Get your financial house in order

I took an application a few months ago with a 66-year-old couple from Tempe. They were both full of energy and had a good plan. A month later, the husband was diagnosed with cancer but with an 84% chance of beating it. On Friday, he passed away of unknown (as yet) causes. Her remaining income has now been reduced significantly because she loses the smaller of their two social security incomes.

How does she replace that? If that puts her income in the red will she be able to stay in her home? He didn’t have a pension but 70% of the men (mostly) who get pensions choose the retirement option that pays higher while they are alive but ends when the pass away. Do her remaining expenses get reduced much?

A good financial plan takes into account contingencies, even the case where one partner is no longer in the picture. I highly recommend people get it worked out in advance rather than waiting. Who wants to deal with financial problems while you are in the grieving process? While you are at it, get medical directives and funeral options handled. Who wants to have to make decisions on the fly about organ donation? Do it before something happens. And take a look at a reverse mortgage and see if you want to fit it into your plan as well. It could be the tool that makes it all work.

Dave Parker
602-750-8166
ParkerInReverse.com
Your Reverse Mortgage Resource

At The Lending Company

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Home Care Central Phoenix and Home Care Greater Phoenix provides elder care and senior care in Phoenix. Call us today at 623-583-5868, 602-265-8228 or 480-991-3959.