There is an old adage that states, “Life can’t go according to plan, if you don’t have a plan.” This rings true when you think about later life planning. Planning for later life issues is not only; such planning can give you control of your affairs while you are living and after your death. When preparing for the discussion about later life, one crucial topic to focus on is your finances.
When determining the future of your finances, you will want to create a plan so that you know what resources will be available to you and your family. This knowledge will help shape decisions on things such as living arrangements and medical care. One such plan is a retirement income plan, outlining your anticipated income and expenses. To figure out if you will outlive it or not, you should also analyze your nest egg savings. When creating this plan, it is recommended that you hold off on receiving your social security benefits for as long as you can.
Another important aspect is to plan for role reversal. There may come a time when someone else will need to take over the responsibility of paying your bills and managing your assets. Deteriorating health, mobility, and cognition may result in a change in the handling of your finances. Unfortunately, all too often, when a health crisis occurs, an older person is faced with the fear of losing their independence. As a result of this fear, they recant what they previously expressed as their wishes. This wavering can result in a burden and stress on your loved ones. It can make them wonder if they are doing what is right for you. This lack of clear communication can also result in turmoil within your family.
As part of your plan, it is recommended that you choose a financial power of attorney. This document allows you to name a trusted person, to handle your financial matters if you become unable to manage them on your own. Durable powers of attorney for finances are mainly preventive documents. If you don’t have them and you become mentally incompetent, a judge will have to appoint someone to manage your finances for you—even if the appointee is unfamiliar with you or your money matters. Ohio Legal Help is an excellent resource with forms to help you designate your financial power of attorney.
It is never too early to start planning for your future. Drafting documents before a crisis occurs, such as advanced directives, can prevent the discomfort of family members and make the end of your life more enjoyable for the entire family.
Written by: Kathy Tutt, Family and Consumer Sciences Educator, Ohio State University Extension, Clark County
Reviewed by: Laura Halladay, Family and Consumer Sciences Educator, Ohio State University Extension, Greene County
References:
Ohio Legal Help, Financial Power of Attorney Form, https://www.ohiolegalhelp.org/letters-forms/fpoa
Prosch, T. (2014). The Other Talk: A Guide to Talking with your Adult Children About the Rest of Your Life. United States: McGraw-Hill Education.
Scholten, G., Bourguignon, S., Delanote, A., Vermeulen, B., Boxem, G.V., & Schoenmakers, B. (2018). Advance directive: does the GP know and address what the patient wants
Tutt, K. (2022). The Gift of Planning, Retrieved from https://livehealthyosu.com/2022/12/05/the-gift-of-planning/
When it comes to birthdays, people seem to have mixed emotions. Kids look forward to turning a year older, counting down the days until their next birthday and often saying their age with the “and a half” added to it. Children also look forward to their milestones – becoming a teenager, turning 16, then 18, then 21 – for various reasons. Eventually, though, the years begin to pass more quickly and the birthdays seem to just keep coming. As adults, some of us are happy to have our birthday come around again while many would prefer not to think about it.
Taking a positive approach to birthdays in which you express 
Are you thinking of making some changes to your home to make it easier to live in as you age, but just don’t know where to start? Many changes associated with implementing Universal Design features are fairly minor, inexpensive, and require little effort (i.e., changing round door knobs to lever door handles). Other changes, however, are more significant, more expensive, and may require a professional contractor. For example, a colleague of mine shared a story about her sister converting a closet on the main floor into a bathroom with a walk in shower and a laundry room in her 100 year old home in order to be able to remain in her home due to a chronic illness. Regardless of the type of change your home requires, once you make a decision to make modifications to your home, the next two steps are to decide on the extent of change you will make and to identify specific ways in which to implement these changes.
products yourself. When shopping for supplies and equipment, make sure to ask for Universal Design products. They may require placing a special order, so be certain to give yourself and your contractor time for delivery. If you can’t find what you want at your local retail store, you can also look online for Universal Design catalogs.
lking about the concept of Universal Design. So what is Universal Design? It is a worldwide movement based on the idea that all environments and products should be usable by all people, regardless of their ages, sizes, or abilities. Because this movement applies to everyone, the concept of Universal Design is known around the world as “design for all,” “inclusive design,” and “life-span design.”
Implementing Universal Design home modifications can result in a home that you can remain in as you age. This concept is often referred to as “aging in place.” The idea behind “aging in place” is to enable individuals to live independently in their homes for as long as possible. The goal is to avoid having to relocate simply because one’s home is too difficult to get around in.
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