The Importance of Financial Planning for Older Adults
Navigating the costs of care and asset management, especially as one ages, can be complex. In 2021, it was estimated that 1 in 3 older adults aged 65+ is economically insecure, with incomes below 200% of the federal poverty level. Millions more struggle to meet their monthly expenses, even though they’re not considered “poor” because they live above the federal poverty level.
The topic of finances and paying for care can be a sensitive one. However, for older adults and their families, it is an important conversation to have to plan for the future. Listen in to learn more about how to start important financial conversations and information that will support a loved one’s wishes before an urgent or unplanned life change occurs.
Click to listen to this episode:
We are joined by Anthony Coleman, who shares his insight as a Certified Senior Advisor (CSA).
About Anthony:
Anthony Coleman specializes in helping seniors and their families with the assessment and selection of senior housing and care options. He is focused on serving seniors and their families during a time when many emotional and practical issues must be considered. Anthony listens carefully to all of his clients’ needs, concerns and preferences before recommending appropriate levels of care such as Independent Living, Assisted Living, Memory Care or In-Home Care. He is a Certified Senior Advisor (CSA) and Certified Dementia Practitioner (CDP), which gives him an understanding of the overall factors that contribute to the success of a thriving community. Anthony is an experienced senior living professional who has held multiple leadership roles in local organizations that advocate for seniors, including Lorain County Senior Network and Medina County Senior Services Network. With years of experience, Anthony Coleman is recognized as an industry expert with a desire to serve others. His desire to serve seniors started after he helped find care for his grandparents. This experience gave Anthony the passion he has today to help families and advocate for the seniors he serves.
Show Notes:
- Important financial considerations for older adults and caregivers
- How older adults and caregivers can financially prepare to pay for care and living expenses
- Average monthly costs to live in an assisted living community and ways to pay for care
- How to start the conversation about financial resources to meet care needs and wishes
- Helpful tips and resources for older adults and caregivers
Episode Resources:
- About CarePatrol Rack Card
- Money for Older Adults – National Council on Aging
- Elder Financial Protection Network – Obtain information about protecting yourself and your money.
- Office of Financial Protection of Older Americans – Obtain information and tools from the Consumer Financial Protection Bureau to help older Americans safely navigate through financial challenges.
- Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances
