So begins Steve Martin’s monologue in his 1977 comedy album, “Let’s Get Small.” He continues:
I don’t know…she’s 102 years old. She called me up the other day and wanted to borrow ten dollars FOR SOME FOOD! I said, ‘Hey, I work for a living!’ So I worked out a deal with her and had her carry my barbells up to the attic."
My friends and I looooved Steve Martin humor, and we listened to this monologue over and over. Now, nearly fifty years later, it’s still funny—but also a not-so-subtle reminder: I’m on deck.
To not be a burden on my children must be one of the top five goals of every client over the age of 65 that I have ever met with over my 40 years of personal financial planning. For a long time, I thought this meant to not be a financial or emotional burden, but in recent years I’ve come to realize that what it really means is that they don’t want to lose independence. Who does? I certainly don’t.
Planning for advanced age and dependence is even more difficult than planning for death. At least death is final—but dependency can last for years.