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Avoiding The Decades Of Decay: Financial Essentials When You Reach Your 70s

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If you found that saving for retirement was a struggle, you may find but by the time it comes for you to leave your job and enjoy your twilight years that you are struggling in a financial sense. Yes, you may have the basic pension in place, but this isn't enough to live off. The average person looks at retiring in the mid to late sixties, but the younger generations are more than likely going to retire over the age of 70. And so, when in your seventies, what are the most important financial essentials, and how can you best prepare for them now?

retirement

Do You Need Your Current Home?

Although you may have spent years endeavoring to pay off your mortgage, will there be a point where your home is just too big for you? This is why it's important to think now about downsizing. There are many things to consider of course, such as the size of your family, or whether you are intending on having your home as part of your will, but as far as your financial essentials are concerned, you don't want your home to be unnecessarily draining you of what little money you have. Downsizing is one of those options many people consider, such as to a condo, and it's not just because of the clich├ęd view of retiring happy, like a condo on the beach, in fact, a smaller property will save you money in other ways. Not only is the building itself cheaper, but you will save money on utilities because you won't need to pay so much to heat the space. There are some essentials that you need to pay for, such as the insurance of the property, but this can be done by a condo insurance specialist, so you aren't paying through the nose for an insurance provider. You don't want to find that you are struggling month by month every time the utility bills arrive. So you have to consider now whether it's worth downsizing sooner rather than later.

The Cost Of Your Health

Of course, the cost of healthcare is a major concern, especially as you get older. Naturally, you want to be as healthy as possible, but ensure that you have the relevant cover in place. It can be difficult to get adequate health cover, depending on your general health. There are so many different factors that come into play, such as your previous medical history, but investing in your mental health is just as important as your physical health. In our 70s, our bone density decreases rapidly, and for us to ensure that this structure is well maintained, it's not just about having a healthy diet, but it's about the exercise we undertake. You might be surprised to find that many people go to the gym in their 70s, and, due to resistance training and load bearing exercises, many people can recover their bone density. We think that struggling to walk and mobility problems are par for the course, but that's only the case if you let it happen. So you need to ask yourself if a gym membership is an essential in your 70s. If not, thinking about other ways in which to keep up your mobility, such as fitness classes, are not just going to be beneficial for your physical health, but your emotional well-being too. As we get older, we can find ourselves becoming more withdrawn socially. As soon as this happens, depression and anxiety aren't far behind. So, think about investing in a little money in social activities and things that make you happy.

Your Long-Term Care Requirements

As you get older, you will need to think about what you want when it gets to the point where you are unable to look after yourself any longer. No matter how independent and fit and healthy you are, the older you get puts you at a higher risk of heart attacks, strokes, and illnesses like cancer. This is why you need to think about what you want when you are unable to look after yourself, but how do you want to be looked after? As long as you are fit and healthy, there is no reason why you can't live independently, but if there is a time when your skills begin to diminish in this area, you seriously need to consider getting extra help. Whether this is having someone come by to the house, or you moving to a retirement community, if you want the best out of your twilight years, even though you aren't able to do much, you need to ask yourself, what does this consist of? Preparing for old age is something we don't like to think about. But, it's important for you to think about this because you can decide on the quality of your retirement years. Therefore, you will have a better idea of how much money you need to save now. The upmarket retirement complexes don't come cheap, and this has a direct impact on your savings. If you want the best things in life, then you will have to save more.

The essentials in your retirement years, beginning with your 70s, are the basics, but you also need to think about what you want to do. For example, if you spend your entire working life without a vacation, isn't it time for you to see the world? Of course, this costs money. But, as we age, we are entitled to more discounts, although it's still important for us to save towards the retirement we want. Your Medicare plan needs to reflect your earnings, but also you need to consider your day-to-day living costs, as well as your overall happiness. The cost of living into your 70s is far higher now than it was 20 or 30 years ago, and if you intend to enjoy turning 70 without a job to go to, then not only is it time to start planning your finances now, but you need to ask yourself what will make you happy when you hit 70.