Well, actually, every part of life is a team sport, but for some reason many people (both old and young) believe that once you become an adult, you are exempt from the necessities of team work.
Scary facts about getting older
- 1 in 3 seniors dies with Alzheimer’s or another form dementia
- In 2021, around 11 million caregivers provided 16 billion hours of care to individuals with Alzheimer’s or other dementias
- 1 in 10 seniors are victims of elder abuse
- 1 in 4 adults live with a disability
Beyond physical deterioration, getting older also presents emotional challenges. After a lifetime of experience and achievement, it can be difficult for seniors to relinquish their independence and control, in essence, their very sense of freedom. Getting older also brings increasing proximity to our own death, which can involve an entire kaleidoscope of feelings and fears.
But thankfully we humans have a super power… teamwork. Connections between family, friends, colleagues can help sustain us in any phase of life. Building a network of support can make the difference between aging well and struggling to maintain our physical and emotional well being.
Teamwork to improve your finances
Using teamwork in your personal finances can offer tremendous benefits.
Start with estate planning. From understanding your goals, values, and intentions to choosing the right methods of handling your affairs, a great attorney can help you create a solid estate plan that fulfills your wishes and invests in the future of your family, friends, and community.
What about your executor or trustee? A solid executor/trustee can help bring your family together after your gone. An untrustworthy or ill-prepared executor/trustee can rip a family apart. If you’ve ever read any advice columns that focus on personal finance, then you know that about half the questions involve issues with executors/trustees doing shady stuff (the other half involve student loans, but that’s a whole other issue).
How about taxes? A good tax preparer can wade through the labyrinth of the tax code and make sure that your tax return is accurate and compliant with all of the rules. They can help deal with the IRS if any issues pop up and they can help you worry less about taxes.
A good financial advisor can help you create a durable and resilient financial plan. They can work with your estate planner and tax preparer to make sure everything is working as intended. And they can offer guidance and protection against your own worst impulses.
It doesn’t have to cost a fortune
It’s possible to get the help you need at a reasonable cost. Many estate planning attorneys offer reasonable rates. Same goes for tax preparers. You can also use an online option… although you often end up paying for the service with your time instead of your money.
For many folks, financial advisors have historically been among the most expensive service providers. Even 10 years ago it was difficult to find an financial advisor who would work for a reasonable fee. But many advisors are exploring alternate fee arrangements such as hourly or flat fees.
You can also get creative. If you don’t want to pay for a financial advisor, consider speaking with a trusted family member, friend, or work colleague. Bouncing ideas of a unbiased 3rd party can help you avoid the pitfalls of cognitive traps and emotional decision making.
Unfortunately, getting older isn’t a choice. And the challenges are real. But having a team can help.
