Have you taken your retirement planning far enough? You’ve probably thought about your financial security, investment options, and how to spend the well-deserved freedom that retirement brings, but your strategy shouldn’t end there.
Creating an aging plan to guide the decisions you, and your loved ones, will face is a critical part of the retirement planning process.
Protecting Your Financial Plans
The financial realities of retirement are a concern shared by many. In addition to making sure you can pay for living expenses, it’s also important to protect your assets after your death.
As you approach retirement, consult with an attorney to ensure you have a will that accurately reflects your situation and distributes your assets appropriately. Don’t forget to update it if there is a significant change to your financial holdings or personal relationships. A dispute among people you love is not a legacy anyone wants to leave.
For most of us, it is a matter of when, not if, health problems arise. Make sure you are ready. Adequate health insurance is one part of the equation, but long-term care is another.
Before it’s too late, consider the arrangements you would prefer if you could no longer live independently. Options range from nursing homes, assisted living communities, home health care or moving in with a family member. Exploring costs and preferences now will make life easier in the future.
Aging In Place
Most likely you know where you want to live when you retire. Maybe it’s the home you raised your family in, or an idyllic beach retreat. In any case, it’s important to evaluate how well the space will accommodate you as you age, particularly if strength and mobility begin to decline or transportation challenges develop. If staying in your home for as long as possible is a priority, taking steps to assist with aging in place will be time well spent.
Facing mortality can be difficult, but avoiding it is far worse. Working with a funeral provider to make pre-arrangements for your death can ease a huge burden for your loved ones. Advance directives like a durable power of attorney and a living will can relieve stress and ensure your wishes are followed.
If an Open Mortgage representative can help you get a jump on planning for your future, don’t hesitate to contact me today.