They say you get old before you know it. One day you are helping your kids tie their shoelaces and the next they are doing the same with their kids.
It’s inevitable that we get old, yet many people are not ready for their twilight years. Growing old gracefully is not a given. What you do now can set the tone for when you are well into your retirement.
Putting pieces in place now will help you avoid some uncomfortable situations later.
In this article, I will go over several ways to get ready to make the transition to your last act much easier for you and your loved ones.
Write a will
You don’t need to be rich to need a will. Having it prepared now and updating it as the years go on will save your loved ones a lot of agony.
Have your beneficiaries listed out and then assign them the things that you do have. Whatever your assets are from property to stocks should be clearly assessed.
Your retirement accounts will also need to be taken into consideration and even who your furniture will go to.
If you don’t have a lot of assets a simple will you can do online is probably enough. Just make sure you are keeping up with it as the years pass. Don’t wait to start it until the last minute and don’t leave it as it was written years before.
Have your medical insurance sorted out
You can’t plan this part too far in advance because you don’t know what your medical needs will be. As you are approaching your 60’s then it pays to research what Medicare is and how it works.
The issue with Medicare is that it doesn’t cover everything and you will need supplemental insurance to cover the rest.
Check out the different providers once you are nearing retirement and just about to qualify. You can get Medicare once you hit the age of 65 so around 62 or 63 is a good time to start your research.
Take a look at some Mutual of Omaha Medicare Plans to get an idea of how this system works so you fully understand it.
Have a power of attorney set up
This is a good idea at any age since you never know when you may find yourself incapacitated and unable to make your own decisions.
Look into the “durable” power of attorney as there are different kinds. This aspect is for those decisions that need to happen when you can’t make them yourself.
This person should be trusted as they will be making decisions about your health care and even finances.
This person will be different than the executor of your will and has wider powers for decision making.
Have a living will
Part of the decisions that your power of attorney delegate will be making will be things like what happens when you are incapable of communicating your wishes. Things like if you want to be kept alive on a machine, or wish to be allowed to die.
Those are things that should be clearly laid out in a living will so there is no doubt about what your wishes are. Of course, this is not a document that can’t be updated or amended as time goes on so do it soon. If you start having other ideas later then you can change it, but it shouldn’t be put off until later.
Circumstances as well as opinions can change so it is best to have a flexible approach.
Stay active
If you aren’t active now, then you likely won’t be when you are elderly. And when you are elderly and not active, then your retirement years won’t likely be very enjoyable.
Get into habits now that you will continue for life. Exercise by walking or doing yoga. Play some sports with friends like tennis and golf to also add some social time into your life.
And be engaged. Join clubs and volunteer so you have some purpose aside from just being physically active. When people feel needed, they are much more likely to live a long life.
Conclusion
Though we may dread old age as we feel it is hard to do simple things, it doesn;t have to be something to dread. We can live as full a life at 80 as we can at 40 if we play our cards right.
Take these steps now to make sure you get the most out of your final years.
