Proactive Planning for Successful Aging and Caregiving - Episode Hero Image

Proactive Planning for Successful Aging and Caregiving

Original Title: Joy Loverde: Planning Ahead for Care Needs as You Get Older

TL;DR

  • Proactive planning for elder care, including legal documents and financial arrangements, is crucial to avoid severe financial strain and ensure personal wishes are met when facing chronic health diagnoses like Alzheimer's or Parkinson's.
  • Engaging in "time travel" by communicating with individuals significantly older can provide invaluable insights into successful aging, helping individuals visualize and prepare for their future selves.
  • Establishing clear communication and setting boundaries with siblings is essential for equitable caregiving distribution, preventing burnout and preserving family relationships by proactively addressing needs and offering choices.
  • Solo agers must prioritize financial security, community-based housing, and comprehensive legal documentation to ensure their needs are met, as they will heavily rely on professional advisors.
  • The choice of living environment, whether aging in place or in a community, significantly impacts an elder's access to informal support networks and overall well-being, especially as professional care becomes scarcer.
  • Assisted living communities can be disempowering due to constant exposure to illness and death; selecting facilities with robust therapeutic and spiritual programs can mitigate negative psychological impacts.
  • Technology adoption for aging individuals should start with accessible devices like smartphones, gradually introducing more complex solutions, rather than assuming immediate acceptance of advanced robotics.

Deep Dive

The central argument is that proactive, personalized planning is essential for successful aging and caregiving, shifting the focus from reactive problem-solving to intentional future-building. This involves understanding the evolving landscape of elder care, where individuals increasingly need to plan for their own care needs as well as navigate family dynamics, and that the complexity of these needs necessitates early engagement with legal, financial, and housing considerations.

The implications of this proactive approach are far-reaching. Firstly, the concept of "time travel"--communicating with older individuals to understand their experiences--serves as a critical tool for individuals to visualize their own aging process and identify potential pitfalls and opportunities. This shifts the perception of aging from a solely negative, disease-focused narrative to one that incorporates aspirations and desired quality of life, thereby empowering individuals to make more informed choices. A significant second-order implication is the financial strain that chronic health issues can impose; without advance planning, diagnoses like Alzheimer's or Parkinson's can "wreck havoc on our financial stability," underscoring the need for organized legal and financial documentation well before a crisis occurs.

Furthermore, the traditional model of family caregiving is evolving. The speaker highlights that the conversation has shifted from "I'm going to take care of somebody" to "Who's going to take care of me," acknowledging the rise of solo agers and the increasing complexity of family structures. This necessitates clear communication and boundary-setting within families to prevent caregiver burnout and maintain relationships. The speaker's emphasis on family meetings, especially without the parents present, aims to create a safe space for honest discussion, mitigating potential conflicts arising from differing perceptions of need or unequal burden distribution, particularly along gender lines.

Housing is presented as a critical component of aging plans, with a move away from isolated living towards community-based solutions. Continuing Care Retirement Communities (CCRCs), or "life plan communities," offer a continuum of care, but the desire to age in place remains strong. However, aging in place presents challenges related to informal support networks, the cost of services, and the need for diligent management of health, safety, and technology. Creative solutions like Naturally Occurring Retirement Communities (NORCs) and self-organized housing initiatives, while offering potential, still face the fundamental challenge of sustainability as health needs increase.

Finally, the speaker addresses the emotional and practical aspects of end-of-life care. Navigating difficult caregiving situations requires professional support, such as therapy and friends who offer non-judgmental listening. The importance of choosing appropriate hospice care, vetting multiple providers, and understanding available resources is stressed. Similarly, death doulas can provide invaluable support during the dying process. The overarching message is that candid conversations about death from an early age, as well as preparing legal documents like living wills with specific provisions for conditions like Alzheimer's, are crucial for ensuring dignity and respecting individual wishes when individuals can no longer communicate them directly.

The key takeaway is that aging successfully is not an accidental outcome but a deliberate process requiring early, comprehensive planning across financial, legal, housing, and emotional domains, fostering open communication and leveraging available support systems.

Action Items

  • Draft elder care contingency plan: Identify 3 key decision-makers and outline financial and legal responsibilities for potential incapacitation.
  • Create a communication framework for family meetings: Define 5 rules for constructive discussion regarding caregiving responsibilities and parental needs.
  • Audit personal housing plan: Evaluate current living situation against 3 criteria for aging in place (community, accessibility, support network).
  • Schedule initial consultation: Meet with a financial planner and an elder law attorney to discuss long-term care funding and legal documents.
  • Develop a "time travel" outreach list: Identify 5-10 individuals 20+ years older to interview about their successful aging strategies.

Key Quotes

"The most important one right now is the fact that the people who are attending these programs of mine are not only family caregivers but explaining to me that they are wondering who's going to do that for them so the whole conversation about family caregiving is actually evolving it's no longer i'm going to take care of somebody it's also who's going to take care of me."

Joy Loverde observes that the focus of caregiving conversations is shifting from solely caring for others to also considering who will provide care for oneself. This highlights an evolving understanding of caregiving needs, acknowledging that individuals themselves will eventually require support. Loverde suggests this evolution is driven by people attending her programs and expressing this personal concern.


"Well actually i became my own client after i saw the need for people to plan for elder care and that visual happened when i was in high school actually when i went to a nursing home on thanksgiving morning... when i was about 40 and yes i was working at j walter thompson here in chicago i saw that if i would just create some kind of communication system which ended up being the first edition of the complete elder care planner that i could just get families to talk to each other and that is indeed what has taken place way back since the 1980s now."

Joy Loverde explains her transition into elder care planning by stating she became her own client after recognizing a societal need. This realization stemmed from an early experience in high school and a subsequent professional insight in her advertising career. Loverde then developed "The Complete Elder Care Planner" as a communication tool to encourage family discussions about elder care.


"We have there's so many myths that are floating around in the world about what it means to age right and we only have whatever advertising tells us or or all the pharmaceutical ads on the news and in the media so what i had suggested in the book was to talk about the concept of time travel and what that means is looking around you and see who is in your immediate space people who are hopefully 20 and 30 years older than you and approaching them under certain circumstances maybe you're at a wedding or maybe you're in a in a social situation where you can ask them hi i'd like to get to know more about you what is it that you are doing in your in your age now that is making you happy or is there anything you would have done differently as you aged."

Joy Loverde addresses the prevalence of myths surrounding aging, often perpetuated by media and advertising. To counter this, Loverde proposes the concept of "time travel," which involves engaging with individuals who are 20-30 years older. Loverde suggests asking them about their current happiness and any regrets to gain insights into successful aging.


"If you are diagnosed and have no plans in place then unfortunately it may be too late to have exactly what you want which goes back to the process of or the question rather of when do we start planning when we are faced with a diagnosis let's say of alzheimer's or parkinson's something that is chronic people don't realize how very expensive these diseases will be and how it will wreck havoc on our financial stability so it isn't a matter of when we're diagnosed what can we do we need to think way way in advance that if this happens then i have my legal documents in order and i have my financial house in place we have to assume that there will be certain things that we need to plan for far in advance."

Joy Loverde emphasizes the critical importance of advance planning for chronic health conditions like Alzheimer's or Parkinson's. She states that without prior plans, it may be too late to achieve desired outcomes once diagnosed. Loverde highlights the significant financial implications of these diseases and stresses the need for organized legal documents and financial preparedness well before a diagnosis occurs.


"The first thing if we have siblings if we're lucky enough to have siblings in a caregiving situation first thing you need to do is have a family meeting and get it all out in the open the good the bad and the ugly and there has to be rules about the family meeting so that no one's beaten up on somebody else and i have a very long list of how to create a real healthy family meeting and you don't have just one you have as many as you need be and by the way the parents are not invited."

Joy Loverde advises that when siblings are involved in caregiving, the initial step should be a family meeting. She stresses the importance of open communication, covering all aspects of the situation, and establishing rules to ensure a constructive environment. Loverde also notes that these meetings should be repeated as needed and that the parents receiving care should not be present.


"Where we live has everything to do with someone having immediate access to us and also we have forged relationships so it's a process that takes time and right now if you're sitting in your own house all alone in a neighborhood where it requires you to get in a car and go somewhere and people don't knock on your door and you're not in a community environment that is a setup for failure for the aging process oh unless of course you have tons of money to bring people in to help with services but as i mentioned a few minutes ago those people who are going to be helping us are going by the wayside so where we live where we live is super important."

Joy Loverde asserts that where one lives is paramount for aging successfully, as it directly impacts access to informal support networks. She explains that living alone in a car-dependent neighborhood without community interaction sets up a situation for failure in the aging process. Loverde contrasts this with environments where relationships are forged and immediate access to help is possible, especially as professional caregivers become less available.

Resources

External Resources

Books

  • "Who Will Take Care of Me When I'm Old" by Joy Loverde - Mentioned as a resource for individuals aging alone and for its discussion on planning for elder care.
  • "The Complete Elder Care Planner" by Joy Loverde - Mentioned as a foundational book for families to discuss and plan for elder care, with multiple editions published since 1993.
  • "My Mother's Money" by Beth Pinsker - Mentioned as a guide for caregiving and managing finances for parents, offering a practical and understandable approach to financial longevity.

Articles & Papers

  • Articles - Mentioned in relation to the cultural trend of family disengagement and the influence of social media on these relationships.

People

  • Joy Loverde - Author, speaker, and family caregiver, discussed as the guest on the podcast and author of books on aging and elder care.
  • Amy Arnott - Portfolio Strategist for Morningstar and co-host of "The Long View" podcast.
  • Christine Benz - Director of Personal Finance and Retirement Planning for Morningstar and co-host of "The Long View" podcast.
  • Beth Pinsker - Financial columnist and author of "My Mother's Money."
  • Father Thomas Fisher - Pastor at Joy Loverde's Catholic school, mentioned as a favorite teacher who died at age 27.

Organizations & Institutions

  • Morningstar - The organization hosting "The Long View" podcast.
  • J. Walter Thompson - Advertising agency where Joy Loverde previously worked.
  • The Birches - An assisted living community in Clarendon Hills, Illinois, mentioned as an example of an excellent assisted living facility.
  • Renaissance Center - A facility in downtown Chicago that houses an area agency on aging for senior populations, offering various activities and fitness centers.

Websites & Online Resources

  • schwab.com/trading - Website mentioned for learning more about the thinkorswim trading platform.
  • Joy Loverde's website - Mentioned as a source for downloadable worksheets and checklists related to aging and care planning.

Other Resources

  • Thinkorswim - An award-winning trading platform by Ameritrade, mentioned for its features for market analysis and trading.
  • Naturally Occurring Retirement Communities (NORCs) - Communities that evolve into supportive environments for aging individuals, often in existing apartment buildings or neighborhoods.
  • Village to Village Network - A network of communities offering support for aging in place.
  • Life Plan Communities - Formerly known as Continuing Care Retirement Communities, these offer independent living with a continuum of care.
  • Life Care Managers - Formerly known as Geriatric Care Managers, these professionals help manage caregiving processes.
  • Death Doula - A caregiver who supports individuals and families through the process of dying and death.
  • Alzheimer's Provision - An addendum to a living will that specifies wishes regarding care and finances in the event of an Alzheimer's diagnosis.
  • Living Wills - Legal documents outlining an individual's wishes for end-of-life medical care.
  • Power of Attorney for Healthcare - Legal document granting someone the authority to make healthcare decisions.
  • Power of Attorney for Finances - Legal document granting someone the authority to manage financial affairs.
  • Hospice Programs - Services providing support for individuals approaching the end of life.
  • AI-powered robotic companions - Advanced technology discussed as a potential aid for aging individuals.
  • Robotic walkers - Technology mentioned as a tool to assist with mobility for seniors.
  • Animatronic pets - Technology discussed as a potential companion for older adults.
  • Smartphones - Mobile devices mentioned as a starting point for introducing technology to seniors.
  • iPads - Larger tablet devices suggested as an easier-to-navigate technology option for seniors.
  • Cub Fan - A reference to being a fan of the Chicago Cubs baseball team, mentioned as a personal interest of Joy Loverde.
  • Kayaking on the Chicago River - An activity in Chicago mentioned as a positive experience.
  • Walking through neighborhoods and seeing Halloween decorations - An activity in Chicago mentioned as a positive experience.
  • Fitness Centers - Mentioned as a resource available across the city of Chicago for seniors.

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