The Times Herald (Norristown, PA)
Your most important asset — it’s not what you think
A wise person once said, “Do not regret growing older. It is a privilege denied to many.” I agree. I also firmly believe that with privilege comes responsibility. With this in mind, as we age we must learn how to manage the risk of getting older. This requires attention and planning. Herein lies a problem.
Even if age is just a number, it’s often difficult for people to think about getting older. And when something is hard, there can be a tendency to procrastinate. That said, you might be wondering why I believe people procrastinate with regard to aging. After all, as much as we may want to, we can’t slow down (or stop) the aging process.
Since I’m a writer, who also happens to be a financial advisor, you might expect me to start talking about saving more, long term care, assisted living homes, etc. While those things can certainly be helpful, that’s not where I want to direct my focus.
I believe the most important asset that we can all try to manage as we age is our independence. Few people plan to depend on others as they get older, but if they don’t understand how to manage and hold onto this precious asset, a variety of factors threaten to take it away. That in mind, we must identify and take ownership of the things that drive our independence.
Here are some tips for each decade.
1. In your 50s — you need to manage your health care directives.
You may have created a will in your 30’s or 40’s, but as you age your focus really needs to shift toward your living will and power of attorney. It might seem counterintuitive that an article about aging would begin with a tip in case you don’t, but estate planning plays an important role in your independence through every decade of your life. These documents are absolutely the key to making sure that your wishes are carried out.
It’s difficult to think about a health crisis or an accident happening (for example, early onset Alzheimer’s, stroke, heart attack, etc.), but proper planning can help ensure that your requests are met. It’s your life and your independence that’s at stake. Make sure you have a say about your care by having it on paper.
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