It’s not something we think about if we don’t have to, but old age happens to us all. It might feel like a long way in the future but before you know it, your senior years will be right around the corner. There’s little point in burying your head in the sand, thinking it’s not going to happen. Crossing your fingers and hoping everything will work out in the end isn’t going to work either. 

Looking forward and planning for the future is the only way to deal with it because the onus is on you to ensure you’re looked after in your old age. Things to consider include making a will, staying healthy, creating funeral plans, keeping active, and staying connected. 

Let’s look at your options in more detail:

1. Get Organised

You might not want to think about it but the day will come when your loved ones have to come in and make some crucial decisions for you. There are things you can do to make things easier for them. 

• Keep your financial documents and plans in one place
• Create a clear list of the ins and outs of your household finance
• Make a list of your savings and investments, the property you own, and debts you might have 

2. Write Your Will

If you die intestate (without making a will), the law decides how your money is divided, rather than following your wishes. Writing a will is the only way to stay in control and decide who gets what. 

You can draw up a will on your own, however, the smallest mistake could invalidate it so it’s a good idea to get it done professionally. It’s also a good idea to review it every five years.  

3. Talk to Your Family

A “what if” conversation with your nearest and dearest is essential. You should let them know what your wishes would be should you become incapacitated or die. 

Along with talking to your family, you might also want to write a living will. This is a document in which you clarify how you want to be treated in different situations. It will come into force if there comes a time when you can’t make decisions for yourself or make your desires known. 

4. Organize a Power of Attorney

You should set up a power of attorney well in advance of when it might be needed. It’s not an expensive thing to set up and it will make the handling of your affairs less complicated. 

5. Set Up Your Pension

Pension companies do get a lot of bad press, but setting up a private pension is something you should consider, especially if you want to maintain your standard of living after you retire. Start paying into a private pension as early as possible. In addition, open a separate savings account and pay into it regularly. 

6. Pay Off Debts

Once you reach retirement age, your ability to pay debts will be significantly reduced, so it makes sense to clear your debts as early as possible. 

7. Make a Retirement Budget

There are some questions you need to ask yourself, such as:

• What do you plan to be doing when you retire?
• Would you like to take up a new hobby?
• Have you got a bucket list you’d like to work through?
• What are your monthly expenses going to be?

Some financial implications come with retirement which means you should create a monthly and annual budget. If you know what your income and expenses are in the future it’ll make many of your other decisions easier to make. 

8. Are You Going to Keep Working?

There’s nothing that says you have to retire when you reach retirement age. You’re perfectly entitled to keep working if you want to. You’ve first got to consider whether you can afford to retire, but that’s not the only consideration. For example, you might not be mentally prepared to retire.

The thought of not having to get up for work every morning may be very appealing to some people. However, the thought might also leave some people depressed or even angry.

When you’re making retirement plans, make sure you think about how you’re going to fill your days.  

9. Stay Healthy

Your finances are not the only thing you need to plan for. It’s just as important to look after yourself and stay healthy. Just because you’re getting on in years there’s no reason why you shouldn’t look after yourself. That might include:

• Losing weight
• Quitting smoking
• Drinking in moderation only
• Staying active both mentally and physically

If you look after yourself, you’ll live longer and be able to enjoy all the retirement plans you’ve made. Not only that, but you’ll also increase the amount of time you’re able to stay independent. 

When you reach your senior years, the last thing you want is for it to be stressful. If you make plans early and plan for the needs you might have in the future, it’s almost certain to make them easier to deal with.