Your Finances
Because your options for elder care will largely depend on your personal finances,
you should know the value of all resources available to you. Take time to evaluate
your future income, investments and debts.
Evaluate Future Income
For most individuals, future income will be a combination of employee savings,
company or government pensions and retirement plans, including Social Security.
Keep a record of these items and how much they provide.
Use the Financial Work Sheets in the Planning Ahead Work Sheets section to help you record this information.
Living Arrangements
As you plan your finances, you should also plan your future living arrangements.
When the time comes, you may hope to receive in-home assistance from family members
and other caregivers; you may expect to move into a family member’s home or you may
plan to move to an assisted living residence, nursing home or other residential facility.
Whatever your expectation, you will need to think realistically about how changes in your
abilities may signal that it is time to change your living situation.
Seek Advice
Planning for appropriate elder care and housing options requires time, research and patience.
You may want to contact the following sources for help.
- Your physician can assess your current abilities and provide referrals.
- Friends and neighbors who have faced similar situations can share what they have learned.
- Your place of worship may offer counseling and ministries for seniors.
- County family service agencies or community senior information and referral services can help in developing an overall care plan.
- A professional geriatric care manager can explain in-home and other support services, as well as organize care from various providers.
- Employee Assistance Programs may offer information on elder housing and care.
Consider Changing Abilities
Think about the physical requirements for maintaining your current living situation. Ask what changes
in your abilities would signal that it is time to adjust the way you live.
Use the Changing Abilities Work Sheet to identify potential changes in your abilities.
It provides space for you to record what you desire for your future.
Reduce Personal Possessions
Should a move become necessary, you may want to begin giving some of your possessions to loved ones.
You may choose to sell some items. Take time to inventory your personal property, including real estate,
jewelry, art, collectibles and antiques. Supplement your written inventory with photos for insurance.
This process can serve multiple purposes.
- Provide a record for insurance claims.
- Help you assess your estate value and name recipients.
- Determine whether selling some possessions may help pay elder care expenses.
You should consider the sentimental value of these items before deciding what to do with them.
Personal Property Inventory
An inventory of your possessions is helpful not only to determine your estate value and to name
recipients, but for insurance claims as well. Supplementing your written inventory with photos
can provide an overview of all your possessions.
Photograph each room. Open drawers and closet doors to reveal contents. Store a copy of the
inventory receipts and photographs in a safe deposit box at your financial institution or in
another secure location away from your residence. Another option may be to scan the information
to a disk and store the disk in your safe deposit box.
For convenience, keep a separate, central file of all warranties, with corresponding proofs
of purchase and operating instructions for appliances and other equipment.
Use the Personal Property Work Sheets to help you record this information.
Insurance Needs
Your elder care plans should include provisions for adequate insurance. Make sure your health care agent(s),
executor(s) and other individuals as appropriate understand your insurance coverages.
Use the Insurance Work Sheets to record your insurance information.
Personal Documents
For your peace of mind, record details about important personal documents, your daily routines and key contacts.
Should you become ill or incapacitated, a family member or other trusted individual will know whom to notify and
will have the information needed to manage your affairs.
Use the Personal Information Work Sheets to help you record your information as appropriate for your situation.
Making The Transition
As you grow older, the time may come for deferring control of your daily care and activities.
Do not put off making choices for that time — and completing the legal documents to help ensure your
decisions for the future are carried out. Although it can be difficult to envision what happens as you
become elderly, making choices for that time now can ease stress and uncertainty for you and your loved ones later.
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