I’ve
always had a comfortable relationship with aging, even from a young age I’ve always
felt like an old soul. Now at the tender
age of 39, I am making plans and preparations for my mature years and often thinking
about retirement.
Aside from thinking financially about IRAs and 401ks there are several major decisions to be made to secure not only my future, but my husband and adult son’s as well.
Aside from thinking financially about IRAs and 401ks there are several major decisions to be made to secure not only my future, but my husband and adult son’s as well.
Not
everyone is comfortable with thoughts of the future, getting older and
eventually passing on. Aging is a
process, growing older can be taxing emotionally, physically, financially and
mentally. For some it is a debilitating
process, but it doesn’t have to be.
There
are three steps you can take to ensure that you and your loved ones are
prepared for your transition into senior life, as well as if there is an
untimely death, which unfortunately is also likely.
Health
Insurance
Our
first line of defense beginning at birth is health maintenance and
prevention. Being able to visit a doctor
on a yearly basis is essential.
Receiving vaccines, check-ups and diagnostic tests keep us informed on
the status of our bodies, directly impacting our relationships, careers and
plans for the future. Going to the
Dentist, Optometrist and other specialists are paramount if we want to compete
in this game called life. Yet it is only
the tip of the iceberg in terms of being ready for our senior years. Health insurance is necessary but hardly the
only insurance you will need.
As I watch my 63-year-old
mother flourish in retirement, I am only starting to feel the aches and pains
of working another 26 years toward retirement.
The strain on my knees and back from dancing too hard, for too long and
watching how every nickel and dime is invested for when I do settle down in my in
senior years. It’s hard to think about
getting older oftentimes if you are not sure that you will. Some people fail to prepare to grow old
because they don’t expect to be around that long.
After my son’s
father passed at only 23 years old, having a Last Will and Testament drawn up
was at the top of my list. I had to make
sure that my son would be provided for should anything happen to me. With help from an Attorney at the age of 26 I
detailed how my son should be raised, by whom and designated all of my possessions
to him, which at the time consisted of jewelry and women’s clothing but I had a
plan!
We all have
different path’s my journey took me on a detour which prompted my need for a
Will. I would recommend getting Life
Insurance prior to having a Will created.
Life Insurance
Tragedy has a
habit of striking at the most inconvenient times. My father passed away in December of 2015,
right around Thanksgiving, about a month before Christmas. He died without warning and alone. No health insurance, no life insurance, no
Will and no IRA or 401k. My 18- year-old
brother and I were responsible for securing his remains and sending him off respectfully
in a Memorial Service.
Life Insurance is
vital. Having a policy allows families
to make funeral arrangements, settle outstanding debts and makes sure children
and spouses are not saddled with bills and creditors after you are gone.
Burial vs.
Cremation
Aside from our
dictating how we would like to be memorialized, finances will be a deciding
factor by which relatives will plan our homegoing. Life insurance helps ease the financial
burden if a burial is what you decide on.
A funeral service and burial can be a minimum of $10,000 in the State of
New York.
Cremation is a
less expensive option, starting as low as $2,000. For those who can’t afford that, the sticker
price could be staggering. Having life
insurance and making a conscience decision on which option you prefer will save
your loved one’s time and grief.
It is easy to get
overwhelmed by the mere thought of getting older. The changes we experience in our bodies, the
stress of providing a living, and making preparations to leave this earth but
there is relief in knowing that your children, significant other, relatives,
pets and affairs will be provided for even though you are gone.
Aging gracefully
takes more than anti-wrinkle creams, keeping an active lifestyle, eating well
and senior discounts. You have to love
yourself and others enough to make the uncomfortable decisions early while
preparing for the inevitable.
For more
information on how to get started with an IRA, Health Insurance, Life
Insurance, Last Will and Testament and Funeral Packages see below.
Health Insurance
Individual Retirement
Account (IRA)
Last Will and Testament
Life Insurance
Funeral Services by State
