Tips to Plan Financially for Your Own Old Age
If you’re helping aging parents with long-term care, you know how much it costs. And chances are, your own old age has crossed your mind. How do you plan so you aren’t in the same desperate financial boat many seniors are in today?
The Best Life features eight tips on this, including simple things like rolling back spending now and warding off expensive chronic diseases through exercise. And there are ideas that require more research, like buying long-term-care insurance. They also mention another type of insurance:
Longevity insurance. Might it make sense to buy an annuity that doesn’t begin making payments until you turn 85? You can get one for a good price, because insurers rightly figure the odds are decent that you won’t survive to the age of 85, or much beyond that mark. If you knew there would be a stream of income kicking in when you turned 85, you could plan to spend down your other assets by that time and not worry about outliving your money.
Read all the tips here: “8 Ways to Manage a Longer Life.” You may also be interested in “Caring for Aging Parents Financially? Don’t Forget Yourself, Expert Warns.”
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Leigh Ann Otte is a freelance writer who covers finding and paying for long-term-care for OurParents.
Although there was once an ordinary age for retirement in this country and people could depend on their company pension check plans or retirement funds for getting them through his or her twilight years, we’re finding that individuals are often living lengthier than their funds intended which their standard of living in these years is much better than in decades past and an increasing number of retirees that specialize in health and good, clean, fun living. This is something almost unprecedented throughout history yet our retirees are younger in lots of ways than ever prior to.The earlier throughout life one gets started socking away money for ones retirement the greater. This of course does not mean that there’s no hope if one waits until after in life, only that there is need to make more significant investments and help save more aggressively if one opts to wait until a later date.