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Securing Seniority: Creating Your Own Financial and Health Safety Net

1 year ago

6784  0
Posted on May 19, 2023, 12 p.m.

If you want to secure your future, it’s a good idea to create a retirement and later-in-life financial and healthcare safety net that isn’t reliant on Social Security or Medicare. At first, this may seem complicated, but with the right planning and resources, it is possible to effectively cover yourself moving forward. 

Insurance

When you aren’t reliant on Social Security or Medicare, other insurance options take precedence. Disability insurance, for example, can provide a source of income if you are unable to work due to an illness or injury, while long-term care insurance can help cover the cost of care if you need assistance with daily living activities. These types of insurance can provide a safety net for unexpected events and can help ease the financial burden on you and your family.

Investment

When it comes to care, money talks. That’s why it’s important to invest your money wisely and grow your wealth over time. If you haven’t already, GOBankingRates suggests working with a financial advisor to create an investment strategy that aligns with your goals and risk tolerance. It is important to diversify your investments and consider low-cost index funds (which tend to perform better than actively managed funds over the long term).

HSAs (Health Savings Accounts)

Ayco Personal Financial Management explains that an HSA is a tax-advantaged savings account that can be used to pay for qualified medical expenses. This can be an excellent way to save money on healthcare costs and can be used in conjunction with a high-deductible health plan. There are plenty of resources online that can help get you familiarized with HSAs and how they can benefit you.

Future Care Needs

You’ll also need to determine your future care, which may include assisted living or moving into a skill care facility. If you opt for one of these, it’s a good idea to get ahead of research and begin looking into standard costs for facilities in your area. Make sure that you’re paying close attention to reviews, researching costs and payment options, and reading detailed facility reports to ensure that your chosen facility is suitable for your requirements. Many communities allow you to put down a deposit to hold a future spot.

Supplemental Income

Increasing your earnings is a great way to alleviate financial pressure and help you to pay for any medical needs in senior life. Thankfully, modern work practices make a supplementary income easier to achieve than ever - free online resume templates, for example, allow you to build your CV using a library of pre-made documents, adding your own copy, photos, colors, and images.

You might even decide that you want to found a business of your own, drawing from a particular passion or area of expertise. It’s easier than ever to form a Limited Liability Company (LLC) and benefit from tax advantages, reduced personal liability, and fewer paperwork thanks to formation services - these will help you to save on lawyer fees and navigate regional regulations.

Health

One of the best ways to save money and reduce reliance on healthcare is, of course, to simply live healthier. This means maintaining a balanced diet, getting plenty of light exercises, reducing stress, and taking action with preventative care. There are plenty of resources online that can help you to get into the right habits now to save you from issues further down the line.

Creating a retirement and later-in-life financial and healthcare safety net that isn’t reliant on Social Security or Medicare requires a comprehensive plan that takes into account your unique needs and goals. By investing carefully, taking advantage of HSAs, and working part-time (or founding a business of your own), you can put in place the contingencies that will help you achieve your goals and provide a sense of security for your future.

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This article was written for WHN by Scott Sanders who is the creator of Cancer Well, which provides resources and support for anyone who has been affected by any form of cancer. He is also the author of the book Put Yourself First: A Guide to Self-care and Spiritual Wellness During and After Cancer Treatment.

As with anything you read on the internet, this article should not be construed as medical advice; please talk to your doctor or primary care provider before changing your wellness routine. This article is not intended to provide a medical diagnosis, recommendation, treatment, or endorsement.

Opinion Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy of WHN/A4M. Any content provided by guest authors is of their own opinion and is not intended to malign any religion, ethic group, club, organization, company, individual, or anyone or anything.

Content may be edited for style and length.

References/Sources/Materials provided by:

https://thecollegeinvestor.com/32941/disability-insurance/

https://www.gobankingrates.com/investing/strategy/safe-investments-for-seniors/

https://www.theseniorlist.com/elder-law/investing/

https://www.ayco.com/insights/articles/a-guide-to-hsas-and-fsas.html

https://www.seniorcare.com/nursing-homes/il/chicago/

https://www.cdc.gov/nchs/fastats/nursing-home-care.htm

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