April 30, 2009
Tips to Make Senior Years Easier
In caring for your aging parents, relatives or friends or preparing for your own senior years, here are some potential problems to avoid. Being well organized is especially important as we age. If you need help, get it.
TIP #1 – UPDATE: Have up-to-date versions of your will, power of attorney, health care proxy, living will and funeral arrangements in place. Keep them in a safe place, but let someone close to you whom you trust know where they are.
TIP #2 – PLAN LONG TERM: Plan for living a long life by purchasing long term care insurance or seeing an elder care attorney. Medicare and supplemental (secondary) insurance do NOT cover long term custodial care. If you are not eligible for long term care and can’t afford to cover long term care expenses, think about applying for Medicaid.
TIP #3 – A REALISTIC BUDGET: Create a budget to fit the lower level of fixed income you are or will be getting once you retire. A financial planner can help, if you need it. Be sure to factor in the cost of long term illness if you do not have long term care insurance.
TIP #4 – KEEP UP: Balance your checkbook and review your credit cards. As we age, eye sight, memory and handwriting all deteriorate. If you can’t manage on your own, seek help.
TIP #5 – PHOTO IDS: Do NOT let your driver’s license or passport expire. Even if you’re not driving or traveling any longer, photos IDs are a must have for many reasons, i.e. opening bank accounts. If your photos IDs have expired, get new ones NOW.
TIP #6 – STAYING IN THE HOME: Too often, the choice to stay at home as we age is not considered sufficiently. Assisted living and nursing homes are not necessarily the best solutions for us when we are older, frailer and less able to cope on our own. The choice to stay at home where things and people are familiar should be seriously and carefully considered. Geriatric Care Managers can help you assess safety issues in the home, arrange for improvements and help you find home aides. If you think you can’t afford this option, Medicaid benefits may be available to cover costs.
TIP #7 – MEDICAL PAPERWORK: The paperwork around paying medical bills and after hospital stays can be overwhelming. Whether your insurance covers the costs of treatment or you have to pay out-of-pocket, get help from a detail oriented family member, friend or financial organizer if you can’t handle the paperwork.
TIP #8 – INVESTMENTS PAPERWORK:< Investments paperwork can be a lot to handle, especially if you invest on your own and have stock certificates, bonds or dividend checks to contend with. Find a reputable brokerage firm and take them your certificates and bonds. If this is more than you can cope with, ask for help from someone you trust. The dividends will be deposited directly into your brokerage account and you can then simply transfer money to your checking account when you need it. You will receive one monthly statement, which will simplify your life enormously. If you don’t need the money, you can reinvest the dividends to earn additional income. You will receive one 1099 at the end of the year instead of many 1099s from every company in which you hold stock. This will also make life much easier for your Power of Attorney, should one be needed, and for the executor of your estate after you pass.
TIP #9 – TAXES: Avoid penalties and interest by filing your Federal and State income taxes in a timely way. If illness or being overwhelmed by the paperwork involved is getting in your way, get help.
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MILLER ORGANIZING. All rights reserved.
14 Stuyvesant Oval
NYC, NY 10009