Seniors with memory loss face unique challenges, including managing finances for ongoing care. This article outlines how pensions and IRAs can be used to support long-term care planning.
Memory loss can quickly lead to increased healthcare needs and caregiving expenses, making it essential for seniors to plan ahead. Pensions and IRAs are key resources for funding long-term care needs, such as in-home caregivers, specialized medical care, and long-term care facilities. Seniors who experience memory loss may struggle with managing finances on their own, making it even more important to designate a family member or trusted person to help with financial decisions. By understanding how pensions and IRAs work, families can ensure that retirement savings are allocated appropriately to support the care needs of the senior. Seniors and their families should regularly review the status of these accounts to make sure funds are being used effectively and consider setting up automatic distributions or planning for required minimum distributions (RMDs) from these accounts to help meet ongoing care costs.