“Planning is bringing the future into the present so that you can do something about it now.” – Alan Lakin
Planning ahead can help to identify risks, classify them, determine priorities and develop response plans. In this way, risks can be turned into opportunities. Without proper planning, it would be difficult to react to challenges. This also involves later life planning.
Most of us don’t plan ahead for later life, we are so busy getting on with day to day living that ‘old age’ feels like something that will never happen to us.
Have you thought about your futures and how do you want to spend your later life?
‘’Evidence shows that positive views of ageing and retirement, and being in control of the decision to retire, are associated with sensible, proactive retirement planning.’’
Despite this, many people at mid-life have not considered their later life nor taken future-oriented actions such as financial planning or medical care. Saving money for retirement is just the beginning of the planning process.
Helping Your Loved Ones
Would your partner or family know:
- about the type of care you would like to receive
- where you would like to die
- would they know your wishes and preferences
These might not be easy topics to think about but, by planning your wishes with your family, you can save them from making difficult decisions later on without knowing what you would have wanted. Starting the conversation about the future at an earlier stage can greatly help to avoid crisis decision making.
It’s also essential to ensure that your loved ones know what to do with your assets and memories that will one day be left behind.
How Can I Plan Ahead?
Here are some useful steps you can take:
1.Write your will – Your will lets you decide what happens to your assets after your death. To ensure that everything you may leave behind goes to a person you intended to have it. Review your will every two to three years to make sure it still accurately reflects your wishes.
A will is not the only document worth considering.
2.Think about legally appointing someone ( lasting power of attorney) to make decisions for you in case you’re unable to do so in the future.
A power of attorney is a legal document that allows someone else to act on your behalf if you become unable to or if you no longer want to make your own decisions.
Find out more information here: ‘Power Of Attorney – How To Get Started’
3. Explore your options, choose a place where you would like to be taken care of (in the future and in final days).
Read More: ‘Is Hospice Care Right For Me?’
4. Think about an advance decision. Advance care planning is a process that supports individuals to make plans about their future wishes and medical care. It’s a way for you to think, discuss, decide, and share what matters most to you.
Read More: ‘Does Your Family Know Who Handles Your Legal Matters?’
5. Review your wishes and preferences.
Death can cause not only stress but also some financial problems. Family members of the deceased are regularly compelled to handle crucial financial decisions so as funeral arrangements which can become quite stressful at an already hard time.
However, you can make things easier for your family if you get everything in order now.
Find out more: ‘Death Happens – Plan For It’
If you are not sure where to start, watch videos and written interviews of people talking about planning for the future (healthtalk.org).
“A man who does not plan long ahead will find trouble at his door.” – Confucius
When you plan ahead for these unexpected events by saving money, evaluating your level of control, writing a will and being ready for the unexpected you’ll feel safer in your day to day.
Remember, from funeral wishes to purchasing life insurance, you can find all essential resources to guide you through these important plans on our website.
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