6. Living transitions. Polls indicate most Americans would like to age in place. That objective may not be realistic when they consider factors such as the cost, the relative safety and their need for proximity to family and services. Have your clients thought about where they will live? What about the phases of retirement? The first might put them with an active spouse or partner. The second phase might find one spouse in poor health. The third phase finds the client living alone. What if they can’t take care of themselves? These are emotional and important topics worth planning in advance so there isn’t a scramble—or a family battle.
7. Driving transitions. Speaking of battles, many older folks see their car as the last pillar of their independence. Tragedies every day result from overconfidence, declining awareness and a family’s reluctance to step in. But they shouldn’t put themselves or others at risk. They must plan ahead for alternatives so they can safely maintain an active life. And that will save their loved ones the drama of “taking away the keys.”
8. Diminished capacity. Cognition declines along with the rest of the body. We reach our peak ability to work with numbers at age 53 on average, and after that we begin to lose ground. At a certain point we put ourselves at risk for making mistakes, falling victim to fraud or identity theft, using bad judgment or poor impulse control. Keeping track of your ability is critical to your health and safety. A good assessment considers your behavior, cognitive ability and financial literacy with objective scoring.
Health and wellness are highly personal and increasingly complex emotional topics that can devolve into family battles as we age. What’s best for Mom shouldn’t be a war—especially when a little discussion and planning can start a better process. The pandemic dropped a health-care elephant onto our dining room tables. We can use it to contact clients and have a conversation about something other than the stock market. Maybe something more relevant to clients’ real lives and concerns.
And that way, something good might come out of something that’s been so bad.
Steve Gresham is chairman of Whealthcare Solutions, Inc. He is also managing principal of The Execution Project, LLC and senior education advisor to the Alliance for Lifetime Income.