Living Alone: What Is Your Plan Going Forward
Category: Retirement Planning
Sept 23, 2024 — About a third of people aged 50 or more live alone, according to the AARP. That is a lot of people who can’t rely on a spouse or roommate as they age. So what is their plan going forward?
The best advice is to start thinking now about who is going to help you once you are no longer able to function independently. For example, who is going to pay your bills and manage your investments? What will happen if you get sick, can’t drive, or begin to have dementia? If you have pets, what is going to happen to them when you pass, get too old to take care of them, or go in the hospital?
The New York Times has an excellent article this week, “How to Plan for a Time When You Are on Your Own” which touches on all of those topics, and more. It features helpful advice on how to make sure your needs are taken care of as you age. That includes whom to choose as decision makers if you can no longer do it. For example, choosing a sibling might not such a good idea; they might be in worse shape than you are. Wills, estates, advanced directives, and instructions about your cherished possessions need to be taken care of. What kind of community and home should you live in so you don’t suffer from loneliness, isolation, and safety risks?
Other tips include ideas like sharing a home like in the TV show “Golden Girls”, or in a Naturally Occurring Retirement Community (NORC) where neighbors help each other on a cooperative or fee basis. Having a solid estate plan and a financial manager are key steps to take as well.
We recommend the article highly as a way to start planning for the future when you are on your own. Please use the Comments section to share your plans and concerns on this topic.
Comments on "Living Alone: What Is Your Plan Going Forward"
Admin says:
My wife and I had one of my brothers named as the executor of our estate when our children were younger. Now that they are responsible adults, we named them as the co-executors, since they have the most interest and with luck will live a lot longer than our generation.