Follow These 8 Tips to Plan Your Senior Years
Author : General Advice | Published On : 09 Jul 2021
Terry and Kate celebrated their silver jubilee wedding anniversary in a very elaborative way. Terry’s mother and Kate’s parents blessed the “young” couple. Friends and relatives extended their best wishes with beautiful gifts. Terry and Kate have a son, Williams who had his twenty-third birthday last week.
The next day of the anniversary a little before a super, Terry opened the topic of his retirement plan. He was very anxious to discuss it with Kate. For Kate, it was too early. But Terry convinced her necessity and importance of it. He told her that he is now fifty-six and his company will ensure that he gets retired at the age of sixty-five. Now in the next nine years, he has to make arrangements for his retirement years so that both of them can enjoy their senior years happily. Kate suggested to him that they both can discuss their plan for senior years on coming Saturday morning after breakfast, to which Terry agreed.
Terry and Kate discussed the following important points:
- Prepare a retirement budget. A retirement budget needs to be drawn taking into account how much money is necessary to keep aside. If you wish to continue a similar lifestyle then 70-75% of your present monthly income may be sufficient.
- Decide where you want to spend your senior years. Do you wish to get relocated to any other place suitable for you and your spouse’s health conditions? Do you want to be near to your friends or relatives? What activities or interests, hobbies you want to strengthen? They may be reading, writing, gardening, cooking, singing, or playing musical instruments, etc. You may ask yourself what you always wanted to do; you were passionate about but did not attend due to lack of time. Also, study whether relocation is necessary or you can modify your present home to accommodate all your future wants.
- Clear your debts before you get retired. You should not worry about this in your retired years.
- Plan for any unforeseen sickness or impairments. You will be getting old and you or your spouse may have to face any serious disease. Unfortunately, there may be impairment. For this, you need to have insurance coverage. You need to have some amount kept reserved for such unexpected incidences.
- Make your home user-friendly for your senior years. You may have to put railings for your staircase. You may like to lower the height of your bed and bathtub. You may need to put bars near your showers.
- Make provision for funeral expenses. You will certainly not like to burden anybody with these expenses.
- Stay fit. Start exercising now. Join a gym and insist your spouse do so also. Be active. Be flexible. This practice will help you to remain healthy in your senior years. There will be fewer chances of you and your spouse feeling sick.
- Stay in touch. Stay in touch now and in your senior years with your friends and relatives. Phone them occasionally. Visit them or invite them to your home. These are the people who will enjoy your company in your later years. And these are the people who will come for help immediately when you need them badly.
These are the few valuable aspects you should start planning as early as possible. Let the senior years be the best years of your life.