We are all going to get old. By planning accordingly, we can assure that our golden years are worry-free, at least in some aspects, and that our children will know exactly what our wishes are.
Ideally, your retirement plan for your old age should begin well before you’re considered old. The best-case scenario would involve being able to start saving money for your retirement before you reach your thirties. However, the majority of twenty-somethings don’t tend to think of such things, and starting your retirement fund a bit later won’t necessarily be disastrous. Taking advantage of your employer’s 401(k) plan, opening an IRA, and having a separate savings account can go a long way when it comes to ensuring financial stability for your golden years.
The years slip by fast, so it’s wise to take a look at your current housing situation and determine where and how you want to live once you reach old age. If you decide to downsize in order to save on expenses, there’s nothing and no one stopping you. However, if the thought of leaving your beloved home is agonizing, you can stay where you are and reap the rewards of being a homeowner. Once you do start nearing retirement age, though, if you find that your finances are not up to par, you may consider one of those popular reverse mortgages to supplement your income and/or savings. Be aware, though, that like anything else, reverse mortgages have their benefits as well as their downside. Only you can decide if such a move is right for you.
If you haven’t done so already, clarifying what types of medical care you want as you enter old age and draw close to the end of your years is a wise move. By having a living will, also known as an advance directive, you make it clear to your loved ones and health care providers whether you want any drastic measures taken to extend your life in the case of a severe terminal illness, or if you lapse into a coma or other vegetative state. By specifying your wishes, you relieve your loved ones of the anguish of having to make such a decision at time when they are already under extreme stress.
While no one likes to think about it, drawing up a will and pre-planning your funeral can be a wise decision for those entering their golden years. Death is inevitable; by specifying your wishes to your loved ones when it comes to your death, you relieve them of at least one burden during this trying time. They will definitely thank you for it.
Planning for Later Life but Worried You Haven’t Thought of Something Important?
An elder-law focused attorney can bring you knowledge in experience in planning your estate, creating your will or trust, and arranging for long-term care in later life. Call the Long Island offices of Andrew Lamkin today at 516-605-0625 so you can rest assured that you’ve considered all aspects to make sure that you and your loved ones are taken care of the way you desire.
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