Post-Retirement Planning is Important as Seniors are Living Longer

It is said that “Man plans and God laughs” well maybe that is true of the big things in life; but in Elder Care, planning is very vital. One of the first things that happens in a crisis is the onset of panic which inhibits your ability to think straight. With a plan already in place, you don’t have to try to think during the crisis, just read your plan as it will act as your road map.

It seems that people are pretty good at planning throughout most of their lives; but it seems planning slows or halts after retirement. That’s a very unfortunate circumstance as post retirement in the 21st Century can last twenty five years or more.

Why Do You Need A Post-Retirement Plan?

•    A plan is still needed if you can’t live in your current home, for any reason.
•    Financial planning is crucial to maintain a similar standard of living.
•    Planning for when a spouse leaves the home due to illness or death.

Once in your Seventies it is a good time to review your post retirement plans and involve adult children in the discussion.  Geriatric Care Managers can meet with your family to guide the conversation.

What Should You Include in your Post-Retirement Estate & Financial Planning?

There are a few basics that you should definitely include in your post-retirement estate and financial planning.

Consider The Following:

•    Health financial planning.
•    Legal paperwork i.e. durable Power of Attorney and Medical Surrogate. Use a lawyer or The Five Wishes. Make sure they are honored in all states applicable.
•    Keep information updated: names and phone numbers of doctors & all other professionals in your life. Prescription, OTC medications and vitamins.
•    Leave a key with a trusted neighbor.
•    If you have an illness or are a caregiver, educate yourself about the disease and what supports there are in your community.

The Role of Adult Children and Caregivers in The Post-Retirement Planning Process

Adult children and caregivers play a very important role in the planning process. And no matter how uncomfortable the situation may make you feel, it is vital to talk to your aging parents or loved ones about:

•    Their Finances
•    Their Health
•    Pre-need wishes and where they would like to live if they can no longer live at home – for whatever reason.

It is far better to have a plan to revise than to scamper around and wonder in a crisis. (BTW- HIV is a quickly growing in the elderly as they don’t fear pregnancy or that STDs can happen to them- so have that “talk” too).

If you have any Elder Care information or resources that you believe can help our readers, we’d love to share them. Become a Guest Blogger. For more information, contact us.

Related posts:

1. Ready or Not?, Fingers Crossed
2. The Sandwich Generation & Coping with the Stresses Of Elder Care
3. Tips For Talking To Seniors & Elderly About Driving