As we age, planning for the future becomes increasingly important. This is especially true for solo seniors, those of us who are planning on aging alone. Here's a step-by-step game plan to help you confidently prepare for your future.
1. Identify Your Fiduciaries
First, it's crucial to identify trusted individuals who can make decisions for you in case of a crisis. This includes a healthcare decision-maker, a financial decision-maker, and someone to manage your estate after you die. These roles carry significant responsibility, so choose trustworthy, reliable individuals who understand your wishes. A trusted friend or family member may be a good choice. If you do not have anyone to rely upon, you may need to hire professionals to serve in these important roles. For more information on choosing your fiduciaries, please visit our six part series, by clicking this link.
2. Implement Legal Documents
Once you've identified your fiduciaries, it's time to make your wishes official by executing legal documents such as a health care proxy, power of attorney, a will, and, in some cases, a trust. This ensures your wishes are known and respected. It's a good idea to consult with an attorney to ensure these documents are correctly prepared and executed.
3. Consider Your Housing Plans
Next, think about where you want to live as you age. Do you want to age in place, move to a community living situation, or perhaps try something more creative, like living with friends? Your housing plan should align with your lifestyle, health needs, and financial situation. If you decide to try something more creative, you may need to consult with an attorney to help formalize the arrangement.
4. Evaluate Your Financial Situation
Your finances will impact your future and what you will be able to realistically and reasonably afford. Start by making a list of your assets, income, spending, and goals. If you need help, a financial advisor or daily money manager can help you come up with a plan. Financial planning is about more than just paying for your needs. It can help you live the life you envision.
5. Plan for Community Connection, Fun, and Joy
Aging alone doesn't mean living alone. Make plans to stay connected with your community and to engage in activities you love. Whether it's joining going to church, volunteering, or picking up a new hobby, there are countless ways to stay active and connected and bring joy and meaning to your life.
6. Consider Your Healthcare Support & Security
If you live alone, do you have a system of checking in with someone at least once per day? There are many resources to support you, such as medical alert systems and daily automated check-in systems, such as I am Fine. This can give you peace of mind and reassurance. Finally, consider your healthcare needs and the resources available to you. If you need help, it is best to arrange it as soon as possible to ensure that you can remain independent as long as possible.
Planning for solo aging allows you to create a plan to help you have the best life possible and give you peace of mind knowing that if something unforeseen happens, your fiduciaries will be ready to honor your wishes. For more information, resources, and a directory of professionals and services to support you, visit SoloAlliies.com. Our mission is to help solo seniors thrive. We're here to support you every step of the way.