You might be young now, but the years will soon by flying by and you will wake up one day and realize: I’m old now.
While you might be one for living in the fast lane without really considering how you are going to get from one day to the next, never mind one year to the next, thinking about aging will come as a shock. Not only do you need to start preparing yourself financially for retirement, you will also need to prepare a will and consider making a living will as well.
How Will I Support Myself in Old Age?
If you are not doing so already, you need to start saving for retirement. This might seem like an incredibly early piece of advice, but if you want to retire with plenty of time to travel the world and tick off your bucket list, start saving.
You don’t have to take out a pension plan, but it is a good way to ensure income later on. If you work for a company that offers a pension scheme you should probably take it. This is because the company will also make contributions to the pot, leaving it a bit healthier for later in life.
Building up a nest egg of savings is also a really good idea. In fact, having a nest egg whether you plan to retire or not is a wise move because you might need it for making an investment into a new home or any number of other things like medical treatments or that amazing year of travelling you have always dreamed of.
Where Will I Live?
This is a question that is worth thinking about for two reasons. First, it will help you to come to terms with the idea that staying in your own home might not be the best thing in your old age before the reality hits. If you know that you will want to move to a sheltered accommodation or assisted living facilities, it will make the move less of a shock to you when it happens.
The second reason is that if you know roughly how much it will cost you to live in one of these specialist buildings, you will have a better idea of how much you should be saving to get the very best for you in your old age.
Unfortunately, many people resist the idea of retirement homes because they are worried about being old and hate to face the fact that this is the care they require. However, there are lots of really good reasons that social living will give you a boost in your old age. Many old people experience loneliness as they may be unable to go out and so rely on others to visit them. At a retirement home, not only are there lots of people to talk to all day, there are also plenty of things to do and all the care you need.
It’s normal to be in denial about aging, but the sooner you come to terms with the inevitable, the better chance you have of living your life to the full.