Old Age, Illness, and Enjoying Life Under Any Circumstances : Life is a beautiful thing, and aging can be, too. These, after all, are your golden years. You’ve worked your whole life to reach them and to save the money you’ll need to enjoy a comfortable retirement. You’ve built a wonderful life for yourself, and you deserve a wonderful future and a long, healthy life.
But, of course, life is not without its challenges. You may face financial setbacks in your later years; your life may not be as long or as healthy as you might have hoped. When you encounter difficulties in your golden years, you’ll need to rise to the occasion. You’ll need to be smart with your money, know where to turn for help, and keep a positive outlook.
You won’t always be happy with your lot in life, but you can always enjoy your life as a whole if you maximize your opportunities and commit to a positive attitude. To help you along, here are some keys to keeping your life beautiful in old age.
Dealing with illness
Falling ill is never easy, and it’s even more difficult when the illness is serious. As a senior, you may already be living with an illness; if not, you need to be realistic about the possibility that one may lie in your future.
Seniors should prepare for their own future care as much as possible — including potential cognitive decline. Make contingency plans and make sure that your caretakers and loved ones know how to deal with chronic illness.
If you’re facing a life-changing diagnosis, give yourself time to grieve and seek mental health care as you cope with your new reality. Sit down with your loved ones to tell them about your situation (be sure to choose the right setting and moment for this conversation, which will be emotional). Then do your best to take control of your health. Recognize and let go of the things that you can’t control and the uncertainty you have to live with, but be proactive about managing the aspects of the illness that you can control and make plans for current and future care.
Handling financial setbacks
Falling ill can be expensive, and it’s not the only financial emergency that you could face in old age. If you’re staring down some tough financial realities, you’ll need to move quickly to address the issues.
Your first move should be to take a closer look at your budget. Can you restructure it in some way to regain your financial footing? If you’re healthy enough to do so, you could also consider returning to work part time — though, of course, you may prefer to stay retired and just live on less.
You can also consider your options for converting assets into cash. Can you sell antiques and other belongings? Is a reverse mortgage a good move for you? And what about your insurance policies?
If you’re ill and have financial issues — and those two things certainly go together often — then one of your most powerful options for regaining financial stability is a viatical settlement. Viatical settlements convert your life insurance policy (which, of course, will pay out far too late to be of any help to you with your medical bills right now) into cash now. Essentially, explain the experts at one respected viatical settlement provider, you’ll be selling your life insurance policy for cash. This can work out well for you if you need the cash now for bills and other debts; the immediate cash is worth much more to you in such situations than an eventual insurance payout after you’re dead.
It’s also a good idea to work with a financial adviser. While financial advisers cost money, they can be more than worth the expense. Their advice and insights could help you pay your bills and live a more comfortable life.
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