Like many retirees in New Jersey and elsewhere, you hope that you will live a long and healthy life with your mental faculties intact. However, as you know, not everyone makes it to old age with a mind as sharp as it was in their twenties. While it is possible that you may avoid mental or physical incapacitation, it would be wise to prepare for it in case it happens.
You may have trouble talking to your aging parent about his or her finances. Maybe your parent is secretive about his or her money, so you procrastinate the discussion year after year. But if you wait too long to have this conversation, your parent may end up in a crisis and you will have no idea what his or her wishes are, let alone the location of any important documents.
As your parents age, health issues can become costly and difficult to sustain. Adult children of aging parents are often saddled with a double financial and emotional burden: that of raising their own children while facing the complex and challenging issues of helping their parents to age gracefully and plan for their estate after death.
Many people in the United States are living longer. For example, half of the infants born in 2007 may live to the ripe old age of 104. However, this extended lifespan does not always translate to the financial means to pay for it, nor does it mean quality of life. It can be frustrating to save for retirement for years and pay off your house only to lose all of what you have to mounting medical bills as you age, and there will be nothing for your heirs.