Planning for Old Age – testing changes

Planning for Old Age – testing changes

Planning for Old Age

As we age, we confront many different challenges, realities, and situations that can be made more manageable with early planning. In this blog we will go over three things to consider for the future and ways you can start thinking to plan for them. This blog is aimed for those who may be taking care of their aging loved ones and are confronted with questions like “Who will care for me if I need the help?” or “How will I pay for care at this stage in my life?” We hope that this blog can get you thinking in productive directions about how you can evaluate your life moving forward and prepare accordingly.

Managing Finances: In old age, we may lose certain abilities that enables us to care for ourselves, like planning and managing our finances. This requires us to think about who can manage our finances if we are not able to, like paying bills, depositing checks, etc.[1] If you are married at that age, the answer may be that your spouse can help you. But what if you do not have a spouse at that stage in life? Think about who you can rely on to help you with these matters. You can also begin thinking about what will happen with your money when you die. Establishing a will or trust can help people in your life after you are gone understand what decisions you wanted to make with your personal resources. Naturally, one thing to do is to establish a Power of Attorney, or someone who can step in to make legal or financial decisions for you if necessary.

Personal Care: Additionally, as we age, chances are likely that we will require some kind of care. This means that we will either need to plan for an assistant with the skillsets to help care for us or think about facilities in which we can live at old age. No choice is right or wrong. It depends on you. The most obvious way to begin preparing for this is to set aside money. This can be done with a retirement fund or any other money-saving strategies you have. Aging at home is often preferred for many people. Staying at home may mean you need to make alterations to your household to make it more livable for your aging body. For example, stairwells can sometimes be difficult to navigate for aging people. This problem is avoided by installing a chair lift to ease transportation. Think about where you want to age and how you want to prepare for that life when it comes.

Establish a Retirement Fund: This is one of the most important things you can do to prepare for old age. Many jobs offer you some options to start investing in a retirement plan. Some people do not like the idea of investing in something which do not provide returns in years to come.  But a financial plan, like a pension fund, is necessary. If possible, meet with your employers or a financial expert and discuss ways you can invest in interest-earning plans that can contribute to a retirement fund.

If you have any questions, then please call ElderCare at Home at 888-285-0093 or visit our website!  

[1] Source: https://www.everydayhealth.com/longevity/future-planning.aspx

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