Planning For Your Later Years

Preparing for your later years

Most people romanticize their retirement years, but the reality is that seven out of 10 people over 65 will eventually need long-term care. Planning for your later years is crucial to making sure they are spent how you wish and with dignity. It’s also important to your family and loved ones because failing to plan can have major negative impacts to their lives. So how do you begin?

Below are five things you should think about when planning either for your own later years or when helping a loved one in planning theirs.

1. Start the conversation. While it can be difficult to discuss, talking with your loved ones about your wishes will bring greater clarity. If complicated family dynamics are involved or if you’re not comfortable bringing up the topic, involve a third party/trusted advisor, who can facilitate a family conversation on your behalf.
2. Consider your health. When thinking about how you’d like to spend your later years, the number one consideration is your health condition – as it is currently and in the future. This will impact your housing options, the type of care that you will require and costs involved.
3. Where will you live? Once you’ve considered your health and the needs involved, housing is the next main consideration. This is highly personal and, again, will depend on your health, your lifestyle, family dynamics and budget. If your family lives far away, you might consider moving closer. If you’re fairly healthy but have a large home that requires upkeep, you might consider downsizing to a townhouse or apartment. If your health is declining, it would make sense to think about an option that provides care.
4. How will you get around? When thinking about where you would like to live, take into account your access to transportation. As you age, driving may no longer be feasible but being able to get around is massively important for your independence and social life. Being able to use public transit or a taxi service can be a great solution in this circumstance.
5. Put a plan in place. Once you have a good idea of your health condition and how you’d like to spend your later years, involve not only your family but also a team of professionals that can help put your plan in place. Your primary doctor will play a large role in determining your health and anything you should be cautious of in the next few years. You’ll need to consult with your lawyer to make sure that you have Powers of Attorney in place, for property and personal care. You’ll also want to make sure that your will is up to date. Involve your financial advisor to help you determine the costs and whether they are within your budget. And finally, consider contacting a healthcare consultant who specializes in connecting elders with the right resources.

Thinking about your later years can be daunting, but putting together a plan and involving your loved ones in the process can be the biggest gift you can give them. If you’re overwhelmed and not sure where to start, let us know. We have a number of resources we can share, we can connect you with the right professionals, or we can mediate a conversation with your family members.