Preparing for old age when you don’t have children
Previously, we’ve looked at what it means to navigate the path of ageing without a partner, but what if you don’t have children? Many of us spend years raising our children with the understanding that after decades of caring for them, they will return the favour for us in old age.
Whether by choice or through circumstances beyond your control, many people will find themselves lacking the support of children when the time comes to make serious decisions regarding the future. However, that doesn’t mean you have to go it alone. Here are our tips for planning your golden years and beyond even if kids aren’t in the picture.
Build a support network
Just because you don’t have children doesn’t mean there aren’t plenty of other people who care about you. The rest of your family, your friends, your community and your trusted healthcare professionals are all there to support you. If you’d like to grow your social network a bit more, read our tips on how you can meet new people over 60 both online and in the real world – after all, it’s never too late to make friends. Keep in mind, however, that you may require additional help down the track above and beyond what your family and friends can give you, which is why the next point is so important.
Sort out your finances
One of the positives about not having children is that you never had to spend hundreds of thousands of dollars on school, activities, clothing, food… the list goes on. However, that doesn’t necessarily mean every childless person is cashed up. Just like everyone else, it’s essential to budget and plan for every possibility. You may feel as healthy and youthful as ever, but this mightn’t be the case in five or ten years’ time. That’s why it’s important to have a financial plan in place should you find yourself requiring an in-home carer or perhaps even relocating to an aged care facility. Speak to your loved ones and consult a financial advisor who will be able to instruct you on how to prepare your savings for any potential hits in the future.
Another thing to keep in mind is what will happen to your money if you are no longer capable of looking after it yourself due to illness or whatever else. Have you set up a power of attorney yet? Click here to read why you should and how to do it.
Write a will and living will
By the age of 60, you’ve probably organised your will at least once before. But when was the last time you updated it? Our lives – and our minds – change so rapidly these days, it’s more important than ever to ensure your will is up-to-date in terms of choosing an executor, beneficiaries, assets, funeral wishes and organ donation status. Just be sure you don’t make these common mistakes when putting your will together and you’ll be fine.
As essential as a will is, a living will (that is, an advance directive) is just as important. No one wants to imagine themselves in a position where they can no longer make critical decisions about their health and wellbeing, but sadly many do. A living will ensures that even if you’re unable to speak for yourself, your wishes will be obeyed by your healthcare professionals.
Have you prepared for your future yet? What are your wishes? Let us know in the comments below.
Related links:
How to get the best hospital care
8 things you should never keep from your doctor
Tips to cope with losing independence with age