That's a Wrap!

Kevin Ihrke, CFP® | Jan 07 2026 18:00

I'm a theater nerd. Ever since high school I've enjoyed the creativity, collaboration and whirlwind of artistic effort it takes to put on a show. Throughout college I worked as a stagehand for my university's performing arts center. I worked on a number of musicals, plays, and concerts and enjoyed every minute of it.

Earlier this month I had the opportunity to volunteer with my eldest daughter for a local children's theater group. Come the first night of tech rehearsal, I was ready to hit the ground running.

On the morning of the second performance, I had what I thought was going to be a rather quick procedure at the University of Iowa hospital. Come to find out, I was at the hospital for most of the day and went home with several stitches and movement restrictions. (I'm ok, nothing to worry about!)

 

My stint as a stagehand quickly came to end. I had known my appointment was coming up, but I didn't expect to be sidelined.

 

And with three performances still to go, I had to come up with a backup plan on the fly. Thankfully, my wife stepped in to take my place despite having a busy schedule herself and the show carried on without me.

 

All went well with the show, but it was a good reminder to always have a backup plan.

 

As the holidays come to a close and we move into the new year, now is a good time to review your own life's back up plan. After gathering with family and friends, there's one gift you can still give - peace of mind. 

It's a standard financial planning practice to have your estate and financial affairs in order. Updated and accurate beneficiary designations, wills, power of attorney appointments, and medical directives are a must. If you don't have yours in place, make 2026 your year to get those done.

 

However, those documents only come into play when you can no longer make decisions for yourself or when it's time to settle your estate.

 

A lot can still happen before those documents are needed. So, it's a prudent move to have it mapped out ahead of time. Or, at the very least, thought about and discussed with those who will likely be responsible for your care either directly or indirectly.

 

What happens if you're still of sound mind but can no longer drive yourself to appointments or run errands?

 

What happens if you can no longer see well enough to write the checks to pay your bills or bank online? 

 

What happens if your health declines and it's time to consider in-home health care or relocate to assisted living?

 

What if your memory slips every now and again and you forget certain medications or to renew your insurance policies?

What happens if your spouse or partner's health and memory declines in tandem with your own?

 

What if your children or family members live too far away to be of assistance? Or what if you no longer have any surviving family to rely on?

 

Your legal documents don't account for all of those instances. So, unless you're talking with family and friends to figure it out now your loved ones are left to figure it out as it happens.

 

"How will you be cared for?" is a big question to answer. And it's not always straightforward as you never really know what's in store for you healthwise. It can change quickly.

 

I'd venture to guess, if you're an older reader, your desired plan is to age in place. And you're not alone.

 

According to a 2022 report from the University of Michigan, 88% of adults surveyed between the ages of 50 - 80 feel it’s important to remain in their homes for as long as possible. 

But as we all know, there's desire and then there's reality.

 

As of November 2025, the Journal of Retirement Research points to an alarming statistic - 70% of people over the age of 65 will need some form of long-term care in their lifetime.  

 

Now the severity and duration of that care can vary widely. But chances are, it's a matter of when, not if. 

 

And a 2020 report by the U.S. Census Bureau estimates only 10% of American homes are “aging ready,” meaning they have the necessary safety features and accommodations for aging seniors.

 

Either costs to build those accommodations or a complete relocation may be needed as you age.

These aren't happy thoughts to have at a joyous time of year. But it's reality and requires thought and planning. If not for yourself, then maybe you have aging parents of your own who could benefit from such a conversation.

 

I can tell you from professional experience, if you're like most people you might be thinking, "I'll figure it out if it happens." Or "My spouse and/or kids will take care of me."

 

Start now. It can be uncomfortable and often times requires outside perspective and objectivity. But you don't have to do it alone. Financial Planners have taken the need seriously with some offering dedicated services to assist individuals and families in developing elder care plans.  

 

And as America's population continues to age, more and more families will be grappling with the challenges of elder care. Data from S&P Global projects that by 2030 1 in 5 Americans will be 65 or older - that's over 70 million Americans!

 

I've heard far too many stories whereby an aging family member has no plan in place as health declines leaving the family to step in last minute and figure it out on the fly.

 

This puts undo stress on the family and can result in unintended outcomes, hurt feelings, and resentment. Moreover, it can put the entirety of your financial assets at risk if not handled properly. 

It's best to have the uncomfortable conversations now, while you still can.

 

Financial success includes having a backup plan for yourself. The best gift you can do for those you care about is to make sure they know how to care for you.

 

Make a New Year's resolution to get your financial house and elder care plan in order. Unlike the theater world, you never know how many performances you have left.

 

But you can make sure that whatever happens, the show goes on.