Most of us would like to live to a ripe old age. Life is beautiful, after all, and we want to experience as much of it as we can. But too few of us consider what will await us in our golden years. It’s one thing to want to live to see old age, and quite another to plan for it wisely.
Reaching old age without a plan and smart preparations can mean big and painful problems. You could end up in a facility that you don’t like. You could end up with your responsibilities and decision-making powers ripped from you and transferred to relatives or even strangers.
But you still have time to plan wisely and prevent tough times in your later years. Here’s what you should think about now if you want to remain happy and independent late in life.
Preparing your home for old age
Growing old can be joyful, but it can also be more than a little treacherous. When we get older, our bodies become more fragile. We’re more prone to illness and to injury. And with an injury-prone body, your own home can start to turn on you.
Stairs that you once took two at a time can start to feel like Mount Everest. A stoop you once shoveled with ease can become a treacherous sheet of ice. A shower or bathtub you once practically jumped in and out of can become a dangerous site of slips and falls.
If you want to stay in your beloved home for years to come, you’ll need to prepare it for your long-term residency. That means making it senior-friendly.
As you get older, start considering home improvement and accessibility projects. You can get high-quality senior-friendly installations such as American Standard walk-in tubs, which will make your space safer for you to use as you grow old. If you install a stairlift or a ramp now, you won’t have to deal with such projects at the last minute during a crisis after an injury or other incident. And think about paying a neighborhood kid to shovel the stoop.
Plan A, plan B, and writing it all down
You can do a lot to prepare for your old age. But you also need to remember that it will be more than just you dealing with your future. You need to consider the possibility that others will be involved — and the possibility that, after an accident or illness, others might be primarily or even solely in charge of your future.
You need to make your preferences and priorities clear now if you want others to respect your wishes. Now is the time to write down your plans for old age. That’s more than one plan. You should make it clear what you want to happen in different potential situations. Now is the time to consider nursing homes and assisted living facilities. Even if you hope to never end up in one, you can and should think about them now. You may not be in a position to make a choice — or to make that choice clear — later on.
Work with lawyers and trusted loved ones to make your choices and plans clear and to have them documented carefully. When the time comes, having clear plans can help jog your memory, guide your decisions, and instruct others.
The importance of financial independence in your golden years
Having great plans for your old age is smart, but remember: You have to be able to afford them, too.
Unfortunately, most Americans aren’t on track for the retirement they’d prefer. Experts agree that we’re way behind on our savings, and some even consider it a crisis situation.
Everyone has their limitations, but you should do everything that you can to secure your financial future. Save carefully, and be sure to invest your savings to generate more wealth. Invest wisely and carefully, though, and keep some money in low-risk investments, bank accounts, and other safety nets. Work with a financial adviser to plan for your retirement and later years.
Old age can be a wonderful time. But, like most other things, it’s best enjoyed responsibly. With a good plan and the right financial and personal preparations, you can be ready to have the golden years you’ve always dreamed of.
