Wednesday, 3 February 2021

5 WAYS TO PREPARE FOR OLD AGE WHILE YOUNG


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According to research, 44% of adults ageing 40 years and above have made their will. It shows how long people wait to prepare for old age. However, you can make a difference by starting early or as soon as possible. Below are a few things to help in your preparation.


Start pension payments as soon as possible

Paying into a pension scheme may come across as something you can lay aside for later. Even after you begin, you may be tempted to discontinue due to the unavailability of any immediate benefits, but try to hold on. Consider setting up a pension plan as soon as possible and contribute diligently, as you will reap the benefits later in life. Pension schemes allow you to maintain your standard of living in your old age. That way, you won't end up having to depend on any external sources. You can choose to have your pension with a private or public institution; whichever best suits you.


Make some solid friendships

Try to make some quality friendships while you're still young, with people from all walks of life and of different ages groups. It is because social networks that are built entirely around your work and family more often than not come to a resolution. You may never hear from or see some co-workers again after your retirement. And even though you have family members, you may not always have access to them. Therefore, focus on building friendships that may stand the test of time. Though you may not constantly need such friends around you, the thought that you have trusted people who check up on you and are willing to show up when you need them will be comforting.


Draw up your will

In case the inevitable happens, in the absence of a will, the probability that your money and assets may go to the ‘wrong’ people is high. Therefore, to prevent this from occurring, consider getting your will drafted and seek professional help to make sure it comes out valid. In case your marriage is ending, divorce solicitors may help put your finances for your will. Try not to focus too much on your current age and possessions when deciding to get your will. Instead, have it drafted as soon as possible since wills are allowed to undergo updates from time to time.  


Organise your power of attorney

Choosing your power of attorney is an important decision to make and should be handled with the utmost care. Your power of attorney should no doubt be someone of integrity that you trust since this person will have the authority to execute your will. In some cases, your power of attorney may have to handle your finances and healthcare. It happens if, at some point, you are deemed unfit to make some decisions for yourself.


Live an active and healthy lifestyle

Living a healthy lifestyle in your youthful days is bound to make a good reflection when you grow old. Staying active and consciously living healthy now will help keep diseases that pop up during old age away from you. You can also make plans to keep yourself engaged when you grow old. For example, you can start saving up to cover for the cost of living in a home for the aged where you can have interactions with other people and indulge in fun activities.





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