By Rosanne Rogé, CSA, RFG, CFP®
We have all heard the anonymous quote, “Do not regret growing older; it is a privilege denied by many.” While it’s true that growing old is a blessing, the aging process – especially in the later years – can be difficult to navigate.
Over the past 29 years of business, we have watched our fair share of clients age gracefully. We have witnessed common lifestyle changes associated with aging like downsizing or becoming a fitness fanatic. We have assisted clients who suddenly want to retire earlier than planned to take on new roles, start a second career, or design a completely new lifestyle. It is our responsibility to ensure that clients are not only financially sound before and during retirement, but also in the twilight of their life. We do this by stressing the importance of expecting the unexpected. No one plans to lose their job, break a hip or have a flood devastate their home, but as financial advisors we must anticipate and plan ahead for these unexpected events. We must hope for the best, but prepare clients, both financially and emotionally, for all of life’s surprises.
Today we are living longer, healthier lives thanks to advances in technology and medicine. However, even with these advances, life’s surprises can sometimes include physical or cognitive decline.
For this reason, R.W. Rogé & Company, Inc. has created a document titled, “Aging Facilitation Instructions for My Advisor.” Although it does not replace any legal documents you may have prepared, it does help to clarify your preferences, specifically for your financial advisor, in the unlikely event that you exhibit sudden and unexpected changes due to the aging process. Some examples of possible changes include:
- Loss of memory
- Communication impairment
- Shift in mood or personality
- Out-of-character actions
Without preparation, unexpected physical and/or cognitive changes could put your family and your financial advisor in a very difficult situation. Working with a professional to ensure that your financial health and safety are in order, and taking control of the aging process is of utmost importance. This is just one of the many tools we have developed over the years to ensure that our clients are protected from the unexpected.
If you have questions about planning your financial future, please feel free to contact R.W. Rogé & Company, Inc. and ask to speak with one of our experienced Senior Wealth Advisors. We can be reached at 631.218.0077 or at firstname.lastname@example.org.