Eight Essentials of Aging Well: How Seniors Can Prepare Across More Than Finances
Most people are now aware of the potential challenges in retirement savings, including that a relatively small percentage of Americans have adequate retirement savings. You may already be looking into ways of preparing for retirement, including financial savings. However, preparing for aging isn’t just about robust retirement accounts. It also means preparing for the other challenges and changes of aging. According to a study from John Hancock and MIT AgeLab, the Longevity Preparedness Index (LPI), many adults may not be as prepared as they think for those years.
The Eight Essentials of Aging Well
Preparing for retirement involves considering various aspects, including the eight essential factors of aging well. These are part of the Longevity Preparedness Index, which considers what it will take to age well. Those include:
- Social connection
- Daily activities
- Care
- Home
- Community
- Life transitions
- Health
- Finances
Without preparing in all of these areas, not just finances, many seniors quickly discover that they aren’t as prepared as they would prefer for their golden years.
Preparing for Retirement in Your Golden Years
Whether you’re nearing retirement age or simply want to make sure you’re set up for success in those years, there are several things you can do to get ready.
Plan for Care Needs
Respondents scored the lowest in the “care” domain in the LPI. Planning for care needs doesn’t just mean ensuring you have the funds to pay for care services, though that can be a concern. You must also consider what type of care you want and where you might want to receive it. Do you prefer to age in place and remain in your home as long as possible? Are you willing to accept in-home care? When would you consider moving to a nursing home or assisted living facility? Making those decisions early can make it easier to move through that process when the time comes.
Prioritize Health
Prioritizing health is crucial to preparing for retirement, as many decisions can impact your long-term well-being. Consider things like:
- Maintaining a healthy diet and weight to reduce the risk of health-related challenges
- Staying active to maintain mobility longer significantly increases overall health
- Getting good sleep at night
- Addressing any health challenges early
Untreated health conditions or ignoring your health and wellness can lead to many health problems and prevent you from enjoying your golden years to the fullest.
Keep Mentally Active
Mental sharpness is as vital as physical health when enjoying retirement. Stay engaged mentally, whether taking a class, doing puzzles, or engaging in interesting discussions with friends and loved ones. When you keep thinking, you’re better prepared to handle many of the challenges that may come your way.
Take Care of Relevant Legal Documentation
As you age, you may need legal documentation to ensure your wishes are followed. That may include things like:
- A living will
- Medical power of attorney
- Financial power of attorney
- A will
You may also want to place financial assets in trusts to ensure a smooth transition to your loved ones and avoid potential inheritance taxes.
Build a Robust Social Network
Socialization is key to maintaining mental health and can even impact your lifespan. Building a robust social network is an invaluable part of preparing for retirement. Participate in volunteer activities, engage in religious gatherings, or find clubs and activities geared toward your interests and abilities. Senior centers, senior living communities, and even educational institutions may have activities explicitly geared toward seniors, which allows you to connect with others in the same stage of life you are in. Being deliberate about building those opportunities increases the odds that you will have a robust social network as you age.
Get Help as You Age
As you can see, preparing for retirement involves planning for various aspects of life to enjoy your golden years fully. If you’re considering in-home care or need assistance with daily tasks, Silverbell can help. Contact us to learn more about how our care services can help you age gracefully, allowing you to remain at home while ensuring you get the care you need.