End of Life: The Tough Questions
You’ve been saving for the past 30 years, or maybe you just received an inheritance, or you simply won the lottery. Whatever the reason, you now realize that you have a nice chunk of change to work with and you’re wondering what you should do with it. If you’re like most people, the idea of investing it all in stocks and bonds is appealing. But let’s face it, the stock market isn’t for everyone. Maybe you don’t have the time to research companies, do the necessary legwork, or even stay on top of your investments. So, what’s a smart investor to do?
The end of life is something that we all have to deal with at some point. Whether that be our own or advising a loved one for when they are gone. With the end of life comes many tough questions:
When do you stop eating?
The question that all retirees must ask is: when do you stop eating? In a new book, Boomers and Beyond, authors Sharon Lerner, Bruce Klein, and Margaret Weir say that the answer to that question is a moving target, influenced by so many factors that it’s impossible to give a precise answer. Some factors they mention include the fact that the baby boomer generation is the largest in the history of the world and that their retirement decisions will directly affect the Social Security Trust Fund. Still, some general guidelines can help you plan your retirement spending.
When do you stop taking medication?
As you age, you will inevitably be taking certain medications for various health-related issues. You may even be on medications for issues that never occurred during your younger years. While you live on a fixed income, it doesn’t make much sense to pay for medications you no longer need.
There are multiple types of medication to treat pain and illness. When do you stop using them?
The process of moving from active retirement to the end of your life can be a confusing one. As time passes, you may find yourself struggling with the decision to stop taking medications. With the right level of care, however, you can live a more fulfilling life even as you decrease your medication use.
How do you pick the right one?
Retirement is a time when many of us get to enjoy our lives without the burden of a job. But what if you have a bad back? Or simply just don’t want to spend your days lying down on the couch? If this is the case, you might want to consider a different type of retirement.
One of the great things about the golden years of your life is that they can be whatever you want. There are no more bosses, clients, or co-workers to answer to. The only person you need to please is yourself.
When are you unable to make some decision? Who do you want to designate?
Your loved ones know what is important to you and are likely to be better equipped than a stranger to make healthcare decisions for you. But when you are incapacitated, a stranger will likely be the one making medical decisions on your behalf. Who do you want to be that person? The legal answer is anyone you want. The best answer, of course, is someone you trust.
When you reach the end of your life, what do you want to die on a home care or any?
When you think about your death, what do you imagine: a quiet, peaceful passing at home in your sleep, or would you rather end your life surrounded by loved ones in a comfortable hospital room? And if you do have a medical condition, do you want to spend your final days receiving palliative care that focuses on pain relief and quality of life, or are you planning on going into hospice care, where there is more focus on life and quality?
The first question we all ask ourselves is, “when I retire, will I have enough money to last till I die?” But this single question, while vitally important, can be easy to ignore. The truth is that retirement planning is complex and involves a number of questions that can be difficult to answer questions like how much money do I need to retire? How much will my investments grow? What will my costs be in retirement?