Here are some ways to prepare for aging, both mentally and financially
1. Gather all your personal data, including your age and the date of your birthday
Consider a digital body-image archive, accessible to others, that could include your name, photograph, relationship, height, weight, social-media network information, driving record and number plates, telephone number, favourite foods and hobbies, medications and doctor’s diagnosis. To save money, you could also have your DNA sampled to try to identify your “ancestral makeup” – traits that determine your health risks and characteristics such as the colour of your eyes or your love of spicy food.
2. Decide where you will live and how long you will remain there
Figure out what your needs are in terms of comfort, security, personal care, waste management, transportation and any other services. Is the housing where you live fit for purpose, or should you move somewhere else? How much money could you realistically expect to need in the future and how will you get by if your savings are depleted?
3. Assess your life insurance needs
Your entire financial picture, and the life insurance you’re taking out, should be assessed for its adequacy. Life insurance has to be affordable, and the cost should not crowd out other retirement savings or impair your family’s financial future. Keep in mind that you do not have to take out a lot of life insurance. All that is required is enough to keep you financially secure in the event of your death.
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4. Consider putting the house in order
Ensuring that the home you live in is in good order and safely insulated from fire, flood or theft is essential. While you might have a long-term plan, do not let the likelihood of a disaster overwhelm your sense of urgency.
5. Know your needs for “dignity care” and medical equipment
Dignity care will be important in the event of you becoming disabled or ill. You should be able to count on, for example, a bathroom, bed, walker and a wheelchair. These items may or may not be required in your lifetime. Consider the costs of care in your lifetime and for your family. Also, take the time to ensure that you can obtain a new battery in a medical alert pendant, if you decide to invest in one.
Growth Best
samarth Harsh
www.growthbest.com
8899788887
