Diary of a Seasoned Life – Are You Ready When Life Comes Knocking?

Are You Ready for a Life Event? What is a Life Event?

• Marriage
• Divorce
• Children Arriving
• Children Leaving
• Illness
• Disability
• Loss of Income
• Economic Downturn
• Death

Combing two households later in life happens more than you think. Here are a couple of facts:

1. 70% of people who get a divorce will wind up getting married once again at some point in their life
2. Census Bureau estimates that 10 times as many widowers as widows over 65 remarry, though there are fewer older men than older women.

Splitting up a household statistics:

1. 40 to 50 percent of married couples in the United States divorce
2. 60 percent of all second marriages fail

Not good news for those 70% who went down the aisle a second time!

Your kids are becoming adults and moving out, so now what?

1. 36% of Boomers will move or plan to move when they become Empty Nesters
2. 44% of Boomers who moved or will consider moving from their old Empty Nest cite wanting a smaller house and one that requires less maintenance

Believe those kids that graduated from school and left the nest are on their own? What about your parent? Look at this:

1.  26% of adult children move back home
2.  40% of Boomers anticipate that their adult children will move back in  with them.
3.  30% anticipate that their parents will move in with them

Changes in our own or a loved one’s health can occur at any time. Illness, Disability, or Death are definitely important events one should properly prepare to handle:

1. 1 in 1.7 people will experience a traumatic event in their life
2. 70 percent of people over age 65 need some long-term care
3. 37 million Americans are classified disabled
4. 50% of these disabled Americans are 18-64 years old
5. 1 in 4 people become disabled before retirement
6. 1 in 265 people die of an heart attack every  year
7. 1 in 1.5 adults do not have a living will
8. 1 in 135 people will die within a year

All of these events in addition to forced early retirement, layoffs, and economic downturns can lead to financials stresses and loss of income. Take a look at these statistics:

1. 42% were forced into retirement because of health problems
2. 4% were forced into retirement due to company downsizing and company closures
3. 18% were forced into retirement to care for a sick spouse
4. 13% were forced into retirement due to an outdated skill set
5. 22% were forced into retirement for other reasons
6. Only 64% of private-sector workers have any formal retirement plan, and fewer than half sign up for one
7. The U. S. has experienced 33  recessions in its history. That means that one occurs about every 5 years.
8. American household wealth is $7.7 trillion less than it was before the last recession

Now I know you are saying, “You have sufficiently stressed me out and I hope you have some solutions for all of this!” All of these statistics are why I started this blog and my company, Seasoned Life Transitions. I want to educate people about what they can do to prepare for these life events and help them find the resources needed to prepare in advance, so that when life comes knocking, you are less stressed and can more easily navigate through the tough patch. To start with, you need the following:

• Proper Insurance
• Will, Living Will, or Living Trust
• Power of Attorney
• Adequate Savings
• Income Sources
• Future Care Wishes
• Appropriate Living Accommodations
• Allocation of Personal Possessions
• Designate a Primary Caregiver

I am in the process of developing a network of professionals in the area that have expertise in all of these areas. My plan is to put together a seminar for clients and potential clients of all of these professionals to come and get valuable coaching and education in one place at one time to help people start the process. Let me know what you think and if you are interested in attending one of these seminars or being a part of the network.