10 Steps to Take Now to Secure a Comfortable Retirement: Part 2
In the first part of our series on practical steps to take to ensure a comfortable retirement, we discussed estate planning, passing on legacy, and planning for long-term care. This week, we continue with five more steps, from adapting your home for comfort and safety to harnessing technology for independence. Taking these steps will give you comfort in your later years. Read more…
Step 6: Consider Your Housing Needs
Why It’s Important: Adapting your living environment to meet your changing mobility and health needs can enhance your independence and quality of life (and who doesn’t want that?!). As physical abilities change with age, a home that accommodates these changes can help maintain a higher level of independence, reduce the risk of accidents, and potentially delay or avoid the need for an assisted living facility. Moreover, comfortable and accessible living conditions contribute significantly to happiness and well-being in your later years.
Practical Steps:
Assess Home Accessibility: Evaluate your home for potential mobility issues and consider modifications like ramps, wider doorways, or bathroom grab bars.
Explore Senior-Friendly Housing Options: If extensive modifications are too costly or impractical, consider moving to a senior-friendly community that offers additional amenities and services.
Find a lawyer who offers Elder Care Planning. As a Personal Family Lawyer (PFL) firm, Legacy Lawyers offers elder care planning that can help you navigate your options and create a plan that preserves your assets for your loved ones, rather than draining them for housing and health care costs. Many PFLs have virtual offices for your convenience, so if there isn’t a PFL listed in your locality, choose the closest one.
Step 7: Embrace Technology for Independence
Why It’s Important:Why It’s Important: Modern technology can significantly improve the convenience and safety of daily life for seniors. Technologies that assist with daily tasks can extend independence, reduce caregiver burden, and enhance your overall quality of life. Additionally, health-monitoring technologies can alert caregivers and medical professionals to potential health issues before they become severe, ensuring timely medical intervention.
Practical Steps:
Health Monitoring Technologies: Employ devices that can monitor vital signs and remind you to take medications. Your doctor may be able to help with this.
Consider Using Smart Home Devices: You can automate lighting, heating, and security to manage your home environment easily. If you aren’t technologically savvy, ask a younger family member to help. Gen Z can figure that out in a heartbeat!
Consult with a PFL and join their PFL FamilyCare Program. A PFL who has a FamilyCare Program in place has, as one of the benefits of membership, a subscription to a secure, online system that houses your important legal and health care documents so they’re immediately available to doctors, hospitals, and caregivers. This is really important! Most people who have estate plans with health care documents have them stored on a shelf and aren’t accessible when they need them. That’s no good in the event of an emergency. But a PFL has your back.
Step 8: Stay Active and Engaged
Why It’s Important: A well-planned budget is crucial to ensure that your savings last throughout your retirement years. A sustainable budget helps you manage your finances effectively, avoiding overspending and ensuring that you have funds available for unexpected expenses. A good budgeting practice can also help you maintain a comfortable lifestyle while safeguarding against market volatility and economic downturns.
Practical Steps:
Identify Essential vs. Non-Essential Expenses: Consider making adjustments to your spending habits if needed to ensure you can cover necessary costs while still enjoying your retirement.
Plan for Unexpected Costs: Include a buffer in your budget for unforeseen expenses to avoid financial strain.
Consult with a PFL. A PFL, as part of their unique PFL Life & Legacy Planning process, will help you get more financially organized than you’ve ever been before. Together, you’ll create a complete asset inventory (we call it a “personal resource map”, so you know exactly what you have and how long it will last. The inventory also ensures that your loved ones will be able to find your assets after you’re gone, so nothing is lost to the government. Check out Virginia's Department of Unclaimed Property website and prepare to be shocked to see how much money has been lost! Traditional estate planning attorneys will not help you, but a PFL includes the inventory as part of every estate plan.
Step 9: Develop a Sustainable Retirement Budget
Why It’s Important: A well-planned budget is crucial to ensure that your savings last throughout your retirement years. A sustainable budget helps you manage your finances effectively, avoiding overspending and ensuring that you have funds available for unexpected expenses. A good budgeting practice can also help you maintain a comfortable lifestyle while safeguarding against market volatility and economic downturns.
Practical Steps:
Identify Essential vs. Non-Essential Expenses: Consider making adjustments to your spending habits if needed to ensure you can cover necessary costs while still enjoying your retirement.
Plan for Unexpected Costs: Include a buffer in your budget for unforeseen expenses to avoid financial strain.
Consult with a PFL. A PFL, as part of their unique PFL Life & Legacy Planning process, will help you get more financially organized than you’ve ever been before. Together, you’ll create a complete asset inventory (we call it a “personal resource map”, so you know exactly what you have and how long it will last. The inventory also ensures that your loved ones will be able to find your assets after you’re gone, so nothing is lost to the government. Check out Virginia's Department of Unclaimed Property website and prepare to be shocked to see how much money has been lost! Traditional estate planning attorneys will not help you, but a PFL includes the inventory as part of every estate plan.
Step 10: Review and Adjust Your Estate Plan Regularly
Why It’s Important: Life changes, and so should your estate plan to ensure it continues to meet your evolving needs and circumstances. Regular reviews ensure your plan works when you and your family need it to, keeping them out of court and conflict after you’re gone. If your estate plan is current with the ever-changing estate and tax laws, chances are it will work and your wishes will be honored if you become incapacitated or when you die.
Do a review of your estate plan at least every three years, and possibly more frequently. If you've hired a PFL, join their FamilyCare Program. All PFLs have, as part of our Planning process, a built-in cadence of reviewing your plan every three years at no charge. As a FamilyCare Program member, you’ll also receive an annual review.
And now we’ve come to the end of our two-part series on how to enjoy your retirement with ease and peace of mind. I hope you’ve found this information helpful and inspired you to take action right away because what matters most to me is your ability to live a fulfilling life and give your loved ones a legacy they will treasure
