Nov
Take These Steps to Ensure Your Safety, Happiness and Autonomy
By Sara Zeff Geber
I have been writing and speaking about solo aging for more than 10 years, prompted by witnessing friends and colleagues support their aging parents—taking them to medical appointments, managing their finances, stocking their refrigerators, calling them for check-ins, and doing much more. As a woman without children, I asked myself: Who will do that for me?
For solo agers, the answer lies in robust planning in three essential areas: financial, legal, and social.
FINANCIAL
► Live within your means.
Create a budget where your expenditures do not exceed your income. Working with a nonprofit credit counselor, an hourly financial planner, or another advisor can provide helpful insight and guidance.
► Continue working as long as you can.
This allows you to delay tapping into savings, increase your Social Security payments until they reach the maximum at age 70, and save more for future expenses.
► Plan for long-term care.
If you don’t have long-term care insurance or savings to cover future care needs, ask your financial adviser what steps to take now to qualify later for government-funded long-term care in your state later on.
LEGAL
► Appoint a health care proxy.
Authorize someone to make medical decisions for you if you are ever unable. Candidates might include a family member, a younger friend, the child of a close friend, a professional fiduciary, or a private guardian. After choosing, have a detailed discussion about their responsibilities and your expectations.
► Give someone you trust a financial power of attorney.
This allows a designated person—a relative, friend, or professional—to manage your finances if you cannot. Ensure they have access to your account passwords. If this person is not the same as your health care proxy, make sure they can work together. These are the key documents solo agers need to avoid court-appointed guardianship or conservatorship.
SOCIAL
► Decide where you will live.
Explore options such as home sharing with a friend or senior living communities. Consider proximity to transportation, health care, and shopping.
► Stay connected and engaged.
Get together often with friends and neighbors. Continue working or volunteer your time and talents to a cause you believe in.
- ►Practice good habits for your health.
Choose doctors and dentists who respect your autonomy. Participate actively in decisions about medications, vaccines, and screening tests. Have your ears and eyes tested regularly. Consider joining a gym for both fitness and social interaction.
Sara Zeff Geber is the author of Essential Retirement Planning for Solo Agers.
