Aging and care — do you have a plan?

It’s never too soon to make a plan for who will look after you when you can no longer look after yourself. The good news is the plan doesn’t need to be long or complicated. You just need to have one.

If you’re stuck between paying your own mortgage and worrying if your parents can pay for a retirement home, then welcome to the sandwich generation. It’s that time of life when you’re caught in the middle of dealing with the needs of your own kids and the needs of your aging parents. If that’s not worrying enough, you see the care your parents need and you begin to wonder “who will look after me? Should I start thinking about what I might need one day?”

The simple answer is yes. Long-term care is something that you can build into your financial plan at any stage of life. But starting early gives your efforts time to grow. A flexible plan will grow with you, and let you make changes later if your priorities change.

In the meantime, you only need to consider these three things:

1. Are you saving enough? As you save for retirement, keep in mind the increasing costs of long-term care. It’s not just the expense of somewhere to live, consider the cost of devices like wheelchairs and walkers, too. And consider that you may need to pay more for taxis if you’re not able to drive. It’s the small things that really add up. You want to have enough money to live independently as long as you can, and bring in help when needed.

2. Are you protecting your money?

You’re working hard to save your money, so you want to make sure it’s protected. Insurance is a great way to do that. There are a lot of different kinds to consider. Some types of permanent life insurance help you generate investment income, with others you can borrow from the cash value. There’s even insurance specifically designed to cover the costs of long-term care.

3. Are you getting the right advice?

You don’t have to go it alone.

A consultant can help make sure 1 and 2 are part of a whole plan that synchronizes the elements needed to ensure your financial well-being.

What matters most is that you get started. This will help you to feel confident that the wheels are in motion and your future is comfortable.

Jeff Somers, BA, RRC, CFP, works at Investors Group in Charlottetown. This column is written and published by Investors Group Financial Services Inc. and Investors Group Securities Inc. The column presents general information only and is not a solicitation to buy or sell any investments.