Issues As We Age - Financial Planning Throughout One's Life

• What do I need to know about financial security in later life?
• How can I learn more about planning and saving for my future?

Frequently Asked Questions:

1. What do I need to know about financial security in later life?

ANS. Financial security is the ability to meet future needs while keeping pace with day-to-day obligations. Preparing for retirement and potential long-term care costs takes planning, saving, and debt control. Your first task is to learn what to expect and how to plan for the “later life” you envision.

The “later life” your grandparents experienced is likely not the same later life you are likely to experience. Never before have so many people lived so long and experienced such active lives. Having financial security in later life means taking time to plan for later- life events such as longer life expectancies, changing work and retirement patterns, changing health, family transitions, aging parents, and death. It can involve identifying, and communicating with others about, your specific beliefs and attitudes, your financial needs, and financial goals.

While later life may be years away, there are important steps to take now to build financial security. Identify future income needs; build multiple income sources (retirement income sources, Social Security, and pension plans); build savings and assets; evaluate health insurance options after retirement; identify and communicate strategies to manage the risk of long-term care; create and communicate an up-to-date estate plan; talk with aging parents about their estate and long-term care plans, and organize financial records.

For more information refer to the brochure, Take The Road To Financial Security In Later Life, by contacting UNH Cooperative Extension or go to the Roadmap web site.

2. How can I learn more about planning and saving for my future?

Programs:

• Legal Issues: Are You Prepared?
• Advance Care Directives: Who Will Decide?
• Taking Charge of Your Finances
• Making Money Work For You
• Getting A Grip On Your Money
• Take the Road to Financial Security In Later Life

Publications:

• Developing A Spending/Savings Plan
• Making A Will In New Hampshire
• NH Saves- Build Wealth Not Debt
• Your Valuable Papers

Other Resources:

• Financial Security In Later Life
• Investing For Your Future
• NH Legal Advice and Referral Center
• Planning A Secure Retirement
• Retirement Estimator for Farm Families