According to data published in the National Institutes of Health (NIH) website on the US’s aging population, there are around 39.5 million people aged 65 and older living in the country right now. And while this figure actually ranks historically lower when compared with data from the past century, things are about to change in the following years, when the older population in the US is projected to almost double. This steep rise is credited to the Baby Boomers, who are set to reach senior age a few years onward and until the next two decades.
Meanwhile, the possibility of you living alone in your senior years is significantly higher in the U.S. than in other countries. Data show that people aged 60 years and above are 27 percent more likely to be living alone in their twilight years than people of the same age bracket living elsewhere.
With these figures laid out, it’s clear just how important being prepared for your senior age is. No matter how strong you are right now or how financially stable you may be, things could go south in the future and leave you gasping for air. So, the wisest thing you can do, really, is to start your preparations for old age right at this very moment.
Here are some ways on how you can best prepare for your twilight years:
1. Save up as early as you can.
The best time to save up for your retirement and senior age is obviously today. Keep in mind that basic commodities are only going to get more expensive in the future, along with utility rates and the overall cost of living. So, the best way to make sure that you’ll be all warm and fuzzy in the future money-wise is to save up as early as you can and as much as you can. Nothing is too much when it comes to savings, so don’t hold back on making those deposits in your bank accounts. It’s better to have way too much money and liquid assets than to have so little when the rainy days come.
2. Spend time with those in palliative facilities and hospices.
If you want to be emotionally and mentally prepared for what life would be when you’re alone and weak, one way to do this is to spend time visiting seniors under palliative care or receiving hospice services. While for some, this may seem like a rather gloomy exercise, it’s actually an excellent way of keeping your feet firmly planted to the ground since you’ll have a realistic view of what life could be like as an older man being taken care of by people other than your own children. Not only that, but you would also be doing the seniors in hospices a great favor since most of them appreciate being visited even by strangers.
3. Stay fit and healthy.
It’s commonsensical to keep yourself fit and healthy not just as a way to prepare for old age but as a general way of staying alive longer. By engaging in physical activities, eating healthy, and staying away from vices, you’ll have a higher chance of living your old age in relative pink of health. This way, you’ll avoid spending the remainder of your mortal life writhing in pain or suffering from illnesses caused by poor health conditions.
4. Have another stream of income.
Aside from just saving up money for your senior age, you should also explore the possibility of having an extra money stream. We know how unpredictable life can be, which proved to be the case during the COVID-19 when many businesses closed shop and millions of workers laid off. Should anything similar happen in the future, having a second income stream will at least give you a fighting chance since you’re not merely relying on one basket to get your eggs from.
5. Plan for your estate.
Regardless of sex, many Americans commit the blunder of not planning for their estate, which almost automatically puts their heirs in a tight bind following their death. Estate planning is something that you should do and plan out with a reliable and competent estate planning lawyer. This will ensure proper and speedy disposal of your properties after you die, so your heirs won’t have to deal with all the complexities of legal proceedings, like dealing with probate court hearings.
Planning for your old age can be tough and time-consuming; however, it is something that you should do if you want to enjoy a relatively easy and peaceful retirement. With these tips to serve as your guide, putting things in place for your twilight years should be relatively effortless on your end.