According to the U.S. Census’ 2017 Population Estimates Program, by 2040 one in five Americans nationwide will be 65 and over. Advances in medicine are helping with longevity, but various improvements in diet and lifestyle have also helped, says The Miami Herald in the article “Plan now on ways to take care of yourself through a long retirement.”
It’s important to maintain a lifestyle through retirement, it’s an essential part of any financial plan. You’ll need to budget for plans or services that help you in your later years, such as everyday tasks, medical care, or even where you live, but outlining goals for your lifestyle during the golden years is important.
Take some time to consider how you want your later years to look, like where you would want to live—whether that’s at home (possibly with live-in help) or in an assisted-living facility. With longer life spans, we encounter more significant health risks, like cognitive issues. According to research, 37% of people over the age of 85 have some mild impairment and about one-third have dementia. The Alzheimer’s Association says that, in Florida, the state known for retirees, 540,000 people aged 65 and older reported living with Alzheimer’s in 2018. Roughly 15% of those in Florida hospice care had a diagnosis of dementia in 2015. No matter where you chose to retire, planning for impaired cognition is important and it is critical to think about this now and communicate your long-term needs to your family.
As we get older, the ability to maintain a lifestyle we like can become a financial challenge. This is especially true if we also face an unexpected health condition. Making wise decisions now, can have a dramatic impact on what those later years will look like. Saving for a lengthy retirement can help you prepare to face any potential issues that may arise.
Making provisions for your family and leaving a legacy isn’t always an easy task. However, the financial security of your family may depend not only on how you manage your wealth today, but also on how you protect and preserve it for the future. Your estate plan can help you prepare now to provide for your loved ones in the future.
As you go through the aging process, think about where you want to live, what you want to do and what is financially possible. What seemed like a great idea in your 60s, may not work so well when you reach 80. Talk with your family about what you want your future to look like. An experienced estate planning attorney will be able to update your will, trusts or advanced medical directives, so that your wishes are followed, now and in the future.
At Family Estate Planning Law Group, we have a unique ongoing client care program. We work with you on a continual basis, we align, track, and verify your assets are always consistent with your estate plan and we also work with you to make sure your plan still fits your needs as the years pass by.
Reference: Miami Herald (February 1, 2019) “Plan now on ways to take care of yourself through a long retirement”