Content provided by Good Samaritan Society.
How much thought have you given to growing old? A little? A lot?
Wherever you are, keep these things in mind when thinking about your financial future as you age:
- The longer you wait to plan, the more difficult the decisions surrounding your financial situation will become.
- Not only do the decisions get tougher, but the expenses can swell due to potential healthcare needs and shifts in living arrangements.
Start thinking about your retirement and life after work and follow the suggestions below:
Find A Retirement Planner
Retirement planners are skilled in understanding Social Security, pensions, taxes that may accompany retirement income, and more. Most importantly, they can help determine if and when you can retire and highlight potential shortfalls if you do.
Note: Estate planners are not retirement planners. Estate planners help determine where your assets go after you die.
Don’t Keep Plans Too Secret
Understandably, you might want to guard information and protect relationships with your spouse and children. However, bringing them into your decisions can lead to sound financial management conclusions understood and agreed to by all.
Timing also is key. Approach the subject before it’s too late when issues such as cognitive decline appear. Also, talk about matters beyond money such as healthcare, estate planning, funerals and enlisting family help.
Discuss Health Concerns with Doctors and Family
If you have a chronic condition such as COPD or diabetes, discuss long-term scenarios about your health and potential complications with your doctor. This may help determine how much care you might need in the future and bring projected budget forecasts into focus.
Put Advance Directives in Place
Advance directives – like a living will – are legal documents that provide guidance if you become temporarily or permanently unable to make or share decisions about your health or finances.
