Individual Advisory Services

Things to consider now, for your care ahead

Women & money
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As we move through life, we can expect to encounter unexpected circumstances. Women tend to live longer than men and often take on primary responsibility for caring for loved ones.  With this in mind, it’s a good idea to ask yourself an important question: What if you get sick and need extended medical care? Since women tend to be caregivers, it also helps you think through circumstances when you may need to help others.
Developing a contingency plan for when you need help is essential. Fortunately, there are a number of ways to help plan for the unexpected so that care is provided in a way that fits your wishes and values.
Why make an incapacity plan?
Having an incapacity plan could help you in a variety of ways.
  • Avoid having to rely on others by having a set dollar amount reserved specifically for unexpected events
  • Manage your healthcare costs in the face of unexpected complications
  • Maintain your independence and plan for your preferred level of care

First things first
Think about a plan for your care by asking the following questions: 
  • If you need extended medical care, what legal documents would be needed? Are those documents in order and easy to find?
  • What are your medical wishes if you become incapacitated? Stay in your home? Downsize? Move in with family?
  • What if you’ve been caring for others before you fall ill? How will their care be managed if you’re not available and how might that impact your own care?
Weigh your options, share your plans
Discuss your plans with loved ones, get their input, and agree to solutions that enable everyone to be prepared for that responsibility. You can delegate tasks to those who are a good fit—a financially-savvy child could look over your budget and a sibling who lives nearby could be on hand to help run errands. Or, you may consider outsourcing tasks to a service like a retirement community or a home health aide organization.
Whatever plan you develop, it’s worth having these conversations now— so you can come together as a team when needed. You'll also be more prepared to help others if you understand the issues.
We’re here to help
TIAA has the advisory team you need to develop a plan for life’s unexpected twists and turns, both for yourself and for others in need of your care. Don’t hesitate to reach out to us for assistance in starting the conversation and getting you on the path to a confident future.
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