Monday, July 09, 2007

My advice to aging boomers

I am not an expert in any field, well except maybe sleeping and eating. However, I do have some advice for aging boomers because of the work am involved in. This is advice is for boomers, their parents and their kids.

1. Let someone know where all your paper work is.

2. Get a handle on and consolidate your accounts as much as possible. Your children in their 20's and 30's will have a hard time trying to gather things together when you are older.

3. Appoint a power of attorney when your are still able to understand what is going on. Please make sure this person knows what the heck they are doing.

4. Have enough health insurance. MEDICARE IS NOT ENOUGH.

5. Make sure you educate yourself and your family on the different clause in your insurance policy.

6. Get LONG TERM CARE INSURANCE. It goes a long way.


Sistah Ant said...

I have tried to have this very necessary conversation with my parents to no avail. First problem is we live in different states. Secondly, my dad in particular has an aversion to talking about or preparing for emergencies. He doesn't want to gather papers and talk about "If __ happens." It's very frustrating!

Just Me ! said...

i agree with ur suggestions but i also recommend them for anyone with dependents no matter what age !

Single Ma said...

All of those key points are so so so important. May I add one more very useful task that makes like easier for everyone. CREATE A WILL. Aint nuttin worse that seeing folks arugue over a dead body.

Ms. MiniDucky said...

#6: Here's my question on this, assuming we have a good company and all that: When do you start paying premiums? I'm debating this right now for my parents.