Long-Term Care in Images


Life is filled with risks. While stock market, economic, or political risk is widely discussed in the press, there are other risks that financial advisors and clients must consider.  One of the biggest and most uncertain risks has to do with the future high-cost medical care that is not covered by insurance. This is the care you may need if you have a prolonged physical illness, disability, or severe cognitive impairment. These limitations can prevent you from performing basic activities such as bathing, dressing, and eating. Help for these types of needs is called long-term care and can result in the biggest expense shock a retiree can face.

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The Second Key to Investment Success


In my last blog post, I discussed Faith in the Future as the first key to investment sucess. The second key is Patience.


Key #2 - Patience

Some investors don’t lose faith; they simply lose patience. Patience is the ability to wait and delay expectation of positive returns.  Patience is absolutely necessary because positive returns are not provided each and every year, and may not even be provided for many years.  While I know it may be almost un-American to be patient in our world of instant gratification, news feeds, and credit cards, it is patience that is a necessary characteristic of a successful investor. There are two methods of obtaining more patience when it comes to the markets.

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The First Key to Investment Success


Investment Success can be thought of as the reward that awaits you within a vault that must be opened using four key codes.  To open the lock to the vault you must turn to each of the four key codes in order. Only then will the wheels of the lock align allowing the vault to be opened. Then investment success will be yours! In today's blog post, I will introduce the first key: Faith.


Key #1 - Faith in the Future

The first key needed to obtain investment success is to have a resounding "faith in the future". This is faith in the growth and progress of economies, businesses, and people (who work and own these businesses). When you invest, you are buying a piece of a business. Therefore, you would only invest in that business if you felt that the business would make money in a conducive environment. Taken further, as globally diversified mutual fund investors, you are buying ownership in businesses around the globe, and therefore, you have a stake in the entire world economy - the economies in which these businesses operate. You would only own these investments if you felt these economies would grow over the long-term. This is faith in progress, not perfection. People, businesses, and politicians are not perfect, but if you take a step back to look at the upward curve of progress it is easy to have faith. If you can't see this progress, and are fundamentally afraid of the future (and have lost faith), it is impossible to invest successfully.

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Resources to Gracefully Age in Place

Gracefully Aging in Place

In the past I have talked about the benefits of community living (such as a Continuing Care Retirement Community) for clients in their later years. Most clients love this type of living as it provides a social network, a continuum of care, and advocacy.
However, many clients (or their parents) have either decided to finish out their lives in their homes, or this has been decided via a lack of planning. All of us know family members who have aged in place by staying in their home and half of all baby boomers state a desire to age in place. In many cases, the decision for parents to stay at home has required us (or our siblings in closest proximity) to step in to provide help paying bills, filling pill boxes, scheduling/shuttling them to doctors' appointments, providing advocacy, and contacting contractors to handle home repairs, and much more!
Help Available for Aging In Place Seniors
But what if there is no local family member to provide help, or what if we need help? Thankfully, if aging in place is the plan, there are professional service providers available to assist with meeting the varied needs of aging in place seniors.
  • Aging Life Care Association. 
    This professional organization provides information about and a directory of Geriatric Care Managers (also called an aging life care professional). Members are usually nurses or social workers that assess the medical/social/service needs of the individual. They help to recommend and pull together the services of local providers (and/or family members) to meet these needs with the purpose of helping the individual to live as independently as possible. They may assist you with selecting housing, assess your current home environment, or determining what home health care services are needed. At the website link above, you can search for a local member to assist you.
  • American Association of Daily Money Managers (AADMM). Members of this organization provide a range of personal cash management services such as bill paying, mail sorting, balancing the checkbook, making bank deposits/withdrawals, organizing tax information, etc. At the website, you can search for a member to provide assistance. I have met with a local member and owner of Final Business Matters that not only provides typical services (like the ones mentioned above), but is also able to assist executors with closing and administering an estate.
  • The Elder Protection Center is a resource that 
    helps the families of the elderly to manage the complexities and concerns that often come with struggling to help their aging parents. They provide help in the areas of elder abuse, neglect, and other issues facing your older loved one.
  • The National Elder Law Foundation website allows the ability to search for Certified Elder Law Attorneys who provide seniors with legal advice most relevant to them. This may revolve around advanced directives, asset protection, and Medicaid/Medicare planning.
But What About Help with the Home Itself?
The one big piece missing is assistance in maintaining or adapting the home. This may be to ensure the home (and its value) is maintained or to modify the home to accommodate mobility to suit the particular needs of the senior. Doing so can make the home nicer, and also reduce the likelihood of injury due to falls and trips to the emergency room. Worse, falls are the leading cause of "death by injury" for the elderly. This could involve installing grab bars, accessible switches, widening doorways, or putting in a chair lift or ramp.
I have a client who is in the business of helping seniors stay in their home as long as possible by providing ongoing home maintenance, improvements, and remodeling (as needed). The company is called Home Ideations.
They are local professionals that offer complete residential Property Maintenance Management services to allow clients to live in their home knowing EVERYTHING is cared for through a trusted, single point of contact. This may be a desirable service for those who plan to age in place, but it can also be an affordable and desirable alternative to moving.
Home Ideations can assist in making informed decisions on a range of housing options and provide home modifications, including mobility and aging in place upgrades designed to improve home equity. 
You can visit them at: www.homeideations.com

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