Aging In Place: Money Management
There seems to be a superficial stigma surrounding discussions involving money; more specifically financial planning. For some of us, this is the way in which we were taught from our earliest childhood educational institutions. For others it may be a conditional behavior based on our spouses input, socio-economic climate, or maybe even lack of interest in the topic.
But at the end of the day, it is our individual responsibility to ensure we plan appropriately for the future, whatever that may look like.
So let's look at why money matters when we plan for the different stages in our lives. We hear financial consultants and investment brokers emphasize the importance of planning for retirement, but all too often that's where we stop.
We are trying to highlight the importance of post-retirement financial planning. Sure, as we age our expenses are generally less, but so is the same for our income (hence the importance of retirement planning/investing). And if all variables remain the same, your retirement savings/investments will be enough to ensure you're enjoying your retirement in comfort.
But what happens when some of the variables in your life change? We are seeing the best laid plans go by the wayside because of simple changes that people didn't plan for. These could take the form of mobility issues, cognitive decline, or changes in family dynamics. Below we will address a few things you can do now, to ensure you've done your due diligence for your future.
Post-Retirement Planning Tips:
· Insurance - We tend to dismiss insurance as an unnecessary expense, until of course we need it. Whether it's disability, illness, or long-term-care insurance, a small investment spread over the course of years can ensure you're taken care of when (and if) the need arises.
· Pre-Planning - Sometimes we see the world through rose colored glasses, assuming we're immortal. But when we plan for realistic possibilities (diabetes, mobility issues, heart disease, etc.) based on your family history, it can help shape how we plan for post-retirement. Think of something like the example: What issues did Aunt Judy face when she had to use a wheelchair? What expenses did Dad incur when he was diagnosed with diabetes?
We can learn from our histories and experiences, and plan accordingly (of course hoping to never have to use these contingency plans).
· Community Involvement - The world revolves on relationships. This is no different when it comes to aging in your community. Get involved in your community and help ensure your community has the mechanisms in place to provide services that are required for an aging population (accessible transportation, green spaces, etc.).
These are just a few ideas to think about while you may be planning for retirement, or perhaps you're already retired and planning on how to prepare for your next chapter. It is never too early to start planning for tomorrow, as it's never too late to ensure you're living your best life during your golden years.