Complex Choices, a Plan to Get It Right

During my 45 years as a financial advisor I always felt that we did a good job of getting clients to save money but a less than stellar job of getting them to think about what they wanted to do in life in enough detail to help position their money effectively. For a variety of reasons, many clients don’t want to think about their “golden years” in a specific, detailed manner. It’s almost as if they are afraid that acknowledging their mortality might make it happen.

It can be a struggle to get these conversations started, but the rewards are enormous both for the advisor and the client. Much of what could happen during these golden years has a direct relationship to time and money. How much money do they need? For how long will they need it? And will they need large chunks of money periodically. Being able to invest and manage the cash flow of clients’ money is enhanced when the client is clear about what they want, and when they want it.

About 20 years ago, I thought I had my life plan set up. My wife and I wanted to stay in our home until we had to be carried out. I found a long-term care arrangement that would make that possible. They would provide any and all in-home care needed, and they had a connection to a continuing care retirement community that had a rehab and skilled nursing care facility that I would have priority access to if needed.

Twenty years later, my wife and I are looking at new options. The idea of moving into a continuing care retirement community is looking more attractive and while we’re not ready to make the leap today, we’re doing the research. There are so many choices and options available, we’re glad to get the decision-making made in advance. We want to feel confident about choosing what we want so we don’t have to decide in an emergency.

My point is that we all have choices, and these choices diminish as time goes on. Sandy and I aren’t ready to pack up and move this month, or even this year. But when the time comes, we will know exactly where we’re going and why. We’ll have moved to the top of the waiting list and our new abode will be ready. It will have the floor plan we want, the activities we want, and the atmosphere we want. Our plan is in motion.

I know many people are reluctant to take the steps we’ve taken. They see these types of establishments in “end of life” terms. But in truth, that’s not it at all. It is about the adventure and how we want it to play out. And procrastinating can leave you with limited choices and a looming deadline.

Of course, we’re all going to reach the same end…as someone once put it, no one is getting out alive. But as I often say on my podcast, Changing the Rules, you can make the rules fit you. While many of these facilities look the same on paper, you’ll find that they are different. The facilities might appear to have the same options and services, but there are differences.

Visiting all the facilities reminded me of those college visits parents take with their children. The fit seemed perfect until the child stepped on campus. Suddenly they said, “I don’t want to go here.” It’s a feeling and feelings matter.

Take the time to do your research. It’s worth having the life you want, when you want it, and how you want it.

This year's Friends Connection 2020 Conference theme is "What's your Game Plan". It's designed to get people to think about what they want their coming years to look like. Our speakers will provide valuable information about pertinent topics such as living arrangement and more. Click Here for more information.

I invite you to explore issues and more on my bi-weekly podcast, Changing the Rules. Find it on your favorite podcast site or go to Changing The Rules.