What’s your plan for aging?
With the holiday season just around the corner, many of us will be spending time with family—often a time when big life questions come to mind. As you think about the future, here’s one to consider: What’s your plan for aging? Whether you’re looking ahead for yourself or helping an aging parent or loved one, planning now can ease potential stress and bring clarity when it’s needed most.
At Financial Service Group, we’ve spent years helping families plan for the later stages of life. Creating a thoughtful aging plan doesn’t just benefit you—it supports those around you, too. Here are some foundational questions to guide your first steps toward a smoother aging experience.
1. Decide who will be involved and define their roles in your plan for aging
One of the most important steps in any aging plan is identifying who will step in to help if you need it. Knowing who will take on specific responsibilities makes it easier for everyone involved to feel prepared.
- Health Care Power of Attorney
Who will make medical decisions if you’re unable to? This trusted individual, appointed through a Health Care Power of Attorney (POA), can make health care choices in line with your preferences. For some, a Living Will may also be helpful, especially if you have specific guidance on life support or other critical decisions. - Financial Power of Attorney
Your Financial Power of Attorney handles financial tasks if you can’ This might be the same person as your Health Care POA, but it doesn’t have to be. Think carefully about who you trust with decisions about your money. For instance, do you want them to have the ability to make gifts on your behalf? Do you want them to start making decisions right away or only after a doctor deems you incapacitated? These are big choices and talking them through now can save a lot of uncertainty later. - Personal Representative or Trustee for your Will
This person will handle your final bills and distribute your assets according to your will or trust. Ask yourself if the person you have in mind is both capable and comfortable with managing what can be a detailed and time-consuming process.
2. Organize financial assets and beneficiaries
A successful plan for aging should also cover your financial picture. Start by making a simple list of your accounts, assets, and debts. List each financial institution and a rough value for each account, along with its owner(s). This doesn’t have to be complicated—even a handwritten list is a great start.
Also, take the time to review your beneficiaries on any retirement accounts and life insurance policies. It’s easy for these to become outdated, especially if they’ve been in place for years. Do you know who’s named as a beneficiary on each account? Make sure this information is current, and that someone you trust knows where to find it.
3. Think about future care and quality of life as you formulate your plan for aging
Beyond finances, consider questions that affect your day-to-day life and well-being. For instance, under what conditions would you consider moving to a place where care is more accessible, such as an assisted living facility or a family member’s home? Alternatively, what would home care look like for you, and how would you arrange it?
Similarly, think about driving. When might you feel it’s time to stop? If you couldn’t drive, how would you get to appointments or shop for groceries? These questions can be emotional but addressing them before they’re urgent can reduce stress for both you and your family.
Discussing these questions now—when there’s time to reflect without pressure—allows everyone to feel more confident about the future. If you’d like to dive deeper, please reach out. We’re also happy to share a 34-page Late-in-Life Decisions Guide prepared by the SOA Research Institute and Financial Finesse. It contains a wealth of information and insights to help you or your loved one prepare your plan for aging with greater peace of mind. Click the link below to get the guide.
