Time was when you could retire, draw a pension and live with your children, helping to raise your grandkids until such time when you had to leave this earth. Now, with society having undergone so many changes, grandparents do not often live with their children or grandchildren. In fact, many of those seeking retirement after 60 do not have children. They will face a retirement where they will have more free time and less to do but also – fewer or no people to look after them.
This is why preparing for retirement, whether you are 20, 40, or 59 is important. It is important to know what to expect, know how much it will cost, and take steps to be ready for that.
Know the Truth
It is highly possible that in your old age you will be on your own. If you have a long-time partner then they will be there with you but even if you have had children, it is highly unlikely that they will be able to look after you on a daily basis. Furthermore, old age brings a lot of aches and pains, immobility, diseases and illnesses. These things can be dealt with but they will require medical care, which will cost money. Also, the physical changes that you will undergo might even cause you to change your accommodation into something more age-friendly, like an annexe on the ground floor.
Face the Truth
Some people live in denial, postponing the truth of aging for as long as they can. However, every single one of us will get old. Therefore we need to think about making arrangements for all the above in a way that will cause the least problems for those around us. Aged care services from Camberwell can help us when we are too old to do things ourselves. A good doctor who visits homes can help with a lot of the maladies of old age, like arthritic joints and failing eye sight. As for bills and other expenses, it means having to save for the eventuality from your youth or investing in a pension scheme.
Work towards the Future
Technology is changing rapidly, therefore none of us can predict how easy or difficult our lives will be in the future. However, there are certain things that we can be on the look-out for and take precautions against. For instance, we know that memory loss is a very real thing that can happen to a lot of people, especially to those who were engaged in demanding and challenging jobs prior to retirement and then do nothing afterwards. They seem to regress much faster. Knowing that, and knowing the signs of diseases like Alzheimer’s, we can look into dementia care early and have those numbers ready to call.
More than anything else, it is important to remember that the future is not bleak and that all it takes for it to be as rosy as our youth is a little bit of extra preparation.