Elderly Planning: What You Need To Know

We spend so much time preparing for retirement, we don’t often consider what our lives may look like at age 80 or beyond.  The later years often bring unexpected challenges: health issues, mobility changes, and the need for someone to advocate on your behalf. 

In recent years, I’ve had a front-row seat for this issue.  We all get to experience it as our parents age.  What is striking is that most people are shocked when this inevitable slow-down affects their quality of life and forces changes due to physical or medical conditions.  Even those who were actively aiding in their own parents’ journeys.

You can plan for your future.  Preparing early can stave off more drastic levels of care further into the future.   For instance, exercise is key to a long life.  There is no substitute.  The good news is that exercise isn’t limited to walking and going to the gym.  I have many clients who are just incredibly active.  The more active you are, the longer you will be mobile.  Use it or lose it!

Other changes you may want to consider includes modifications to your home.  If you are downsizing in retirement, consider one-floor living.  As you remodel your bathroom, consider layout with respect to future mobility needs. Consider wider interior doorways to facilitate possible future wheelchair access.  

You also need to consider your support network.  If you have children – especially if they live close to you – you have a built-in support network.  If you plan on moving 1,000 miles away from your kids, it will be difficult for them to help you and advocate for you should you need assistance.

If you don’t have children, who will be part of your network?  Is it a more distant relative?  Is it a friend or neighbor?  While these scenarios may be in the distant future, knowing your plan now allows you to make changes as life throws inevitable curveballs at us.

And that’s the key, isn’t it?  Being prepared?  Too often, I see clients make these decisions out of crisis.  Those decisions are ugly.  They lead to frustration and possible depression.  Costs are higher.  Choices are more limited.

The people who have a plan in place transition from an active lifestyle to a limited one with minimal speedbumps.  All their wishes are respected and fulfilled, and it leads to a far better quality of life. 

Want to dive deeper? Listen to our in-depth podcast on this specific topic.  

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