Georgia residents may benefit from thinking about long-term care planning years before they need it. This may make it possible to limit the impact of rising health care costs that could prevent an individual from enjoying his or her retirement. In some cases, health issues may appear without warning, and it is also possible that a spouse's health issues could derail long-term financial plans.
Many Georgia residents will need to pay for some form of long-term care when they are elderly. According to the U.S. Department of Health and Human Services, about 70 percent of people will eventually need to enter a nursing home, move into an assisted-living facility or require in-home health care. The Cost of Care Survey conducted by Genworth Financial for 2016 showed that the median monthly cost of a private room at a nursing home was $7,698. People who can stay home but need support from a home health aide pay about $3,861 per month.
Georgia residents are likely aware of the benefits of saving for retirement. However, it is also important that they take steps to protect the money that they have accrued. Roughly 20 percent of older adults will be the victim of a scam, and the average victim loses $120,000. This amount is equal to the average life savings of a 50-year-old. One way people can protect themselves is with the creation of power of attorney.
Georgia residents who have elderly parents should discuss their parents' wishes with them regarding how they want to live and the critical care options they want to be carried out should they no longer be able to make decisions for themselves. It's important to have this conversation early on. Doing so could avoid the conflict and stress that could result when their parents are ailing and they aren't sure what course of action to take.
As our parents get older, we can find it increasingly important to check in with them and make sure they are doing well. If there is cause for concern, like a decline in their health, children will often do whatever they can to help them cope and/or recover. However, because they are our parents, it can be difficult for them to reach out for this help.
There are a number of reasons that conflicts occur when multiple family members are involved in caregiving. Hopefully, there is a common goal of meeting a senior's physical, emotional and spiritual needs in a dignified manner and within a safe environment. How to meet this goal is where the situation can quickly deteriorate. Each family member will approach a caregiving situation with a unique viewpoint, based on personal beliefs and experience, past and present roles within the family, and current life situation. Even families who have always had strong relationships can experience tension when faced with the responsibilities of caregiving.
Every day in America, roughly 10,000 people turn age 65. To help keep roadways safe as America grays and to help preserve the freedom of mobility of older drivers, researchers at University of California, San Diego School of Medicine are training law enforcement officers to recognize warning signs of impaired driving skills and to take appropriate, compassionate action. They are also training doctors to think more about their patients' ability to drive safely with age.
Dealing with aging parents is not only tough emotionally, but financially. A Caring.com report found that nearly half of family caregivers spend more than $5,000 a year on caregiving, and 30 percent spend more than $10,000. Your parents may need help. Are you ready?
In life as in computing, a little planning now prevents a lot of pain down the road. Goodbyes are never easy, particularly if the relationship was a cherished one. Such was the case for me and my beloved hard drive. Its capacity for capturing great conversations, thoughts, and images felt irreplaceable. My heart sank as the computer technician conducted its last rites. But thanks to technological advances, a mirror image of my hard drive's legacy resided only a download away. The online backup reduced my anxiety and helped me resume my daily activities. Preparing for the inevitable allowed me and my hard drive to appreciate our time together and live life with no residual regrets.
Now is the time to adopt financial habits that determine a successful retirement, even if you're still in your 20s.