I plan that Friday’s show generally be a Q&A show and today, I planned to answer two questions: one about planning for long-term care needs and the other about what to do with a less-than-stellar 401(k) plan.
Unfortunately, I was really only able to answer the first one.
But, I hope the answer will provide some light into how to plan going forward for long-term care needs (when poor planning was done in the past) as well as some motivation and ideas for others to avoid the same problems.
I received this scenario from a listener: “My 81-year-old father (who hasn’t been able to work in 30 years) has just had a stroke and has been diagnosed with dementia. My parents don’t really have any money–just Social Security income and my mom’s earned income. What can we do?”
I really do my best to give them some ideas about what they can do as well as give some planning tips for others who aren’t in that situation.
- Starting with the non-financial planning first.
- The major sickness and death statistics affecting caregivers.
- VA benefits (including the Aid & Attendance Pension and How to Qualify)
- Qualifying for Medicare and Medicaid (and planning for it).
- Community health programs.
- Social Security planning
Thank you for the iTunes reviews. I really, really appreciate them! Keep ’em coming!
Not the usual financial fodder…
by: Leftybe (United States )*****(5 stars)
Joshua dives deep into interesting topics; not the typical financial fodder we usually hear. He really gets me thinking. His friendly, candid manner makes the show an enjoyable listen. I was glad to hear a mention of finances with special needs kids in mind. Hoping to hear more on this subject.Hands down my favorite podcast!!!by: Quin9701 (United States )*****(5 stars)Daily podcast filled with detailed and thought provoking financial information. Especially enjoyed the episode on taxes. Keep it going!Great Informationby: Love this game2 (United States )*****(5 stars)Great Financial Information out there. Very Informative.