Essential Planning for Older Adults
Growing older comes with many changes, from how you spend your time to the physical and mental obstacles you’ll face. While there’s no way to slow the aging process, you can take steps to help you feel more confident, safe, and prepared as you enter this next stage of your life.
Why You Should Plan
Most people experience a lot of change as they grow older. Taking time to prepare correctly can help minimize stress and potential financial burdens and prepare your relatives for success.
- Minimize stress. Physical or cognitive health can rapidly change at any moment, and trying to figure out your options amidst an emergency or crisis puts unwanted pressure on you and your family.
- Create less of a financial burden. Understanding future costs will let you know how much money you need to start saving and reduce the risk of financial stress.
- Set up your family for success. As you age, certain obligations will fall on your family members, but having a plan can help them navigate changes with ease.
What to Prepare and Plan
It can feel like a ton to get in order, but don’t let yourself get overwhelmed. Four essential planning areas are legal documents, future care plans, finances, and afterlife plans.
Legal Documents
In an emergency, you’ll want to have all your legal documents organized and stored somewhere accessible to a trusted family member. Vital legal records include your social security card, birth certificates, marriage certificates, citizenship papers, education or military records, and your will. You’ll also need financial records such as pensions, IRAs, 401Ks, insurance information, vehicle titles, credit cards, mortgages, investment income, and tax returns.
In addition to official documentation, you should also create a list of important names and phone numbers. Make sure to include the name and contact for your lawyer, bank, doctor, and insurance company. You may also want to create a list of close friends and family that you wish to have contacted in case of an emergency.
Future Care Plans
Many seniors require additional care as they get older. Some may move to an assisted living community or nursing home, while others hire an at-home caregiver to help them live independently at home. Consider different care options that may work for you to estimate potential costs. Make sure to talk to your insurance to determine how much you’ll have to pay and how much they’ll cover.
Finances
In general, it’s always a good idea to get your finances in order. As you’re aging, think about any financial information loved ones may need from you, such as bank, investment, and insurance contacts. You can also create a list of debts, whether mortgages or credit cards, that will need paying. Lastly, share recurring costs you may have with a loved one, such as gas or electric bills, and how to pay them should you no longer have the ability to do so yourself.
Afterlife Plans
Thinking about plans after life is difficult, but it’s also an essential part of aging and can significantly reduce the emotional impact on your relatives. Sit with a trusted loved one and share your wishes, including funeral arrangements and how you’d like people to honor and remember you. Your afterlife plans should also include access to your will and conversations with loved ones about your property, possessions, and assets.
Working with Visiting Angels
Visiting Angels is available to help if you need at-home care assistance or are considering your options for the future. We offer potential clients a complimentary consultation to discuss their needs and possible at-home care options, which can include a variety of companion, personal, and end-of-life care needs.
Our St. Louis Park location works with seniors in Minneapolis, St. Louis Park, Golden Valley, Richfield, and the West Metro communities of Minnesota. If you’d like to learn more about our services, contact us at 952.935.0789 or send us a message.