Page 59 - Workbook3E

Where You Are Now—Versus Where You Want To Be
The Single Life
For the majority of older people, being single is the result of divorce or the death of a spouse. And some people choose not to marry at all. The single-life presents its own special challenges in retirement and should be considered.
Loss of a Spouse
If you’re married, retirement preparations should include the possibility one of you will most likely die before the other. Death or illness may be hard to discuss, but if you plan together in advance, it’s comforting to know you’ve already made many of those difficult decisions together.
Plan Together
Take some time and discuss the changes you’ve read about so far. Be open and honest, remembering to listen. You may also wish to discuss these important issues:
• You each need to have your own personal will.
• Make a list of all your assets, their location, and how you want them distributed in the event of death (including property, bank accounts, stocks, bonds, valuables, heirlooms, family records etc.)
• Make a realistic estimate of income and expenses for each surviving spouse.
• Create a list of professional advisors who can help with decision- making and emergencies.
• Make a legal record of your medical wishes in the event you can’t communicate.
• Research help groups for seniors in your community and support groups to help if needed.
Dealing with Unexpected Family Problems
Many people expect retirement to bring more freedom, privacy, and leisure. However, you may end up with new responsibilities affecting your freedom and finances.
“Yeah Fred, I just LOVE our retirement home!”
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