Whether you are a single woman, widowed or married there are steps you need to take to safeguard your future. The truth is there is a very good chance you will live a long life. And if you are married your husband has a higher chance of passing before you do. As such, you need to be proactive. You need to plan as if you will live into your 90’s or 100’s.
How would you like to be living? And where would you like to be living? By taking action in your 40’s and 50’s you will have a good chance of enjoying those later years.
1. Protect Your Health
We have all heard the saying, “Without good health you have nothing”. Age really has nothing to do with your abilities. Health is what matters. People in their 90’s and 100’s eagerly run marathons, manage companies, practice yoga and so much more. While at the same time there are 50- year-olds who can barely walk around the block due to health issues.
You may not be able to prevent all health issues. However, there are a lot of health issues that can be prevented or at least delayed some as much as a decade or more.
Know Your Risk- Delay the Outcome
Studies have shown that lifestyle changes can prevent or delay the onset of Alzheimer’s, heart disease, diabetes and many chronic ailments. Changing your diet, exercising and learning techniques to manage your stress all play a role.
2. Start Saving More
The verdict is not good. Most Americans are way behind in saving for retirement. If you haven’t started today is the day to do so. And if you have started you want to save even more. Pretend you are going to live an extra 10 years. Save for those years. Skipping those daily lattes may add up? What else can you do?
I will Just work Until I am 70 or Older
Most people plan to work until about 70 or maybe longer. Those plans often get interrupted. Unexpected lay offs from your company and health issues you were not expecting are often the culprits. Taking social security early means you will have less to live on for the rest of your life. What will you do? Will you have enough? If health issues force you into early retirement you now also have extra bills to pay.
That’s right. Even if you are old enough to receive Medicare it will not pay for everything. Medications, insurance, extra help and assistance will all come out of your pocket.
3.Have a Strong Social Network
Stay social as you age. Friends and family who can help you in case of an emergency will be priceless. Additionally, studies show that those with strong social bonds with family or friends tend to live longer and healthier lives.
Hang out with young people too. Their energy and drive will be contagious. And they will be able to help you when you have health issues easier than someone your own age or older.
“Mom had friends 20 years - younger. When she was no longer able to drive it wasn’t a big problem. Her friends were still in their late 60’s and 70’s. They gladly stepped up to help. She always had visitors and people to take her places. I think that was a smart strategy on her part.”
4. Plan for the What If’s
Make sure not to stick your head in the sand. Plan for the worst and embrace the best. Having a good solid plan in place will give you peace of mind. A long- term care policy can ensure that you have the money needed for excellent care and assistance if you should need it. You hope you never do but what if?
As Certified Long-Term Care professionals since 2003, and members of the American Association for Long-Term Care Insurance, both Sue and Allison have the training, knowledge, and experience to help you understand your options.
Sue Myers and Allison Younger
With over 20 years of experience, both women are committed to ensuring that their client’s long-term care needs are met while their wealth is protected.