Take these steps to put a financial plan in place just in case your mind doesn’t work anymore.
Holidays can be a good time to initiate tough conversations.
When dementia takes over, the burdens and costs of retirement escalate.
Taking charge when a parent loses control can be difficult, expensive and stressful.
The longer you stay on the job, the less likely you’ll get Alzheimer’s.
Here are some suggestions for someone who is facing retirement with a diagnosis of Alzheimer’s disease.
Exercise, particularly resistance training, is emerging as protection against getting Alzheimer’s disease.
If you haven’t considered long-term care during the latter stages of retirement, now’s the time, says Sean Kell, CEO of A Place for Mom, the country’s largest senior-living referral service.
Kell says his organization works daily with the families of people in need of care who scramble to find a solution and are shocked by its price tag. The cost for caring for someone with Alzheimer’s is especially high.
Dealing with the realization that they can’t afford the kind of care they want for their parents — or for themselves — is hard to do, Kell says, especially when people are forced to accept an option they feel isn’t suitable.
The Alzheimer’s Association estimates that the cost of caring for people in the U.S. with Alzheimer’s and other forms of dementia will be $200 billion in 2012 alone.
About $140 billion of it will be paid for by Medicare and Medicaid. The rest of the costs will fall directly on victims of these diseases and their families. For many, it will dominate their retirement planning and still ruin their retirement.
Harry Johns, CEO of the Alzheimer’s Association, says spending money to find ways to prevent and treat this disease is critical.
More than 5 million Americans currently live with Alzheimer’s.
Olympic Gold Medalist Wendy Boglioli, who competed in the 1976 Montreal games and won a gold and a bronze in swimming, has been a spokesperson for long-term care insurer Genworth for the last seven years. At 57, the daughter of a 91-year-old mother, Boglioli speaks from experience. Last year when I talked to Boglioli, she