Some of us are great at it and some of us excel at avoiding it, but planning for the future is something we should all prioritise. Retirement is an important time to look ahead and put some simple plans in place to make sure any bumps along the way are smoothed over before they become insurmountable. Here are four areas that are worth a second look for the savvy retiree.
If you’ve been paying out on various types of insurance all your life, now is a great time to take stock of what you’re paying for and decide whether it is still meeting your needs for this stage of life. Whether it’s insurance for your health, car, or home, go through your plan and make sure you’re not paying for things you no longer need, such as pregnancy care, or insurance for drivers under 25 years of age.
If you’ve been relying on life insurance attached to your superannuation fund, be aware that many funds stop cover for life insurance once you reach the age of 70 years.
When it comes to funeral insurance, make sure the beneficiary or close family members know who you are insured with, and for how much. It’s no use having funeral insurance if your family can’t access it when it’s needed because they don’t know about it!
Outwitting the unexpected
If you were to have a medical emergency tomorrow, how would you manage your home, pets, or dependents? When the unexpected happens, time can be lost as your loved ones try to find contact numbers, organise access to your home, and delegate responsibilities. A helpful way to manage this is to keep your key information together in a secure place, or with someone you trust. You might include the contact details of your neighbours, trusted friends, workplace, or preferred medical or care providers, or include the medications you may need or care directives for pets or dependents.
When the unexpected happens, the last thing you want to be worrying about is finding someone to look after your dog or collect your mail. If you have all this arranged beforehand, your designated helper will be ready to spring into action at a moment’s notice.
Of course, the best type of planning is the kind that ensures you can continue to live life the way you want for as long as possible. Start thinking now about how life might look in ten- or twenty-years’ time. Do you want to remain in your home? If so, what modifications or renovations would make that easier for you? Would downsizing be a better option? If you are partnered, consider whether you and your partner will likely have similar care needs in the future. If one of you needs more care than the other, how will you manage this?
Exploring your options well before you need to act on them is the best way to make sure you have the freedom and dignity of choice. A retirement living community like TriCare can be a great place to start when considering how to future-proof your lifestyle against unexpected events or life challenges.
If you don’t yet have a will in place, now is the time to get your wishes down on paper. While it might seem a daunting prospect, it’s actually a straightforward process. You can use the services of a solicitor, or the Public Trustee in your state can help you to put a legal will together free of charge. There are even Do-It-Yourself will kits available. The important thing is that you have made a legal plan for what you would like done with your possessions and assets after your death.
If you already have a will in place, but haven’t looked over it recently, it might be a good idea to dust it off and make sure that your wishes (and beneficiaries) haven’t changed.
To live life free from worry takes a bit of forward planning. TriCare Retirement Communities are a great place to explore if you’re looking for a lifestyle that takes the worry out of the future. Contact us today to see how we can help you prepare for the retirement you’ve always wanted.