Staying Independent as We Age

Article submitted by Jerry Robertson, Senior Trust Officer for Wells Fargo Elder Services in Denver Metro. Jerry Robertson can be reached at 720-947-6763 or by e-mail at Jerry.D.Robertson@wellsfargo.com.

There's no question about it, America's population is getting older. In fact, according to AgingStats.gov, there are already 90 million more people over age 60 living in the United States today than there were just two years ago.

The average life expectancy in America has increased over time. According to the U.S. Department of Health and Human Services Administration on Aging (AOA), people who have already reached age 65 have an average life expectancy of an additional 18.5 years.

The AOA also notes that about 30 percent of non-institutionalized older persons live alone. In order to stay independent, these people may need ongoing help with a variety of everyday activities and issues including health, recreation, housing, nutrition, financial and more. It is not always possible to rely on a friend or family member for full-time support.

According to the Caregiver Resource Network (CRN), the majority of caregivers - 64 percent - work at jobs outside of the home. That means more than 14 million U.S. workers are caring for aging family members. These family members are often "sandwiched" between the needs of their aging parents and their own children. Raising families, managing careers and running their own households may leave little available time to tend to their parents' growing need for assistance. Distance often is a factor as well. For children who live far away from their aging parents, it's very difficult to be readily available to meet.

As we age, many of us want to pre-arrange care for ourselves so that we don't place unnecessary burdens on our loved ones. Yet, finding the resources for all of our potential needs can be daunting.

• Who will help supervise healthcare services?
• Will our day-to-day finances - including bills, taxes, statements and insurance policies - be handled properly?
• Am I vulnerable to scams or fraud?
• Has my estate plan been completed and is it kept current?
• Are my investments being managed appropriately in light of my changing needs and goals?
• Will I have access to the family, friends and activities that ensure quality of life?
• Is someone coordinating and overseeing the various professionals who may be providing some or all of these services?

Traditional trust groups, financial institutions, and law firms are not structured to support the depth and variety of services today's older adults need. However, leading full-service financial providers, such as Wells Fargo, are recognizing this challenge for their clients and are developing programs to assist them in ways that are quite unique. The best ones are stepping up to provide one-stop, total care plans that go beyond meeting a client's financial needs to meeting all of the challenges and complexities associated with advancing years. Some financial institutions offer a full array of programs and services designed to help older adults maintain their dignity, self-respect and quality of life, which helps reduce anxiety and provide peace of mind for the client and the client's family members.

Whether it's management of retirement benefits, dealing with bills and paperwork, assisting with estate plans, selecting the right healthcare provider or choosing an assisted-living facility, even funeral planning, a financial services professional experienced in the needs of elder clients can help reduce all these burdens and provide peace of mind.

These experienced professionals will customize a care plan based on each individual client's needs, resources and goals. The process should begin with a comprehensive assessment of each situation, including an evaluation of physical, medical and psychological health. This review may include an analysis of home safety and other potential hazards, mobility issues, nutrition and diet, and social opportunities.

It is important to coordinate the assessment of personal needs with a review of other relevant medical, financial and legal issues and needs - including healthcare and life insurance coverage, assets and liabilities, legal documents, planning for incapacity and overall estate planning. Once the initial assessment is completed, a total care plan, with services and options customized to meet a client's needs, can be designed and implemented.

If you're looking for resources for yourself or an older loved one, a good place to start is with a financial services provider-in particular one that has developed a program specifically designed to coordinate these services for older adults.

Wells Fargo does not provide legal or tax advice. Please consult your professional advisors to determine how this information may apply to your situation.