Planning for Old Age Part of Planning for Retirement
March 23, 2010
Yahoo Finance ran an insightful, albeit somewhat morbid, article the other day talking about two major roadblocks to retirement wealth. Anyone over age 40 who has multiple bank accounts can benefit from reading this article.
The first major roadblock outlined by the author of the article, Robert Powell, is Alzheimer's disease.
The Alzheimer's Association reports that 5.3 million Americans currently have Alzheimer's, with that number expected to grow to 19 million by 2050. Wow.
No, it is not pleasant to think about what you will do with your money if and when the time comes that you're not able to handle it yourself. But the cost of not undertaking that difficult thinking can be utterly disastrous.
It is such a shame when someone who has worked hard and saved money all their life becomes confused or gets taken advantage of in old age. Proper preparation can prevent this tragedy.
In terms of your bank accounts, simplicity is of the essence if you're concerned about Alzheimer's affecting your money.
Yes, it's smart to shop around for the best CD rates, best savings account rates, and best money market account rates, but it's also a great idea to keep things simple enough to be understood by someone other than you.
BibleDebt
23 March 2010 at 6:34 pm
Proper planning can help you avoid getting into trouble. If you are concerned, get out of debt and possible look into an annuity so you have guaranteed income for the remainder of your life.