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Planning & Economy

Roadblocks in Retirement

December 6th, 2021

As a financial planner, it is my job to prepare you for the unexpected.  I am in your corner to advise you about the roadblocks that could destroy your financial plan and bring financial hardships not only to you but those around you as well.

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When it comes to retiring, pre-retirees have a lot of questions to answer: 

These are all very important questions and things to consider as you are preparing for retirement.  Most retirees can answer these questions once they retire but worry about everything else as it happens.  For example, many people don’t discuss their long-term care plan before retiring, even though nearly 70% of retirees will need some type of long-term care.¹

My grandfather passed away this past January.  He had spent the prior few years in a long-term care facility.  My grandfather worked at Habersham Hardware for 45 years, kept after his farm, and raised four successful daughters.  He gave my mom and her sisters everything they needed and was a good saver, quite frankly he never enjoyed spending his hard-earned money.  (Struggles of growing up in the great depression I guess).

With that being said, I remember the time when my mother and her sisters sat down with him to discuss him moving into a wonderful new home, where he would get the care, he needed.  He was slowly forgetting more and more and needed full time care.  When they told my grandfather that they were going to have to make this change, he was appalled- he couldn’t believe they wanted him to pay that much to move somewhere new, when he was happy where he was.

These are hard conversations to have with your loved ones.  But my family was lucky, because my grandfather had the resources to be able to afford the care he needed, even though he hated the fact that my aunts were making him spend money.  What would have been even harder is to realize that even though my grandfather needed this care, he couldn’t afford it.

A recent study from the Center for Retirement Research at Boston College found that 56% of unmarried women are unable to cover the most minimal levels of care, and this percentage is up from 33% of unmarried men and 31% of those who are married.² 

You may be wondering why that is so?  Women are typically the ones who are the caregivers, for their children and parents, meaning they are no longer saving for retirement, contributing to social security, or saving for healthcare costs in retirement.  When they can retire, they may be unaware of the other issues that may get in the way of their current financial situation.

I am thankful that I am aware of these statistics, so that we can lead our female clients in the direction of a successful and peaceful life, and one that avoids the known roadblocks.  So, if you are a female reading this newsletter and are worried that you do not know of the roadblocks that may come up in your life, please reach out to myself or Christina.  We would love to be your advocate.

Brooke Cantrell
CFP® Candidate
Associate Financial Planner

  1. https://acl.gov/ltc/basic-needs/how-much-care-will-you-need
  2. https://www.planadviser.com/long-term-care-concerns-dog-older-workers-retirees/

CFP® Candidates have completed the education and exam requirements of the CFP® Board.  CFP® Candidates still need to complete either 6,000 hours of professional experience related to the financial planning process, or 4,000 hours of apprenticeship experience that meets additional requirements.  Upon completion of the professional experience and ethical requirements, candidates can hold out the CFP® designation.

 

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