Planning For Retirement with No Children

    According to a Pew Research Center study, more than 1 in 5 Americans aged 50 and older do not have children. Preparing for your retirement without children to lean on can be difficult for some older individuals. But the right retirement planning will make it easier. This article will look at important aspects of financial planning, care, and more for your retirement.

Adjusting to Retirement

    For those who have worked their whole lives, adjusting to retirement can often prove to be a challenge itself. Ample free time and limited budgets can be a tricky situation to navigate. Many retirees will pick up part-time employment or gig work to help pass time and maintain their budgets. Hobbies can also be a great way to enjoy your retirement. 

Estate Planning for You and Your Spouse

You and your spouse or partner (If you have one) should start planning for your estate as soon as possible. It is also important to discuss plans if one of you passes before the other. An estate planning attorney can help you create a plan that works for you. Estate planning can include several important documents. This can include a Will, Advance Care Directives, Healthcare Proxies, and more. Regularly updating these documents can also be important to ensuring that your estate is properly distributed after your passing. 

Downsizing

    Many retirees consider downsizing their living arrangements. This can include selling their house for a smaller condo or renting an apartment. This can be a major adjustment, but it can lower the cost of living for some. In many cases, the sale of a home can also provide additional funds for your retirement. When downsizing, retirees often look for homes with fewer stairs, elevator access, and other amenities that help as their mobility lessens.

Pre-Planning Your Funeral

    Pre-planning your funeral is a good way to minimize the financial burden of your passing on your spouse or surviving relatives. It also helps ensure that your funeral plans fit your own wishes. This can include flower arrangement choices, cremation versus burial, and other decisions. Pre-plan your funeral with a trusted funeral home in your area. Make sure that you inform your loved ones that you have pre-planned with your funeral home of choice, so they can notify the facility in the event of your passing. If you decide to move away, your funeral home can help you transfer your pre-planning account to a trusted funeral home in your new town or state. 

Medical Care Support in Retirement

    When it comes to your medical care, it is important to have a trusted loved one involved who can help manage your support. On average, those without children need more healthcare services than other seniors with adult children. Many experts believe this is because they have less family assistance to notice changes in their health. Regular doctor’s visits and following through with their care instructions can be essential to maintaining your health in your advanced age.

Eldercare in Retirement

    Medical advancements over the last few decades have contributed to a significant increase in life expectancy. Because of this, newer retirees are expected to live longer than the elders of previous generations. Because of this, there will be a greater need for care services for retirees. Whether that care comes in the form of in-home, nursing home, assisted living, or other types of care will largely depend on your budget and care needs.

In-Home Care

Without children to rely on for daily support, you may need to look for additional support. Hiring a home health aide or in-home nurse can give you the daily support you need while allowing you to maintain more of your independence. Home health aides and in-home nursing care assist individuals with their daily needs, including meal preparation, bathing, light housekeeping, doctor's appointment visits, and more. 

Nursing Homes

Nursing homes can provide round-the-clock care for elderly or disabled individuals. Many nursing homes offer a daily schedule of events to keep residents social and active. Care facilities often cater to a wide range of individuals with various care needs and levels of independence.

Assisted Living Facilities

    Assisted living facilities are generally for individuals who do not need the extensive care of a nursing home, but may require some assistance. These facilities are generally set up as apartment buildings for older residents, with medical staff nearby for round-the-clock care when needed. 

Looking to Friends and Family for Support

Elders without kids may have to look toward other trusted family members and friends for support. Trusted neighbors, siblings, and niblings can be helpful in these cases. You may need to name a trustee or an executor of your estate. Most estate attorneys will offer executor services to clients who are unsure whom to name as their executor. 

Matthew Funeral Home does not provide medical, legal, or financial advice via articles. This material has been prepared for informational purposes only. It is not intended to provide and should not be relied on for legal, financial, or medical advice.

For over 50 years, Matthew Funeral Home has been serving the Staten Island community. We can help with almost every aspect of your loved one’s memorial service. Our family is here to serve yours, every step of the way.