How retirement plans can fall apart in an instant

As John Lennon once famously sang, “Life is what happens to you when you are making other plans,” and that adage is undoubtedly true for Baby Boomers planning their retirement. Anything can happen that will throw a wrench in a Boomer’s retirement, and that is exactly what happened to Stan Hinden, author of How To Retire Happy.

As reported by NPR.com, Hinden, an 86 year-old retired journalist for the Washington Post, started to notice in 2007 that his wife, Sara, started exhibiting characteristics of dementia, including extreme forgetfulness.

Soon after, when Sara became diagnosed with Alzheimer's Disease, Hinden said it became clear to him that she needed the care of a 24-hour Alzheimer’s Care facility that could not be provided at his home. However, he told NPR, the average cost for these communities is more than $7,000 US per month.

Hinden was fortunate to have an long-term insurance package from his employment at the Washington Post, but he still pays about $4,000 out of pocket each month for his wife’s care, and he told NPR that although the cost is significant and unexpected, he remained positive.

“I have faith that we'll get through this in some way as best we can,” Hinden told his NPR interviewer. “That's pretty much my philosophy.”