Aging Without Children

The New York Times recently published an article entitled “Single? No Kids? Don’t Fret: How to Plan Care in Your Later Years” which outlines the paths seniors are taking to map out a path to aging which they do not have the built in support network of adult children.

The AARP reports that by 2030, about 16 percent of women 80 to 84 will be childless, compared with about 12 percent in 2010, according to a 2013. These so-called “elder orphans” have to find an alternative to relying on adult children to navigate healthcare, care giving, driving, assistance with paying the bills, and other tasks that become more difficult as we age.

In anticipation of aging alone this particular demographic is encouraged to be proactive and come up with an aging plan before it needs to be put in place. This includes reassessing where you are physically located. As a first step moving to a senior friendly community should be considered as it provides necessary social interaction to avoid isolation and further decline. Other housing options to be considered are continuing care retirement communities, where an individual may begin living in the independent care unit and could, deepening on the level of decline, move to assisted-living unit or the memory care unit. If aging in place is what the senior wishes a geriatric care manager can be secured to assess and coordinate continued care at the home. The cost of these options vary so a financial adviser may be retained to assist in setting up a plan for funding such a move.

Another important step is to visit an estate planning attorney to assist in nominating individuals to step in and make important health care and financial decisions. Individuals are appointed though a Durable Power of Attorney for Finance, Advance Healthcare Directive, and Trust. If a senior does not have anyone close enough to trust (or burden) with such a responsibility, professional fiduciaries are a great resource. A professional fiduciary is licensed with the state to manage and protect the personal affairs of their client. If you are interested in coming up with an aging plan feel free to contact the Law Office of Stephanie Macuiba at 949-697-5958.

The New York Times article may be viewed at: https://nyti.ms/2pzrakR

To read more about Elder Orphans: https://www.macuibalaw.com/news/2016/11/30/elder-orphans