Planning for later years never more necessary

To the editor:Tom Sedoric, managing director of investments of The Sedoric Group in Portsmouth, wrote of “the growing strain of our obligations” in the Nov. 4-17 issue of NHBR.He identified the baby boomer’s legacy as one of debt, due to avoidance of making difficult decisions on such matters as planning for their financial futures.As local owner of Home Instead Senior Care, I have worked with more than 1,200 clients and their families to ensure that aging loved ones can remain at home. While providing support and guidance, I have been witness to legacies of debt and seen results of ill planning, specifically as it relates to senior care.My experience has afforded me a unique perspective on the outcomes for those who have not planned for the long term. And my own personal family experience rounds out my conviction that planning for our later years has never been more necessary.What I have come to realize is that baby boomers are now facing a future of aging that hadn’t existed in prior generations. The level to which long-term planning was conceptualized and planned in the past is only the beginning for boomers.It is not enough to plan for retirement. Because we will live longer, planning for senior care is crucial.Boomers, like most of us, don’t wish to face their inevitable aging and the challenges associated with it. They don’t want to believe that they will ever be anything less than self-sufficient and therefore avoid the difficult process of preparation. But planning for their future is similar to planning for their child’s education. There is a need to plan ahead or you will not be ready for what you had envisioned for a future; in this case, a future that will likely include the need for care.At the same time, we are faced with more long-term planning options than ever before. Traditional investments, annuities, savings, long-term care insurance, reverse mortgages, immediate care products, life insurance and other estate preservation options are available to help pay for care. And that care can be provided at home, assisted living facilities, independent facilities, continuing care retirement communities, skilled nursing facilities, etc.Boomers need to dodge the urge to avoid the inevitability of aging. They must become informed consumers and drive their own future. To effectively do so requires asking questions of multiple experts, doing extensive homework and understanding that you can help to reduce the overall cost of care by planning ahead. Researching options and developing a plan is a personal responsibility and will help to avoid a legacy of debt.Lisa GanemOwnerHome Instead Senior Care of Seacoast and Southern NHPortsmouth