Tips for Preparing for Long Term Care

There comes a time in a person’s life where you have to start thinking about long term care.  I know that it is nothing anyone wants to think about when their loved ones start to grow older.  Hopefully, you won’t need long term care but, it is good to have in case you do need it.  Planning long term care can be a long and daunting process.  First you have to sit down and find out what your loved one wants.  I am sure this is not something you want to have to discuss as the child or the parent.  My friends at Genworth have some great tips on how to talk to your family about long term care.  I wouldn’t really know how to bring it up to someone.

Do they have a living will; do they want to be resuscitated? Do they want to be at a certain facility? Maybe they have friends at a nursing home that they want to be with.  Will their spouse be able to join them if that is an option, like in assisted living? I know that is an option at some places.  Is there somewhere special they would like to live, like near a certain family member? I know when my Grandma Diana had cancer and in her last days, she wanted to be back in England. She was born there and she wanted to pass away there too.  That was very important to her to spend time with my aunt and cousin and other family members.

After you find out what your loved ones want for long term care, you need to decide on how you are going to pay for it. I read an article on Fox Business about howexpensive long term care is.  It is important that you and your spouse make these decisions before you are in the position where decisions have to be made quickly. Maybe you could start an account where you’re put in a certain amount each month as your long term care fund.  I find that with anything it is easier to put in small amounts than trying to come up with a large chunk of money at once. If you are over 65 Medicare will cover some of your costs.  It is pretty common that those who need long term care also have Medicaid.  Usually with Medicaid when you are in long term care, you have to give most of your monthly Social Security to the facility and Medicaid covers the rest. 

When my Grandma Rose was in need for long term care, my mom sold her house. That gave some money for long term care but you would be surprised how quickly it went.   A good healthcare facility can be pretty expensive. It doesn't include living expenses like clothes to wear, toiletries, books etc. Another good thing to consider doing is prepaying your funeral costs.  That way your family isn’t burdened with that expense in the middle of grieving. That way you can know that they will not have to worry about it. They won’t have to fight about it, trust me I have seen quite a few court shows where there are people suing family members over funeral and burial expenses.The last thing anyone wants is to be a burden to someone else.  

I hope I have helped you to start thinking about long term care and how important it is to plan just in case. With any luck, you will never need your back up plan and you grow older healthy and happy.

This post was inspired by Genworth and Brandfluential. All thoughts and opinions are my own.

Tips on How to Prepare for Retirement

When you get older, you start thinking about retirement. You start making bucket lists and start thinking about all the fun things you want to do.  The biggest question is "How am I going to afford it?" It depends on your employment if you receive a retirement check. You usually have to pay in to it out of your wages.  Many people have worked for most of their lives, some at the same job. My mom is a teacher and has been teaching for thirty six years. She was a teacher in Indiana for 33 of those years. So, naturally she has paid into it for a long time.  So, when she retires she will be fine. The amount of your retirement from your job will be less than your salary. It also depends on how much you paid in to it. Unless you have a high paying job that you have been at for many years, you won't be able to live on that retirement alone. I read an article on Fox Business about three insurance policies that can help pay for your retirement.

There is also Social Security. That too depends on your employment and how much you pay in to it. Social Security also isn't a big amount each month usually either. I know that some people opt for 401k's.  A 401k is retirement savings plan. The contributions are often partially or fully matched by the employer. There are also other private retirement savings plans you can save for your retirement on your own on before taxed income. Another option is an IRA which is an Individual Retirement Account. An IRA reduces your taxable income until you take it out when you are usually are in a tax bracket. You are saving for retirement and saving money by using an IRA. There is a limit of how much money you can put in an IRA a month.   I know this is all kind of confusing, thankfully my friends at Genworth has tons of information to help protect your nest egg.  Be sure to check out their Everything Retirement section.

If you are close to retirement or not, I don’t think you can be too early when you start planning. The earlier you start; the better off you will be later. Retirement is meant to be a happy and joyful experience, don't let finances take your joy away.

This post was inspired by Genworth and Brandfluential. All thoughts and opinions are my own.

Handling Finances as a Single Mom

Since I am a single mom, who doesn’t receive any child support, money is really tight for me. I am fine with the fact that I don’t receive child support from my ex-husband.  It just means I have to be a little creative when it comes to spending money and planning my budget. My income can be steady or sporadic, it just depends on what I have going on.  I have learned to save for a rainy day or a rainy month.  It’s really important for me to plan for months that I may not have much money coming in.  I recently explained it to my friend as being a squirrel gathering nuts for the winter. I also use a lot of coupons, shop sales and go to the dollar store. My trips to the dollar store can be risky but I have gotten a lot better about buying random stuff. I can’t take Noah in there though; it is a disaster waiting to happen. Being a single mom is rough when you are the mom and dad. Once you throw in the financial burden it can be difficult without a plan. My good friends at Genworth have all kinds of tools that can help me plan for my present and future financial needs. I really like the Plan Workbook to help me plan long term.


 

I am happy that I am able to be home with my son and not have to worry about who will watch him after school or when he gets sick. I am pretty lucky. I feel that I would rather have this precious time with Noah than make a lot of money where I am working long hours away from him.

Someday, I would love to meet a nice guy and ultimately get married again. Daily Finance has a great article about tips to help protect your finances before you move in with someone.  After talking to some of my older friends, it is common for a husband and a wife to have separate bank accounts.  I know that sounds kind of odd. If you can’t share money, then maybe you shouldn’t get married or live together. I think it is more common when you have been married a couple times. It is extremely important not to share a bank account with the person you are living with, even if it a serious relationship. They could take all your money and be in the wind. You shouldn’t get an animal with the person you are dating.  When you want to just walk away, you are bound by doggie custody agreements and joint vet bills.  You can really lose everything you worked hard for.  Be sure to take a few extra steps to protect your assets before it is too late. Love can be blind and doesn’t always last.

This post was inspired by Genworth and Brandfluential. All thoughts and opinions are my own.