In this episode of "Financial Advisors Say the Darndest Thing," host AB Ridgeway explores the intersection of financial planning and home care, particularly for aging Americans. With insights drawn from statistics and practical advice, Ridgeway guides listeners through considerations for choosing a caregiver, understanding the non-monetary aspects of care, and leveraging technology to enhance the aging experience.
Key Takeaways:
- Early Planning for Aging in Place: Ridgeway stresses the significance of initiating the planning process for home care well in advance, ideally five to ten years before it becomes necessary. This proactive approach allows individuals to make informed decisions and allocate resources effectively.
- Understanding Caregiver Responsibilities: Acknowledging the diverse responsibilities of caregivers beyond financial matters is essential. From managing daily errands to facilitating healthcare appointments, caregivers play a vital role in maintaining individuals' well-being as they age.
- Integration of Technology: Ridgeway emphasizes the value of incorporating technology into home care arrangements, citing its potential to enhance communication, access to services, and medical support. Familiarity with digital tools like Zoom and online shopping platforms can streamline caregiving processes.
- Seeking Christian-Centered Care: For individuals prioritizing faith-based care, Ridgeway suggests exploring agencies that integrate Christian principles into their services. While highlighting the importance of vetting such agencies, he encourages listeners to prioritize values alignment in selecting caregivers.
Quotes:
- "A great advisor is going to help you along the journey of financial planning... So the decisions such as if you should stay at home or have to go into a care facility stay in your control, and not under the control of your wallet at that time."
- "Choosing to stay at home or going to a facility is a big decision and it this is a priority that it needs to be discussed so early, and it needs to be planned for."
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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
Links mentioned:
https://www.aarp.org/content/dam/aarp/research/surveys_statistics/liv-com/2021/2021-home-community-preferences-chartbook.doi.10.26419-2Fres.00479.001.pdf
https://www.cnbc.com/2022/11/09/how-to-plan-your-support-systems-if-you-want-to-age-in-place-at-home.html
https://christianseniorcarenetwork.com/about/