We’re all getting older – every second, every minute, every day. That’s just a simple fact of life. But did you know that women generally live longer than men? Yes, it’s true. According to a fascinating article we’ve recently discovered, there are a few significant reasons behind this intriguing fact.

For starters, biology plays a role. The human body is like a finely tuned machine, and women’s bodies seem to be a bit more resilient, generally living around 5 years longer than men. This biological advantage is believed to be due to differences in hormones and genetics between men and women.

Secondly, social factors are at play. Research has shown that women usually have more social connections than men. These networks can act as a “buffer” against stress and loneliness, which in turn can boost physical health and longevity.

Lastly, lifestyle choices can also affect lifespan. Typically, men have higher rates of smoking and drinking alcohol, which are known to negatively impact health and shorten lives.

But what does all this mean for our financial future? This difference in lifespan can significantly affect retirement planning. Women, on average, need to plan for a longer retirement period. This can be a challenge, especially as women often have less savings due to gaps in employment for reasons such as child rearing or care-giving.

So, if you’re a woman reading this, you need to make sure you’re preparing for the long run. And if you’re a man, it’s essential to recognize these differences and support the women in your life in their financial planning.

Whether it’s creating a budget, investing wisely, or considering insurance options, planning for retirement can be complex. But remember, you’re not alone. At Shah Total Planning, we’re here to help you navigate these important decisions.

No matter where you’re at in your life journey, we invite you to reach out to us if you need assistance with financial planning. Let us help you create a future you can look forward to, a future that is as long and fulfilling as you are. Remember, we’re all in this together, and Shah Total Planning is here to ensure you age gracefully, securely, and with peace of mind.

So why wait? Reach out to Shah Total Planning today. Together, we can ensure your financial future is as resilient as you are.

Having a conversation around the topic of estate planning is often difficult for adult children. This is because it means coming to terms with your parents’ own mortality and discussing issues on which you might not agree.

Even though the subject might be uncomfortable to broach, it is good to have this conversation with your parents well before you need to take action on any of these specific wishes, otherwise your parents’ estate plan is incomplete without these clear directives. Although the form those directives will take depend on the state in which they live, they might include things like;

• Physician orders for life sustaining treatment, which regards your loved one’s wishes about what kind of treatment they do or do not want to receive.
• A living will with details about termination of life support under specific conditions.
• The appointment of a health care proxy who can make medical decisions on behalf of your parent if they become incapable of making them on their own.
• An advanced or medical directive that explains what kind of care they would like.

All of these circumstances can be very unwelcome to deal with in the moment but it is important to have a plan in advance so that you can be able to take the necessary next steps should something happened to your elderly parent.

Estate planning is not just for the elderly. It’s not even just for those who see retirement on the horizon. Estate planning makes sense for people of all ages, but it does become especially important the closer you get to age 65.

There are several important things you should be thinking about as you approach and pass the age of 65. This has long been heralded as the primary age for retirement although many people are continuing to work past these years and looking to generate additional assets or simply because they enjoy the experience of working. There are legal risks associated with aging that you should take into account prior to reaching age 65 but this milestone is important for thinking about some of the other dangers that you might face as you continue to age. 

Increasing longevity numbers mean that anyone who has already reached age 65 should be thinking about the possibility of living for several decades longer. From concerns about paying for long term care to protecting your assets, planning to avoid guardianship, and qualifying for Medicaid, you might need an elder law attorney to help you identify all of the potential risks and to craft a strategic plan around protecting yourself from these risks and dangers. Schedule a consultation with an attorney who has extensive experience in the realm of elder law planning.     

Many people approaching retirement today will need long term care at some point in the future. Long term care typically brings to mind an image of nursing homes, but one growing trend is known as self-directed long-term home care. There are many different options available and more people than ever are choosing to self-direct their own long-term care when this is a possibility. 

Person-centered choices are becoming increasingly requested, especially as people wish to age in place, even when faced with physical or mental challenges that require long term care. Individual states are choosing to create self-directed programs that enable the person in need of care to pay home care providers and schedule them as they wished.

This removes some of the limitations typically associated with long term care policies, which have become very expensive in recent years or through Medicaid. Many people are choosing to direct their own care, because there is a major problem associated with using agencies where the assigned caregiver doesn’t show up.

Customized care services also appeal to those who want individualized support and in general, research has shown that these people who were able to take control of their care were more satisfied and their overall experience was just as good or had better outcomes when compared with traditional care. There are now 1 million people in more than 200 different self-directed, veteran and Medicaid programs across the country.

And since 2011, enrollment in these services has increased by more than 2011. More vetting and management is required if you choose to go the route of self-direction. If you’re interested in protecting yourself with regards to a long-term care plan, you need an experienced estate planning lawyer who understands the scope of your state’s Medicaid rules and can help you design strategies and goals for the long term.