Preparing Financially To Age With Grace

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There are a lot of different things you want to keep in mind as you age gracefully. One area you don’t want to overlook is finances. It takes planning and preparation to make sure you are financially secure in your old age. None of us want to think about it, but there will be a time when you don’t have the same mental capabilities you have now. Making smart decisions when it comes to money won’t be as easy as it is today. That’s why there is no better time than the present to sit down with a financial advisor to make sure you are well taken care of as you get older. 

Why a Financial Planner?

We work hard throughout our prime years and set aside some money for our golden years. Depending on your age, your occupation, and even where you live in the world, this may mean that you will be drawing a pension, taking money out of a retirement account, or living on investments. Most countries also have some social security plans that help take care of the basics. In most cases, you will be relying on some or all of the above. Add taxes and insurance to the mix and things can become quite complicated. 

Do You Have a Plan?

Do you have a plan for how you will finance your retirement? Part of it will include lowering your expenses by downsizing your house and vehicle for example. It may also include reviewing your investment and deciding what funds you want to start to draw on and when. The better prepared you are and the more you keep up with the ever-changing landscape of finance and investing, the more you’ll be able to relax and enjoy the fruits of your labor. 

Take Care of Your Beneficiaries

Maybe part of your plan is to leave something behind for your children and grandchildren. If that’s the case, talk to an accountant about the best way to structure those things. You don’t want them to lose out on a big chunk of your estate through fees and taxes. There’s a lot you can do to protect your assets and those options aren’t just for the rich and famous. 

Conclusion

Put things into place now and speak to a financial advisor or accountant who specializes in elder care. Think about what you will do if you have to move into assisted living or need more medical care. Getting old can get expensive. Be as prepared as you can and get the help you need to make smart financial decisions. It will pay off in the long run when you can relax into your later years, no matter what they bring.

And…

I have mentioned in previous blog challenges that I was writing a novel. I have actually finished it but I am not launching it until this summer. In the meantime, I wrote a prequel novella that is available for free on my author website, authordwbrooks.com. It’s a fiction story about a woman who has it all in front of her — a surgeon fiance, a great job, and life perfectly mapped out. But she’s not happy…

The main character here is the main character in my novel. It may not be for everyone but I am pretty excited! Check it out!

Loving Life — The Reboot!

Dominique

This article provides general information and discussion about health and related subjects. The information and other content provided in this article, or in any linked materials, are not intended and should not be construed as medical advice. Consult your own physician for any medical issues that you may be having.