This could be a long list, but of course, this is a finance site. So, we’re talking about money. Being an adult has lots of ramifications. If you are in your second, third, fourth, fifth, (or more) decade of life, you’ve had the opportunity to do and try a lot of things. Maybe you have a house, a business, children, and debt related to different financing strategies. Maybe you’ve done some of these things a number of times at this point. This is one of the richest things about being a grown-up: being able to sample life in many different ways. But it’s not going to last forever, so you’ll want to start planning for your future, the sooner the better.
People don’t like to plan for mortality. We like to think that, even if we don’t live forever, we’ll surely live a lot longer. At the most, we’ll talk about planning for retirement. But we don’t like to think very far behind that. I understand this. But especially if you have dependents, as most adults of a certain age do, it’s your responsibility to start prepping the way for them, for a time when you may no longer be around. Here are the ways I think every adult should start doing this today.
- Write a Will. If you are a person of property, making a will is totally necessary. This isn’t a step that most people like thinking about, but it’s actually quite painless. You just have to figure out what stuff you want to go to who. The reason this is important is that acquiring wealth and property is difficult. You don’t want it to slip away to whomever. And you don’t want someone else deciding how best to divvy out your estate if you didn’t make a plan on your own. What’s great about wills is you can get organized in the here and now. You can think deeply about the legacy you’ll one day leave. And you can make decisions based on your own personal feelings, not based on the expectations of anyone else. After all, when the will is carried about, you won’t be around to hear anyone complain. At the worst, you’ll live much longer and you won’t have to use it for a while.
- Invest for Retirement. Betterment investing can make a world of difference for retirement. You’ve got to have some money put away and growing for your retirement. There is no way to know how comfortable government subsidies will keep you by the time you’re old. So you want to save some money for this future. This is important because illness and injury can plague older adults with sudden bills, like hospitalization and specialists. If you have these expenses covered long before they surface, you won’t have to worry about them, or about them becoming burdens for your family.
- Organize Your Life. This takes many forms. But it’s important that you leave your life somewhat tidy for the people who come after you. Estate planners advise that unneeded possessions are sold and the money used for a better purpose. Businesses and large estate items should be similarly organized for when you are no longer able to manage them.
There’s plenty of ways to prepare for the future. But each of these will give you security and peace of mind every step of the way.
7 thoughts on “3 Things Every Adult Should do to Prepare for the Future”
Organization isn’t my forte, but I do the best I can. I suppose I ought to make a will in case my husband were to die at the same time. I think I just need to go to the bank and get a document notarized to make it official. Thanks for the reminder!
Basic, but definite requirements. Good reminders
Some very important points here. It’s so crucial to prepare for the future – not just for yourself, but for your children. Thanks for sharing this list!
Recently I was thinking that I should be writing a will. My son is growing and I’m becoming old day by day thus less active. I need my properties to be in good hands. The best way to achieve that is by jotting down a will.
Now, I feel that the pressure is on me. I have to make plans for retirement and organize my life. In 30 to 35 years, I will surely retire. There is no better time but today.
Your three tips above are good and very necessary in planning for retirement. We met with an estate planner recently and he devised a low cost way for our children to inherit our home without Medicaid or some creditor getting their clutches on it. A stay in a nursing home could wipe out any equity in a short period of time. A part of estate planning should be to protect your assets for your children.
If a person has life insurance policies, it’s a good idea to review who the beneficiary of those policies are. Life changes, people get married and divorced and have kids. You want to make sure those payouts go to the right people should the unexpected occur!