“Shouldn’t we be concerned with achieving freedom long before we start thinking about front porches and rocking chairs?”

--George Kinder--The Seven Stages of Money Maturity

During the middle and last chapters of our lives, we still want our quality of life to be good in all areas. We have the need to feel connected to other people; we have spiritual needs; we need good nutrition and exercise; we may need caregivers. There are also considerations involving the costs of long-term care and housing; when we should start taking social security; cash flow planning; and planning for the end of our life and our funeral.

Even when all their needs are met, some Seniors, such as those who survived the Great Depression, won’t consider making purchases or spending money. They may not want to buy a new refrigerator, for example, even though they may have a million dollars in investments and savings. They may need encouragement to spend in ways that will improve their quality of life. People who have money have generally been savers their whole lives, and it can be difficult to change. But you can’t get fired from a pension. You can’t get fired from Social Security. You’re going to have a certain dollar amount coming in, whether or not you spend money.

One of Steve Margulin’s clients is eighty-two years old. She’s got enough money that she’ll never run out, but she is concerned about being a burden to her children. She needs only seven dollars a month from her investments to supplement her pensions and social security in order to cover her living costs. Seven dollars a month! She has ten grandchildren. After a long conversation with her, during which Steve noted that $25 per grandchild as a Christmas gift was not keeping up with price increases, he encouraged her to gift each grandchild $100…they compromised on fifty.

Steve says: “Often, I will visit Seniors in their homes. I insist on going in. I may seem nosy, but I look for stacks of unopened mail or piles of newspapers, too much furniture making it hard to move around, and I’ve even been known to look in the pantry and refrigerator. If I think there is a concern, I will discuss it with them, and contact one of their adult children, if necessary. Clients often become like extended family to me, and I want to make sure they are getting what they need to have a decent quality of life.”