While it can be uncomfortable thinking about your future, it is better to start as early as possible. What might seem like insurmountable hurdles can actually be small and manageable changes and goals that you can easily handle with enough foresight. In today’s entry, we will discuss a few tips that will help you get ready for the future you want to have, not a future that is foisted upon you.
If you would like to speak with a lawyer who has dedicated his practice to helping people with estate planning, asset protection, and elder law, contact Safe Harbor Wills & Trusts in Syracuse and Watertown today. Our attorney, John M. Murphy, Jr., Esq., has the experience, knowledge, and compassion that you need to ensure that you have everything you need as you get older in order to avoid financial ruin. Contact us today to set up an appointment.
Plan for Health Care
While it is nice to know that we can sign up for Medicare once we turn 65, we can’t rely on it to provide us with all of the care that we may need. Many companies offer supplemental plans to fill in some of the gaps in Medicare’s coverage, but without proper planning and knowledge of where the gaps are, you may end up paying too much for coverage you don’t need or lacking important coverage. Our attorney can help you figure out which options are best for you, as well as helping you plan out how you will continue to pay for these plans after you have retired.
Think About Your Home
While it is important to spell out what you would like to happen to your home after you pass away (we will talk more about wills and trusts later), right now it is important to consider whether or not the home you are in will be right for you as you age. If you have no children or your kids have grown up and moved out, you have probably thought about downsizing. This isn’t a bad idea. Moving into a smaller, more efficient home will help you cut down your monthly expenses. Your mortgage may be smaller, and you will have to pay less for electricity, gas, and other utilities. This will allow you to put more money towards other expenses or towards more fun things, including vacations.
Another important consideration about your home should be whether or not it will continue to be safe and accessible to you as you grow older. Lots of stairs and hardwood or tile floors might look great, but they can be hazards if you lose your balance. This may not be an issue for many years, but it is something to keep in mind as your children grow and move out of your house.
We hope that this article was helpful, and we hope that you will come back soon for the second part in this series about how to plan for your older years. Next time, we will discuss the importance of planning for the unknown, and how to make sure that you have enough money to survive and thrive after you have retired.
If you want to speak with an attorney about asset protection and estate planning, don’t pick any random name out of the phone book. You need an experienced and knowledgeable attorney whose practice is devoted to providing the best estate planning, elder law, and asset protection possible. At Safe Harbor Wills & Trusts in Syracuse and Watertown, our attorney possesses the skills and background necessary to help you now and in the future. Call us today for an appointment.