Life passes us by, and we are soon looking at turning the big 60 or 70. It’s important that we start planning the future so that we can grow older with fewer worries. It’s not only essential for us to get things sorted, but it’s also important for our loved ones. Here’re five vital things you should do as you get older.
Set up a will
Unless you want your earnings to end up in the wrong hands, you need to make sure you have a will in place. It’s crucial to think about how you want your possessions split when you are not here. Most people split everything equally between their children for when they pass away. If you do not have kids, you may want to include a niece or nephew. Some people give their money away to charity. And as discussed here, you should make sure you update it at least every ten years.
Establish a retirement fund
As much as your pension can help cover the essentials in your life, you should have a retirement fund so that you have your own money too. Start putting away money every month for your retirement fund and you will soon see it growing. It will make your retirement more comfortable, and will be able to cover any unexpected things which might happen.
Consider your living arrangements
When you get older, you may want to move to a smaller home. You don’t need as much space, and you can have less to clean. You may want to consider moving into sheltered accommodation where you can still have your own place. Have the support of a house manager just in case something happens. You may also want to look at getting Live In Care so that you can have support on a daily basis. It still means you can have your independence, but they will help you get dressed and sort your meals for you.
Give money to your children and grandchildren
If you want to treat your children and grandchildren, you should do it now. When you give them money through your will, they can often end up losing out on tax. If one of your grandchildren is off to university, why not use your money now to pay for them to go. It’s something worthwhile which you can see them doing. Or why not pay for everyone to go on a holiday altogether. You should spend as much time with your family members as you can when you get older.
Plan your funeral
When you pass away, it can be so hard for your children to be able to sort out your funeral. They may not know what you want to be included, and therefore, it can be even more stressful. It may be hard and emotional to do, but make a list of different songs you like and what kind of flowers they should use. Put it away in a safe place so that your children can find it when the time comes.
It’s best to prepare for the future so that you can live the rest of your life happy and stress-free.
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