Things That You Should Do Now To Help Your Future Older Self
It may not be something that many of us want to embrace, but aging is a fact of life, and with old-age comes a new set of challenges and responsibilities that extend far beyond maintaining a good skincare routine. Pushing these things aside in the present may make you feel better now, but will only make it harder for your future self. So here are a few things that you should get under your belt that will ultimately help you as you grow older.
Make a will
You’re never too young to make a will, but, you can leave it too late. If you die without a will, then the law will get to choose how your estate, money, and belongings are divided between your relatives, and this might mean that they do not end up with the right people. If you want to stay in control over the distribution of your assets, then you need to write a will. Although it’s possible to write one up yourself, for peace of mind that your will is going to be valid, you should consider having one drawn up professionally. Remember, you can review your will as many times as you like, so the will you draw up now may not necessarily be the one that you leave to your relatives - what’s important is that you have one in place.
Talk about your wishes
Aging is still a taboo subject and is one that many people fear to face. But without communication with your loved ones, you risk ending up in a situation that you don’t want. If you are adamant that you want home care and not to be sent to a care home, then make this known to your relatives so that they know. Similarly, if you one day find yourself in a coma and unable to make your own decisions, what are your wishes?
Organize your power of attorney
A power of attorney is able to make decisions on your behalf if you are deemed to no longer have sufficient mental capacity. The thought of this may seem a long way off, but accidents do happen, and it is crucial to have a power of attorney in place well in advance. Have a conversation with the person you would like to be your power of attorney so that they are aware and can accept the responsibility and then have it set up so that in the eyes of the law, they can handle your affairs should you no longer be able to.
Set up a pension
A lot of people choose not to pay into a pension when they are young, believing that the money will sort itself out somewhere along the way. But sadly, this isn’t always the case. Most financial experts agree that to live comfortably after you retire, you should aim to have at least 70% of your pre-retirement salary per year, which rises to 90% in households with lower income. With this in mind, you may want to reconsider your pension and start paying into a private pension as soon as possible, or to open a high-interest savings account.
No one likes to think about getting old, but it is what we do know that can make a big difference to the quality of the lives of our loved ones in the future.
Love it, Share it. Pin it!
Running a successful business can feel like walking on a tightrope while juggling multiple swords at once, both high adrenaline and exhausting. Success requires knowing when and what aspects of business require precision planning versus those you can leave to chance, whether that be startup superstardom or veteran CEOship.