Kaufman recommended that more advisors start having these conversations to help people start planning for their old age. She said most people prepare more to start a family as they take leaves, make childcare arrangements, and choose their timing. There are parenting classes and mom support blogs, but “none of that exists for aging”. By then, the family may be dealing with a crisis with little support and no training, so it’s good to put it on their planning radar now.
She said this is particularly important since the number of people over age 85 in the next 25 years is going to triple – and many more are living to 100 or more. 25% of those over 85 also will be diagnosed with dementia – and that doesn’t include those who aren’t diagnosed. That’s creating an incredible caregiving burden – both socially and for families – at a time when people are having fewer children, who often live at a distance, so can’t provide all the caregiving.
“We can help clients plan because it’s probably not something they’re spending a lot of time talking about or planning for today,” said Kaufman. “It’s all about planning: setting up not only yourself and your family, but your caregivers to ensure as much success as possible.”
RBC is providing its advisors with the latest information and education, plus many resources and tools. It’s also providing clients with a personal binder to collect all the information that’s needed in one place for their caregiver. But, it’s also encouraging discussions about the emotional ramifications, so clients and their caregivers are more prepared. Still, she said, advisors need to help clients prepare for what’s coming by getting abreast of their plans now.
