Citi Personal Wealth Management
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If a parent or spouse needs temporary help, say, recovering from surgery, many of us will likely find some way to muddle through. Instead, the big decisions—and the hefty expenses—occur when a family member suffers a permanent deterioration in physical or mental health. Elder care planning can make all the difference—and that means taking steps before a crisis hits.
Whether you are thinking about care for yourself, your spouse, or your parents, this is a good time to find out what everybody's wishes are—and where things stand financially, including:
Once a family member needs ongoing, long–term assistance, whether at home or in a facility, here is a checklist of steps to consider taking:
To get a quick initial projection on costs for home care, assisted living and nursing care, try out our long–term care planning tool.
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If you need more income, consider seven ways to try to boost your income and maximize savings.
Review different scenarios for when taking Social Security may make sense for you.
Learn the basics of parts A, B, C and D of Medicare.
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