Aging is the sign of a successful life. After all, when you think about the alternative to aging your perspective about getting older shifts. You should start seeking self-sufficiency for your retirement years well before the age of sixty-five. But, even if you have not done so, don’t shun the planning stages. You need to address planning no matter what your age. Some preparation is better than none at all. It can provide you with some peace of mind and can take pressure off of family members who would have to make their own income adjustments to be able to provide money to support your cost of living. No one wants to become a burden to their children or otherwise extended family. It feels good to be able to provide for oneself (and one’s spouse) no matter how lavishly or modestly. It is a relief to know that you have solid plans as well as contingency plans for the future. Although it can be hard work and tough to realize how much it will take to cover your future living expenses, putting off the planning stage does not lead to easier or better outcomes.
First of all, consider your location. Many seniors prefer the idea of living out their lives in their own home but there is much to consider about that approach. Are you close to family members or someone willing to help drive you to doctor appointments and grocery stores when you are no longer able? Can your home accommodate a wheel chair; is there a bedroom on the first floor or is there a way to get up and down the stairs? How expensive are the property taxes in your area? How mild is the weather? If you want to go to a retirement community, what locations are most affordable as well as most desirable? How would you transition to less independent living over time?
Once you know your location goals, do some worst-case planning. Adverse health and unforeseen life events can ravage your finances unless you are already managing a sizeable sum of assets or have incorporated proper planning. You might look for advice as to how to turn a nest egg into retirement income, or how to add to your long-term insurance care, or to establish some long-term insurance care. Think particularly about in-home care should your goal be to stay in your own home as you age.
You need to know if your state has approved the Long-Term Care Partnership Program, a joint federal-state policy initiative to encourage the purchase of private long-term care insurance. A professional can explain to you how it can protect some of your assets if you would require extensive care in the future, for instance for Alzheimer’s disease, which could potentially exhaust your private insurance policy benefits and require you to apply for Medicaid. A professional can also advise you if there are any federal or state tax incentives available to you for long-term care partnership insurance. You can also discuss implementing some additional life insurance that can remain in force until you are eighty. It can help a spouse with extra money should something happen to you. In the meantime, both of you could sleep better at night knowing the insurance policy is in place. The point is, you need to examine some potential worst case expenditure scenarios and how you would be able to meet the needs of your care should the moment arise.
Your aging is a success story. Embrace how you prepare for your senior years no matter what your age is, and the sooner the better! Retirement requires careful thought, planning and decision making for the best outcome possible for you and your loved ones.
Contact our office today and schedule an appointment to discuss how we can help you with your planning.
- The term “Veterans Benefits” is somewhat misleading. Only a percentage of the people covered by VA benefits served formerly in the Armed Forces. The Department of Veterans Affairs provides vocational rehabilitation, health care, employment services, pensions and more to both active and former service members, as well as their spouses, widows, parents and children.
- When you make up your mind to apply for benefits from the Department of Veterans Affairs it is beneficial to have all of your important documents and forms ready, because they will most certainly be needed. Relatives of Veterans who wish to apply for benefits should have any relevant marriage certificates, birth certificates, and the Veteran’s birth and death certificates if necessary. You will also need the Veteran’s discharge papers.
- Find out if you are eligible for enrollment to receive health care from the Department of Veterans Affairs. This is easily done at the VA website vets.gov, or via telephone at 1-877-222-VETS (8387) where you will be asked no more than 15 questions and be told whether or not you are eligible to receive benefits. You may also mail an application to the Health Eligibility Center, or apply in person at a physical Veterans Affairs location. Veterans and their families should be aware that they may be eligible for care at a non-VA health care provider if certain conditions/hardships are met, such as if they live more than 40 miles from the nearest VA medical facility. The VA will help you determine which “priority group” you best fit in, ranging from 1-8 depending on various conditions, to best give you quality care, as determined by their standards.
- Although it may first seem unlikely, the Department of Veterans Affairs offers services to Veterans and their spouses that go far beyond simple health care. The VA can help you secure a house for your family via specialized home loans or purchase a car. Naturally these programs take into account the various levels of physical disabilities with which the recipient may struggle. For example, the VA can help you modify your home to be wheelchair accessible, should you require.
- The words “GI Bill” probably bring to mind images of baby boomers’ parents and the post-World War II program designed to help returning Veterans receive a college education, but did you know that the GI Bill still exists? The Forever GI Bill, the Harry W. Colmery Veterans Educational Assistance Act, is a comprehensive program that offers post-9/11 Veterans a wide variety of tools to help them get their degree, including a monthly housing allowance and priority enrollment in classes wherein Veterans are allowed to register before the general public.
- Although we probably do not like to think about it, there are thousands of servicemen and women who do not return home from the field of battle. For these heroes, the Department of Veterans Affairs offers funeral services and/or burial in a national military cemetery, whereupon the gravesite will be maintained in perpetuity.
Contact our office today for more information on benefits for war-time Veterans.