Plan for the longterm with a medical alarm
November 4, 2010
Many adults hit age 65 and start to relax and enjoy retirement, but it may also be wise to think about the longterm future for the sake of close family members.
Careful planning can come in increments and often prevent financial or emotional difficulties down the road. A recent Genworth Financial report discussed some measures that older adults may want to take to be fully prepared for their golden years.
Families should have a conversation about longterm care options and what retirees prefer as they grow older. This discussion should include financial planning, so that caregiving doesn't become an overwhelming responsibility for adult children.
Approximately 78 percent of the men and women polled for the report expressed a desire to have this kind of talk, but only 16 percent said that they had actually done so.
To simplify this process, MoneyWatch.com recommends paying bills and receiving Social Security through an automatic system of withdrawals and deposits.
Another way that older adults can prepare for longterm plans is to invest in a medical alarm system. This device can be used to send a personal emergency response message to friends or family in the case of an unexpected medical condition.