In a previous thread I gave a glimpsing look at what has caused me to ask myself this question. Read it if you wish, but bottom line is that Dad’s poor aging judgement caused a lot of problems and loss of hundreds of thousands of dollars that he did not need to lose: https://discussion.fool.com/where-did-they-walk-to-house-apartme… Having had to bail him out more than once leaves me not wanting to do the same to our kids, and pondering how I can protect myself from myself as I age?
I have already taken on nutrition, being active mentally and physically. Dad did much of that too, though not as early as I did in life and not to what he no doubt would have called extremes.
We have talked with our kids about finances, and though only in their mid-20’s have them as concerned bystanders on our accounts. Basically this means should Vanguard and others question our judgement, notice a concerning pattern of withdrawals, they can reach out to our sons and suggest they get in touch with us to see if all is OK. This is not to say they can then take over control, but a problem found earlier usually is a smaller problem to deal with.
We have our money in a revocable family trust that becomes irrevocable when one of us passes on, insuring that the survivor is taken care of and the boys inherit what is left over, an not some floosie/gigolo that tries to bamboozle us.
One reason why we are waiting for SS until 70/full retirement age, is to maximize the potential insurance for a fixed income portion of our retirement that we have little control over. Tougher, though not impossible, to sign away SS en masse than write a check.
Any other ideas?
not going to a CCRC