It’s never too soon to start considering the future and, the autumnal years of your life. Even when you are fresh out of university, thinking about your pension and having a long-term goal for your retirement will stand you in better shape over the years.
If you have a family, then it’s likely you will have set up a will. If you haven’t then you need to. There is nothing more important than knowing your children and your loved ones are looked after when you are gone. So even if you have nothing of any value to give them, make sure you safeguard their future if you and your partner should die. Consider asking a friend or family member if they will step into your shoes, should the worst happen. Then make your wishes clear so your children aren’t exposed to more upset when they need love, care and empathy.
Building a legacy for your family is important. Some will want to ensure they leave property or a healthy estate to their loved ones, others will hope to leave the world in a slightly better state than when they found it, a legacy for future generations. It doesn’t matter what anyone else thinks. This is about your life, your death and your choices.
For those with children the thought of them having to support you through old age could be upsetting. If you find yourself needing specialist care then you will discover the costs of a nursing home are almost more than spending the rest of your life on a cruise. Planning for situations like this will mean you aren’t eating into your estate or having to sell your home, which you built as a means of helping your family after you were gone. There are payment plans you can create from as early as your twenties which can help as you hit your older age. This money may never be needed which will just add to the legacy you leave to the family. However, it could also mean you have the very best care possible for the last years of your life. This will also take any pressure of your children and allow them to spend time with you, without having to find help to keep you supported.
One of the greatest things you can do for your children though is teaching them the value of money and how to save for days which are a little more pressured than others. Lead by example. As soon as your children are earning pocket money, open them a little early savers account. This will help them save for the things they want and get them used to putting a little by. You can also help them to understand finances by allowing them their own debit card. There are lots on the market that give you the ability to limit their spending. Allow them the freedom to make mistakes but guide them the best way you can.
Whatever the legacy is you want to leave. Start working on it today.