Many people live happy-go-lucky life. They don’t necessarily plan for the future, thinking the best way to live life is by living at the moment. While mindful living has tons of different benefits, it also pays that you start planning for the future, specifically for your retirement. This way, you can make better-informed decisions concerning your senior years.
Many things can go wrong no matter how well you plan for your retirement. You may have dreamed of comfortable retirement years when you finally get to relax and focus on what makes you happy and healthy. But then, life happens, and nothing seems to be heading towards your goal.
Different things can significantly impact your plans for your retirement years. Knowing what these are and how they can change your future will give you a better idea of preparing yourself for such changes. Here’s how these four major life events can change your retirement years.
A Long-term Illness or a Major Disability
Aging can come with different health complications. Even if you are perfectly healthy during your younger years, you can suddenly end up with a disability or long-term illness when you least expect it. This can stop your plans of aging in place.
Many people plan on aging in place, which is essentially staying in their own residence during their retirement years. You could be one who doesn’t like the idea of moving to a nursing home for seniors after retirement. But when you are stuck with a disability or a long-term illness and have no one to rely on during such stressful times, you might need to consider your assisted living options.
Thankfully, many facilities now offer in-home nursing services to seniors aging in place. They can provide more than just personal care and housekeeping services. Even seniors that require 24-hour assistance or memory care can benefit from such specialized services.
Illness or Death of Your Spouse
One thing that can happen to everyone is their significant other getting critically ill or, worse, dying. Some people don’t even get to spend their senior years with their significant others. Those who were able to get past the senior mark often experience a catastrophic illness that gave them no choice but to use their retirement savings for the sake of their loved one’s health.
Without adequate coverage, the illness and death of a spouse can render seniors with no savings. The worst-case scenario is they end up accumulating the amount of debt. This makes it difficult for them to live an enjoyable retirement.
Adequate health, disability income, and life insurance are a must as early as now. This way, you and your spouse will have better peace of mind knowing you are financially protected in case of critical illness or death. Even if one or both of you are rendered unable to work, you can still afford your needs with the proper coverage.
More and more people are divorcing their partners. Some do this before they even reach their senior years. Since divorce can take a huge toll on your finances, you might wonder what can be done to reduce the impact of divorce on your retirement.
According to a study, divorce is becoming increasingly common to couples over 54 of age. You can end up losing your assets, acquiring your partner’s debts, and even pulling together your list of liabilities. This is one reason why more couples are opting to sign a pre-nuptial and post-nuptial.
Pre-nuptial and post-nuptial can help couples secure their assets before or after marriage. If divorce becomes imminent, it helps that you take the necessary steps to secure your assets asap. A pro can help you accomplish this so you can still enjoy your retirement.
Those who intend to age in place might end up not wanting to keep their starter home. They first imagined their adult kids visiting them over the weekend or holidays with their grandchildren. But since more kids are no longer doing this and older homes are not senior-friendly, older adults choose to move.
They no longer need their mansion-like houses with tons of rooms they can’t afford to clean. Home maintenance is now a headache, considering the age of the house and the number of needed maintenance projects and repairs. You will need to gauge whether moving to a smaller home or renting an apartment would better suit your needs.
These are but four things that can have a direct impact on your senior years. Even if your retirement years are still three years away, taking the proper steps can help set your foot on the right path. You are better at planning for your retirement than simply living your life without caring for your future.