Bette Davis knew what she was talking about!
This is not an easy topic to address. The key to securing your future is to plan ahead so that when the time comes, you don’t have to panic. There are many factors to consider and not all of them are pleasant. But it’s a reality and it’s best to be prepared!
Many people put off making these decisions until it is absolutely necessary and I can tell you from experience, that’s the worst time to make them.
There are four major areas you need to plan for:
- Financial
- Legal
- Medical
- Your Home
Understand Your Money
Create a budget. There are tons of free templates and apps out there that will help you do that or just create a simple spreadsheet. It’s critical to know what’s coming in and truly understand how you’re spending it. Trust me, once you see it in black-and-white, it will help you reprioritize things like buying coffee and lunch out vs. going on a vacation!
Join your company’s 401(k) plan as soon as you can. I know so many young people who put off doing this because they think they can’t afford it. Well, you can’t afford not to do it! It’s free money; your company is matching some portion of what you put into it and it ensures that you are actually saving something right off the top, pretax.
Get a financial planner. This is the single best thing I did in my early 40s to secure my future. Even if you start with a modest amount of money, it will grow over time, and as your income grows, you can invest more.
Protect Yourself Legally
Regardless of your age, you need to have four key documents in place:
- Power of Attorney: empowers whomever you name to take care of your affairs when you can no longer do so, such as paying your bills.
- Health Care Proxy: empowers whomever you name to carry out your wishes for what should (or should not) be done medically to keep you alive if you cannot advocate for yourself.
- Living Will: if you do not live near the person named in your Health Care Proxy, the Living Will allows the medical facility to move forward in their absence based on your wants.
- Will: determines what happens to your property and possessions after you die.
The good news is that you can execute all of these documents easily and inexpensively through services like legalzoom.com. Many companies offer legal services benefits to their employees which typically include a one-hour free consultation with an attorney. A great benefit for you to take advantage of!
Depending on your personal circumstances, of course, you may want to consider consulting with a lawyer.
Pay Attention to Medical Concerns
No one likes going to the doctor or the dentist. This should be a no-brainer, but many people need to be reminded to:
- Get a comprehensive physical once a year plus (as dictated by your physician based on your age and family history):
- a wellness visit to the gynecologist
- a mammogram
- a colonoscopy
- Keep records of your numbers and pay close attention to key factors such as blood pressure, cholesterol and A1C (blood sugar).
- And visit the dentist twice a year for a full exam and cleaning!
Definition: Alta Cocker
Yiddish phrase describing people of a certain age.
Two words I absolutely loathe: Diet & Exercise
No one ever wants to be on a diet and be restricted from eating the foods you love.
Or to be told to stop drinking coffee or, heaven forbid, wine!
But the reality is too much of a good thing is sometimes not a good thing!
The point is this: eat what you like but do so in moderation. And make sure that you are eating a healthy, balanced diet from the major food groups.
If you’re confused as to what that means, do some research, see a nutritionist. And look at a sensible diet like The Mediterranean Diet.
I’m following a number of great nutritionists on Instagram, whom I’ve learned a lot from:
- @just.ingredients
- @drmarkhyman
- @wakeupandreadthelabels
Your body and your brain will thank you!
Exercise can be another difficult area for people.
Let’s face it, not everybody likes going to the gym or running.
But if you took up a sport when you were young and have continued playing into adulthood, you probably don’t even feel like you are “exercising.” You’re just enjoying yourself!
So find something to make you move that you love (or at least makes you feel good): dancing, yoga, bike riding, pickleball, or even just walking!
When I commuted to work in Manhattan every day, I walked approximately 5 miles a day without even thinking about it! When Covid hit and I was no longer commuting, my arthritis became considerably worse over those two years. You see my point? Keep moving!
Does Your Home Suit Your Lifestage?
One of my college apartments was a five-floor walk-up. I thought nothing of coming up and down those stairs, sometimes multiple times a day.
Due to my arthritis, the thought of it now would make me cringe! I even dread going up and down one flight of NYC subway stairs.
Luckily, I now live in an elevator building but I’m already planning adjustments for my apartment in anticipation of the future.
I am going to remodel my bathroom and install a walk-in shower with a seat. Not that I need it now, but I know I will and I want to be prepared. I’m also looking into widening the doorway.
If I were going to buy a house now, I would make sure it had a master bedroom suite on the main level; again, one with a walk-in shower.
It really pays to think about these things in advance; I know from experience.
When my parents retired, they moved into a beautiful townhouse on the Jersey shore, but without a master on the main level. I was furious with them! They were already in their late 60s. What were they thinking?
Fast-forward to when my mother had a massive stroke and was paralyzed. Confined to a hospital bed, we transformed the living room into her bedroom. I bought a portable bathtub that could accommodate a wheelchair.
Needless to say, it was less than ideal. I promised myself this would never happen to me.
It may seem daunting, and you may think that you have plenty of time to plan. But remember – the key to securing your future is to plan ahead so when the time comes, you don’t have to panic!
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Great advice, Francine. Happily I’ve looked after just about all of these things!
Wow! That’s fantastic; you are well prepared!