From the moment you started making enough money to afford setting some aside, you’ve been saving for retirement. By the time you’re in your 50’s, you may even know exactly how you plan on enjoying your golden years.
While it is important to keep an eye on your financial future so one day you can turn that little villa in Cabo into a reality, it’s not the only thing you should be saving for. Many people make the mistake of not setting some money aside for the less glamorous aspects of old age—the old part.
The reality is: preparing for old age is just as important as saving for retirement. It’s important to consider all aspects of how you’d like to live your golden years, like where you’ll be living or who you can call on to be a source of support in an emergency or difficult situation.
We’ve put together a brief list of a few of the most important things to plan for when it comes to old age:
- Who will take care of you? Will you live with a child or spouse? Or will you need a nurse or caretaker to stay with you?
- Where will you live? Will you be able to live on your own, or will a long-term care facility be a more appropriate home?
- How will you handle medical emergencies? Like it or not, our bodies can’t function like 20-year-olds forever. It’s so important to have a fund or insurance prepared in the event of a medical emergency, especially as we age.
- Do you have any debts that may end up being passed on to your loved ones some day?
- How much of your estate will be passed on to your family, and how much of it will be lost in taxes?
These are all important questions that you can start addressing now to ensure your retirement is as relaxing as you planned it. Call (215) 538-1865 and ask a Warren Weiss agent how our Secure Legacy Program can help you prepare for old age.