As a rule, this blog is a place where readers can come to relax and reflect. But today’s post will be an exception. Today’s post is issue driven, and we’re going to talk retirement. Why?
Because it’s important.
For the past three years, I’ve been helping Mom manage her finances. For the last two months, I’ve spent hours activating her long term care insurance and arranging for some in-home care three days a week. Sure, it’s a bit of a hassle, one more thing to cram into my busy days. But, it has also been much easier than what many families face because Mom has the financial means to meet her care needs.
Lately, I’ve been asking myself this question: Why is a former school teacher who raised three kids and cared for her chronically ill husband for 38 years in such good financial shape? Here are a few good answers:
- Because she took out exceptionally good long term care insurance many years ago.
- Because she pinched pennies throughout her life and saved diligently for retirement.
- Because as she worked, she wisely built up her pension income.
- Because my brother and sister-in-law share their home with her.
My siblings and I are all very grateful for Mom’s foresight and wise money management. We’re following in her footsteps, too. Hiram and I have long term care insurance policies (I think the sibs do, too), and we all save extra for retirement. And our kids are learning how to care for the elderly (that will be us in another generation) by observing how we treat Mom.
An NPR series about baby boomers and retirement that aired last week shows how rarely members of the upcoming generation of senior citizens engages in this kind of planning. If you haven’t done much retirement planning, you’ll want to listen to every episode of the series. But even if you and your elderly parents have planned well, the series is worth listening to in it’s entirely. The reporters present some really good information and highlight many of the resources I learned while helping Mom. How I wish I’d known it about three years ago!
If you’re convinced, here are links to the series, in the order they aired:
Retirement: Reality Not as Rosy as Expectations
Boomers’ Delusions about Health in Retirement
Saving for Retirement: How Much Do You Need?
What Is Retirement Anyway?
Forget Florida: Colder Climes Top Retirement List
After you read or listen to the stories, come back and leave a comment about what you read. Or share your best retirement planning tip. And rest assured, tomorrow this blog will be back to relaxing, reflective topics you’re used to…as long as our retirement plans keep holding out.
