We live in a day and age of miracles. Because of advances in modern health care, we are now able to prevent disease and treat it effectively if it does take place. Senior citizens can expect to live longer than ever before, which is wonderful news. There will be more time to spend with grandchildren, working on hobbies, finishing up those projects that never quite got done. A hundred and fifty years ago, living to the age of seventy was considered quite amazing. Today, seventy-year-olds are out on the golf course or in the swimming pool, putting the younger men to shame.
But retirement plans of the past were calculated to meet the needs of the retiree should he pass away at a younger age. Will your plan stretch as long as your life span? Or will you outlive your savings?
If you have not yet reached the age of retirement, sit down and go over your plan. If you’re in good health and have no real family history of cancer, heart disease, or other common illnesses, you may want to revisit your savings plan. If your company does not allow for changes in your program, you might look into other alternatives, such as investments, accounts with good interest rates, or even the old money-under-the-mattress system.
It might also be prudent to consider putting in food storage. We’ve been taught by financial gurus for years that it’s wise to save for a rainy day, and they have advocated tucking away food stuffs as well as cash. Having a full pantry or fruit room is sound advice on so many levels. From tornados to shipping strikes to unemployment, the reasons are varied and the excuses not to do it are flimsy.
When your children ask what you would like for Christmas or birthday gifts, mention that you might like stocks, bonds, or other financially sound holiday offerings.
You could also look into funeral plans which allow you to choose all your burial needs and pay for them over time, thus leaving more money behind for your spouse and taking a burden off your family not only financially, but emotionally, making it so they don’t need to guess what you would have liked.
It’s not pleasant to think about one’s demise, certainly, and no fun to consider getting older. But if we start thinking about it now, and planning wisely for the future, we can avoid some of the pitfalls we might otherwise experience.
Related Blogs: