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Planning for old age
They say only the good die young, so I guess I must be one of the bad ones! Truth is, at least for those of us who live in the so-called 'developed' nations, we are more likely than ever before to reach old age. That used to be 'three score years and ten' or 70. Nowadays, it means at least that and for more of us we can expect to live beyond the age of 85. What this means is that we need to give much more thought to planning for our later years. This applies to finances of course, but also housing and our care needs. Sadly, in my experience, most people fail to give it the proper attention it requires, especially with regard to housing. I say this as the manager of an Almshouse Charity in the UK. We provide a range of housing for people aged over 65 and many of the applicants we get suddenly find themselves in need of our accommodation. Why is this? Surely they have been planning for years for their housing. Surely most have property or are living in rented accommodation? The short answer is yes, but. Yes, they are in accommodation already and in the UK chances are its one they own or have some level of mortgage on. However, most people fail to plan properly for the future as regards housing. They seem to live in hope that it will all work out OK or they will downsize when the kids (if they have any) leave home etc. However, life isn't always a bed of roses and prolems arise, such as divorce or the death of a partner. Ill-health may mean you are no longer able to get upstairs any more or use a bath rather than a shower. Your landlord may decide, for whatever reason, to evict you. Your family may move away and leave you without the support you were relying on. For all sorts of reasons you may find yourself in difficulties as regards housing. If this happens and I believe it will unless we do something proactive about it, then you may find yourself having to find solutions at short notice, not always easy. What's the best way then to avoid getting into difficulties then? Well, here are my humble suggestions: 1. Review your plans every 3-5 years, especially as you near retirement. Discuss with your partner and family what you would like to happen and ask their views. 2. Consider 'what ifs'.... what if my partner dies, what if I lose my mobility, what if my family move away. Decide what your options would be and what you would wish to happen in such circumstances. Better now than when its more urgent and pressing to make decisions. 3. Do a financial audit at the same time. What assets and savings do you have; what will your pension be and will it be topped up by the State? Discuss with an independent financial advisor what options you have to better provide for your old age. 4. Check out the charities and agencies that give advice and support to the elderly, such as "Help the Aged" and "Age Concern" in the UK. Find out from them what their advice is. After all, they are pretty much the experts and if you don't use them now, believe me you will do so one day when you hit a crisis! Finally, remember that unless you let your family know, they can only guess what your wishes will be in the future and then it may be too late for you to make them known. Certainly, the more planning you do now will help minimise problems later on. You will never be able to cover every eventuality, life is too unpredictable, but you can help yourself to be better prepared.
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Contributor's Note
I am in my 50's and I run an Almshouse Charity providing accommodation for individuals over 65 in the UK.
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Yes, Yes you are right "the good die young" that is what the saying goes. I have been bless and are NOW 74 without
much regret. I think one has to be contented with what we have, day dream is O.K. but, don't do what we are NOT supposed to do., offer what we can to help other and be happy. tanjika@yahoo.com
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