Wednesday, August 21, 2013

“Your Hedge Against Inflation”

           The cost of funerals has almost doubled in the last 15 years...and the costs continues to rise.  In 1990, the average cost of a full Traditional Funeral was $3,900. Today, the average cost for that funeral is $7,500.  It may seem out of control, but the truth of the matter is that the funeral industry has held costs considerably better than other professions, merchants, and living expenses, in general.  At the same time, we provide better care, facilities, and service. 

           For example, a Ford Mustang, 15 years ago, was approximately $9,000-$12,000.  Today, the Mustang ranges from $28,000 and up – more than doubling in price. The average wedding, 15 years ago, was approximately $8,000, and today weddings range from a minimum of $10,000 to $100,000 on the high end, and that does not take into consideration the honeymoon.  Homes, in 1990, were under $85,000, and today a starter home begins at $150,000, with many homes over the $1,000,000 mark.  

          It is unbelievable to think that 15 years from now a full Traditional Funeral will, on average, cost about $15,000.  And, quite frankly, it seems like quite a bargain when compared to other escalating prices.

          Has the cost of funeral services today, along with  other goods and services, forced families to choose options that they truly do not want?  Are families settling for alternative options where their loved ones are shuffled off to third-party providers out of state, not truly knowing if their loved one’s protective care has been a priority?  Have they been transported through local shuttle services in its passenger luggage compartment?  I would hope not!

          When it comes to our loved ones care and memorialization, families should turn to firms of longevity and track record; firms that reflect the best the industry has to offer in staff, facilities and reputation.

          May I share a story of a true experience that happened to me?  A middle-aged father passed away.  He had divorced three times and, at the time, lived alone, separated from children for many years.  In conversation through the years he had mentioned, “When I die, just dispose of me the cheapest possible way you can.  Cremate me and spread my ashes wherever.”  Well, he died and his family was seriously considering a minimum disposal.  As I counseled with them, I pointed out that most likely he had expressed his desire for minimum disposal because of the expense.  He had no idea that his family truly needed to see, hear, and feel their dad’s farewell.

          What is the value of this story?  Plan ahead, talk things over with your children, and let them help plan your funeral.  When it comes to your family sentiments are real and rising to the occasion seems duty as well as natural.  We all need a meaningful moment to say goodbye.  Everyone is different, but when it comes to Mom and Dad, family and friends, we are all pretty much alike.  Our memories come alive as we reflect and pay respect to those whom we love.

          Saying goodby in a dignified manner is the “wink of approval” we all so need.  It is a feeling of well-being a time-out, allowing us as family and friends a short lived opportunity to heal together.  Following our tender farewells, it is “back to living.”

          Finances play an important role in planning a tribute to the life of your loved one.  I strongly encourage planning ahead.  It is not a question of if, but a matter of when.
                                               

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