Planning for the future, and who will take care of you is an enormous problem for our aging society. It is difficult for everyone, but most difficult for "soloists." No, these are not people that play in an orchestra. They are men or women (mostly women) who are either widowed, or have been single and childless all their lives.
Who's going to take care of any of us? Single or married, the most important thing is to have a plan. Having a plan is the key to success in almost everything you do in life. Know what you want. Do you want to age in place, go to a senior community, live with a friend, live with family, who will take your dog or cat, etc? In California and Arizona we have professional fiduciaries who can look after your money. You would tell them what you want, how much money you have, and they would work out the details. In the rest of the country professional fiduciaries do not exist. People appoint a bank or a lawyer, both who charge big fees, or they get a friend or relative to take care of things. The latter doesn't always work out well.
Many people opt for long term care, which if bought at an early age might be a good decision. If, however, you are 60 years old and your aging father has Alzheimer's, you will most likely not qualify for long term care. The insurance company doesn't like to take chances.
Other people decide to self insure. Statistics show that one should put away $500,000 in an account to be used for long term care. Sounds like a lot, but it goes quickly.
The best solution for many is to age in place. Stay in your home, bring in help as needed, and continue to enjoy your community. This will work so long as you don't need special medical attention that the home cannot provide.
There are other options, like what is often called the golden girls lifestyle. Get together with some other seniors and live together. Or, there are group homes to live in.
The most important thing to remember is that you are not alone. So many people are facing the same challenges. We are a community, and through community you will find the right doctor, the right lawyer, and the right place to live. Ask everyone you know to help you solve a problem. They will help you solve it. People helping people solve problems works!
Any choice you make should be discussed with a financial planner or estate planner. Often the family is involved in a group meeting, where the senior's wishes are discussed so everyone knows what he/she wants
Planning for your future is difficult, but necessary. If we don't plan, the time will come when we can't make decisions, and someone else will be making them for us. We want to take control of our lives and our future and planning is the best way to do so.
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