Longevity is both a gift and a curse. Sometimes “aging” is described as a series of losses—losing the ability to do things you like, losing friends and family members. Planning for that phase when you may be alone is very hard but essential for peace of mind. Adult children may not fully appreciate isolation. Even living in your home can be isolating if you don’t have a way to get out and connect with people. Leonard was often alone all day while Paula darted from one activity to the next. He actually seemed happier in the assisted living facility where he moved after his cancer diagnosis.
Ask clients about how they would like to spend those later years. They all know people who have had the experience. What would they do differently—or the same?
Steve Gresham chairs the advisory board for Cogniscient Inc., the parent of Whealthcare Planning. He is also former head of the private client group at Fidelity Investments and author of The New Advisor for Life. See more at www.thegreshamco.com.