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HOWARD PRESSMAN, CFP®, FEATURED IN CNBC ARTICLE DISCUSSING AMERICANS WANTING TO "AGE IN PLACE"

HOWARD PRESSMAN, CFP®, FEATURED IN CNBC ARTICLE DISCUSSING AMERICANS WANTING TO "AGE IN PLACE"

November 11, 2022
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Most Americans want to ‘age in place’ at home. Here’s how to plan your support systems

November 9, 2022 (CNBC) - We adamantly want to age in place, say experts. A recent AARP report shows that 85% of respondents 65 or older wish to stay in their current residences as long as possible.

Retirement-focused financial advisors can help with both the financial and non-financial preparations to do so.

“We’re often the only professionals people will consult when they’re planning for this phase of their lives,” said certified financial planner Howard Pressman, partner with Egan, Berger and Weiner in Vienna, Virginia. “I saw my clients struggling [with this issue] and I wanted to help them think about the process of aging.”

Helping retirees fill critical caregiver roles

Pressman has held what he called “very pointed conversations” with clients, especially those without children, about who will fill critical roles to help them age at home. These roles include decision-makers for health issues, drivers to doctor appointments if clients are ill or injured, household helpers for routine home maintenance and friends for regular socialization.

“My goal is always to help my clients enjoy a happy retirement — mind, body and wallet,” he said.

“A lot of the [retirement-related] conversations we have with clients are around the non-financial aspects,” said Jason Siperstein, CFP and president of Eliot Rose Wealth Management in West Warwick, Rhode Island. “You can’t talk about money without talking about life.

“You can’t separate the two.”

He refers clients to aging-in-place resources, such as Medicare brokers, discounted prescription drug services and a personal concierge service that does a wide variety of errands and handyman services. Sipirstein also instructs clients on how to use Zoom and rideshare apps such as Uber and Lyft.

Read the full article here