis intervention are also available.
If you suspect a senior citizen you know is being abused, get help. If the person is in immediate danger, call 9-1-1. If not, call your state's APS agency. You will not need to give your name or provide proof. All reports are kept confidential.
Written by: The Caring Space
Tuesday, June 29, 2010
POP-IN SERVICE
This is how the Pop-In Service works:
Aunt Mary Lynn wants to stay in her home for as long as possible. She is a little unsteady on her feet, and sometimes doesn’t bother to make herself a hot meal because it is too much trouble and easier to eat cold cereal. A Touching Hearts Senior Care Caregiver will pop-in for 30 minutes in the morning to help her out of bed and get a hot meal for a fee of $15.00. Each Pop-In Service is customized to each individual’s needs. The service guidelines are as follows:
· Requires a consistent, week-to-week schedule
· Is offered Monday – Friday between the hours of 8:00 AM & 9:00 PM
· Is available in increments of 15, 30, 60, or 90 minutes per visit
· Is typically used by clients who only require a short visit in situations like those below:
§ Check on a loved one and make sure s/he is okay
§ Ensure that a loved one is taking medications
§ Help with quick dusting, vacuuming, or other light cleaning
§ Help with a quick trip to/from the grocery story or an appointment
§ Take out the garbage, get the mail, heat up a quick meal
§ Provide peace of mind that a loved one is cared for
§ Help with or monitor bathing/showering
§ Help getting in and out of bed
§ Help putting on / taking off support stockings
Pop-In Service
15 minutes: $11.00
30 minutes: $15.00
60 minutes: $22.00
90 minutes: $27.00
Monday, June 14, 2010
Warning Signs that a Senior Might Need Help Managing Finances
The following is Provided by CSA: http://www.csa.us/
Even though many seniors have planned for their retirement by investing in IRAs and 401(k)s, paying off large debts such as cars and homes, and reducing their discretionary expenses, there is one factor that people tend to overlook: planning for the day when they turn their money management over to someone else.
Because seniors are living longer than ever, thinking about the possibility of a time when they need help with financial matters is increasingly necessary. For many independent seniors, the idea of turning over their money management is frightening, but advance planning can make the transition easier both for seniors and their adult children.
Where to Start
It's best to discuss finances before a problem arises. Once the money is running out or a medical emergency arises, it might be too late for a financial plan to be effective.
Signs that a senior might need help in managing his or her finances include the following:
• bounced checks
• piled up mail
• unpaid bills
• mounting credit card debt
• calls from creditors
• forgetfulness
Financial Document Checklist
In organizing a senior's finances, the caregiver must obtain a variety of information. The following financial information and/or documents should be located (or created), then stored in a safe place.
• Bank account numbers/brokerage statements
• Names and contact information for lawyer, broker and insurance agents
• Social Security cards
• IRA/401(k)/pension statements
• Tax returns for the past 3-5 years
• Deed to the house
• A list of debts (loans, etc.)
• Copies of all insurance policies
• Copies of wills
• Copies of all power-of-attorney documents and trusts
• Prepaid funeral contract
Tread Lightly
Children and other caregivers should raise the subject of finances during a stress-free time, and in a non-threatening manner. It's often helpful to include an attorney or financial advisor in this discussion. Focus on planning for financial security rather than sharing opinions about financial priorities.
A good first step is to get a firm handle on the senior's income and expenses. Remember to approach this stage in a non-judgmental manner, simply gathering information. Determine the following:
• Monthly income
• Monthly expenses
• How bills are paid (by written check versus automatically)
• Medical and other extraordinary expenses
• Outstanding debt
• Investments
Be sure to over-estimate how long the senior will need to live on his or her fixed income.
Other Considerations
In addition to financial records, the caregiver should obtain information about the senior's:
• Will
• Living Will
• Power of Attorney
• Insurance: life, medical, long-term care, disability
• Estate planning
Seniors often delay writing wills or planning for the disposal of their estate in the event of their death. But the best time to address these topics is while the senior is still fully cognizant and able to make sound decisions.
Get More Involved
Once the caregiver has a full picture of the senior's finances, a collaborative financial plan can be created. In the short term, the caregiver should be added to all of the senior's accounts (financial accounts, as well as household-type accounts). Adult children might need to monitor their parents' finances periodically, perhaps simply by regularly reviewing financial statements.
Over time, the caregiver can take over managing the senior's finances. Because this is a delicate transition, it's helpful to follow some guidelines:
• Maintain complete and accurate records.
• Approach the task with a professional attitude, rather than personal.
• Keep the senior involved and aware of his or her finances as long as possible.
Security in the Golden Years
Discussing finances with an aging parent can be difficult for adult children. Seniors can be reluctant to give up their independence, so it's helpful to let them maintain a sense of control over their financial situation. A shared approach is best at first, with a gradual transition of financial responsibility to the caregiver. The ultimate goal is to ensure the senior's financial security, to make the "golden years" as comfortable as possible.
Even though many seniors have planned for their retirement by investing in IRAs and 401(k)s, paying off large debts such as cars and homes, and reducing their discretionary expenses, there is one factor that people tend to overlook: planning for the day when they turn their money management over to someone else.
Because seniors are living longer than ever, thinking about the possibility of a time when they need help with financial matters is increasingly necessary. For many independent seniors, the idea of turning over their money management is frightening, but advance planning can make the transition easier both for seniors and their adult children.
Where to Start
It's best to discuss finances before a problem arises. Once the money is running out or a medical emergency arises, it might be too late for a financial plan to be effective.
Signs that a senior might need help in managing his or her finances include the following:
• bounced checks
• piled up mail
• unpaid bills
• mounting credit card debt
• calls from creditors
• forgetfulness
Financial Document Checklist
In organizing a senior's finances, the caregiver must obtain a variety of information. The following financial information and/or documents should be located (or created), then stored in a safe place.
• Bank account numbers/brokerage statements
• Names and contact information for lawyer, broker and insurance agents
• Social Security cards
• IRA/401(k)/pension statements
• Tax returns for the past 3-5 years
• Deed to the house
• A list of debts (loans, etc.)
• Copies of all insurance policies
• Copies of wills
• Copies of all power-of-attorney documents and trusts
• Prepaid funeral contract
Tread Lightly
Children and other caregivers should raise the subject of finances during a stress-free time, and in a non-threatening manner. It's often helpful to include an attorney or financial advisor in this discussion. Focus on planning for financial security rather than sharing opinions about financial priorities.
A good first step is to get a firm handle on the senior's income and expenses. Remember to approach this stage in a non-judgmental manner, simply gathering information. Determine the following:
• Monthly income
• Monthly expenses
• How bills are paid (by written check versus automatically)
• Medical and other extraordinary expenses
• Outstanding debt
• Investments
Be sure to over-estimate how long the senior will need to live on his or her fixed income.
Other Considerations
In addition to financial records, the caregiver should obtain information about the senior's:
• Will
• Living Will
• Power of Attorney
• Insurance: life, medical, long-term care, disability
• Estate planning
Seniors often delay writing wills or planning for the disposal of their estate in the event of their death. But the best time to address these topics is while the senior is still fully cognizant and able to make sound decisions.
Get More Involved
Once the caregiver has a full picture of the senior's finances, a collaborative financial plan can be created. In the short term, the caregiver should be added to all of the senior's accounts (financial accounts, as well as household-type accounts). Adult children might need to monitor their parents' finances periodically, perhaps simply by regularly reviewing financial statements.
Over time, the caregiver can take over managing the senior's finances. Because this is a delicate transition, it's helpful to follow some guidelines:
• Maintain complete and accurate records.
• Approach the task with a professional attitude, rather than personal.
• Keep the senior involved and aware of his or her finances as long as possible.
Security in the Golden Years
Discussing finances with an aging parent can be difficult for adult children. Seniors can be reluctant to give up their independence, so it's helpful to let them maintain a sense of control over their financial situation. A shared approach is best at first, with a gradual transition of financial responsibility to the caregiver. The ultimate goal is to ensure the senior's financial security, to make the "golden years" as comfortable as possible.
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