Getting older is a fact of life, however, for many people, the guarantee of aging does not necessarily make the transition through life’s stages any more comfortable. Adjusting to new needs, new concerns, and a new outlook for the future can be overwhelming for some people. The gift of getting older is that since you cannot avoid it, you can in many ways plan for it.
Having an idea of how you will handle this season of life before it is upon you can create ease around the transition when that time comes. Additionally, being able to share your plans with your support network and loved ones in a non-emergent, and low emotion environment means that everyone can feel settled and peaceful making choices without feeling like their hands are being forced because of an unforeseen issue.
Consider a Life Insurance Policy
The entire reasoning behind a life insurance policy is provide your loved ones with financial support after you are gone. This will help your beneficiaries maintain their quality of life without having to experience the pressures that can come with a shift in finances. A life insurance policy can also provide you and your family with financial support before you pass if you are eligible to sell your existing policy. You can investigate a life settlement where you can sell your life insurance policy and get a lump sum payment to help with your current financial needs.
Unforeseen events like a medical crisis, or housing issue are common reasons to cash in a life insurance policy and use those funds before you pass. The earlier you contribute to your policy the more it will be worth regardless of how you elect to use the money so working this into your budget well before you need to work it into your actual life is a smart way to feel prepared and comfortable.
Investigate Aging in Place
Having a plan in place for logistically where you want to spend the fourth quarter of your life, before you reach it, is smart because it gives you time to weigh the options and adjust your savings accordingly. For many seniors, the desire to age in place is high but they do not realize all the details that need to be sorted out to have this be a viable option. The costs of in home health care vs assisted living are varied based off the level of care required.
Have an Open Dialogue
As you grow older, your family and support network will become essential aspects of your day-to-day life. These are the people that are going to be helping you physically, mentally, and emotionally as needed. Creating an open dialogue about your wishes for this chapter of life outside of any crisis or otherwise unplanned event allows everyone involved to thinking clearly and arrive at rational conclusions regarding your senior years.
Occasionally conversations with this subject matter can be difficult to have in even the most aligned of families. Every situation is different and luckily there are resources available to help you discuss estate planning with as much etiquette as possible. By dissolving the taboo stigma that surrounds uncomfortable financial discussions, and initiating these talks before they are essential, you allow everyone involved to receive your wishes as you intended.