Your Guide to Getting Retirement Ready

Start Advanced Planning Now for Your Tomorrows

Give Yourself and Loved Ones Peace of Mind

If you wait to do your taxes until the eleventh hour, the result is a very painful and frustrating situation—and one that could have been easily avoided. The same is true for advanced planning. When we wait until we are sick and not our best selves, the process becomes much more stressful and difficult. If you have the opportunity to plan now for your tomorrows—while you are feeling good and are in decent health—you can save yourself and your family a difficult situation later on.

McGregor will be hosting an Ask Our Experts event on October 4 from 6:00 p.m. – 7:30 p.m. with speakers and sessions designed to help you pre-plan and budget for your retirement and end-of-life care. While these topics may not be the most fun to think about, they are crucial for several reasons:

  • Financial Security: Pre-planning allows older adults to ensure they have sufficient funds to support their lifestyle during retirement and cover the costs of end-of-life care without burdening their family or loved ones.
  • Personal Choice and Control: Pre-planning enables individuals to make informed decisions about their healthcare, financial matters, and estate distribution while they are mentally and physically capable, ensuring their preferences are respected.
  • Reduced Stress and Burden: By pre-planning, older adults can alleviate stress and reduce the burden on their families. Knowing that everything is in order provides peace of mind for both the individual and their loved ones.
  • Access to Quality Care: With proper planning, older adults can access the best available care options, whether it’s through insurance coverage, long-term care facilities, or in-home care services.
  • Time to Research and Make Informed Decisions: Advanced planning allows individuals to research and understand various options, seek professional advice, and make thoughtful decisions that align with their values and needs.
  • Protecting Assets and Estate: Through estate planning, older adults can protect their assets, minimize taxes, and ensure their estate is distributed according to their wishes.
  • Avoiding Family Disputes: Having a clear plan in place reduces the likelihood of family conflicts and disputes over finances and healthcare decisions.
  • Preparedness for Emergencies: Pre-planning ensures that important medical and financial information is readily available during emergencies, facilitating smoother decision-making and care provision.
  • Minimizing Dependence on Government Assistance: Adequate pre-planning can reduce the need to rely solely on government assistance programs, providing older adults with greater control over their financial situation.
  • Peace of Mind: Perhaps the most significant benefit of pre-planning is the peace of mind that comes from knowing that one’s affairs are in order and their wishes will be honored.


What Do Some Families Overlook in Advanced Planning?

Long-Term Care Insurance
Many people underestimate the potential costs of long-term care and may overlook the need for long-term care insurance, which can provide significant financial support.

Digital Estate Planning
Planning for digital assets, such as social media accounts, online bank accounts, and digital files, is often overlooked but essential in the digital age.

Funeral and Burial Wishes
Detailed preferences for funeral or burial arrangements are sometimes neglected in end-of-life planning, leading to additional stress for family members.

Contingency Plans for Healthcare Proxy
While appointing a healthcare proxy is essential, people may overlook the need for contingency plans if the primary proxy becomes unavailable.

Regular Plan Updates
Life circumstances change, so it’s crucial to update estate planning documents, beneficiaries, and end-of-life preferences regularly.

In summary, pre-planning and budgeting for retirement and end-of-life care are essential to ensure financial security, personal choice, and peace of mind. By addressing the often-overlooked aspects and creating a comprehensive plan, older adults can protect their assets, make informed decisions, and prepare for the future with confidence.


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