Almost everyone who gets older will tell you that life gets better as you age. Indeed, the expression “youth is wasted on the young” speaks to this reality. As you age, what matters shifts into perspective, and you wish you could go back for many reasons. You’d make bolder choices, love harder, and perhaps make wiser decisions.
You often wish you could go back so you could better set yourself up for the life you have now. Fortunately, you’ve still got the chance to make wise choices today for your future self. Part of those choices will include big purchases that will pay you back as the years go by. Making these purchases before retirement can set you up for a more secure, more comfortable future. So, years from now, you’re not sitting and regretting your younger days.
1. Elective Procedures
If you’ve been considering getting elective procedures, you’ll want to make that leap now. Once you retire, you’ll be on a fixed income and less inclined to make big purchases that aren’t medically necessary. The cost of hair transplant procedures can be prohibitive, for example, and you may need more than one. If you’re starting to lose hair and can’t live with that for the rest of your life, start looking into surgery now.
Honestly, when it comes to elective procedures, it all comes down to whether it is worth it for you. In addition to hair transplants, tonsillectomies, bariatric surgery, and hernia repair can all be considered elective. What some people consider “elective” others will consider essential. If you can’t stand the idea of living with a condition that an elective surgery would remedy, it’s worth investing in the procedure. If you’ve been putting it off, now is the time to decide.
2. Dental Care
Dental care is expensive! And it often isn’t covered by Medicare. If you’ve got dental insurance through your employer now, don’t skip on dental care. By getting regular checkups and cleanings, you can help to prevent costly dental problems down the road. Talk to your dentist and examine what your future might look like.
You may need dentures, implants, or another major expense that will be much more expensive after you retire. It’s worth taking the time now to review your coverage and your potential expenses. You may even consider increasing your coverage for the next several years if retirement is still a ways off. You’ll likely be happier paying more monthly than coming up with large sums up front.
3. Home Improvement
If you own a home that you plan to stay in for the foreseeable future, consider doing your home improvements now. While you still have your working income, replace the roof, fix the plumbing, and get new windows. Ideally, your home will last you for years to come. The last thing you want is a big home improvement issue to come up after you retire. Then, you’ll have to take money from your savings and your fixed income.
While you’re at it, consider making small renovations that will serve you better as you age. Have a safety bar installed in your shower, update the lighting to be more senior-friendly, and swap out your door knobs for handles. These small changes can keep you living independently for longer. Studies show the longer you are independent, the longer you can expect to live.
4. Elderly Living
Of course, you don’t have to stay in your home. You can choose to sell your home and move into a retirement community. This situation still counts as living independently and has the added benefit of social activity and support. If you’re considering making this move, start looking now.
The difference between an inferior retirement community and a spectacular one is huge. An inferior community might have limited amenities, whereas a spectacular one could offer a range of services such as on-site medical care, cultural events, dining, and transportation options. And a home in a quality retirement community can be costly. Take your time to think about where you might want to live and which retirement communities best suit your interests.
5. Long-Term Care Insurance
Finally, long-term care insurance can mean the difference between rehabilitation and hospice. It can mean covering your expenses instead of placing a burden on your family. You can invest in long-term care insurance now and know that you’ve made a responsible financial choice. Long-term care in the event of an illness or accident can be critical to any hope for recovery. As a result, long-term care insurance is an essential expense.
Talk to your current life insurance provider or financial planner to get the best plan for you. Breaking a hip, getting pneumonia, or suffering from cardiac arrest are all common experiences for older people. You’re much better off preparing for what may happen than being surprised when it does. Your family — and your bank account — will thank you for it.
Planning for the eventuality of aging is a gift you give to yourself and your loved ones. When you consider these major purchases early, you save everyone stress, distress, and money. It’s difficult to have to react to life happening as you age. It’s even more difficult to have to depend on others to take care of things for you.
Set yourself up for success now, and reap the rewards of your foresight later. Consider what major purchases you might want to make as you age. Sit with your finances and budget for them now. Then, you won’t have to worry about them during your retirement. Can there possibly be a better way to head into your golden years?