We’re going to continue this series of videos for folks approaching retirement on important items to have on your “aging checklist.” Today, we are going to discuss business and personal items to include on this checklist.
Here are some thoughts to consider.
Business:
- If you own a business, is there a well-defined succession plan? And keep in mind that it’s best to start the succession planning process early by grooming a successor, getting the appropriate legal documents and insurance in place, and setting expectations for all those who are involved in the business.
On the personal financial side:
- List all relevant information that may be needed for a loved one who needs to act on your behalf. This includes date of birth, Social Security Number, mother’s maiden name, login credentials, etc. (Note: This simple advice will save hours of time and lots of headaches in the future.)
- Personal memorabilia: Where are they located and who gets what?
- When to stop driving? List specific criteria, in writing, that would result in giving up your license (e.g. regularly forget to put on turning signal, eyesight getting worse, frequent fender benders, etc.). For many people, this is a big step in giving up one’s independence. Deciding years ahead of time on terms for when it makes sense for you to stop driving will make the transition a bit more manageable.
- Which family member or close friend will be in charge of handling various tasks? Specify in writing so there is no confusion on everyone’s role when the time comes to step in. (For example, Who handles financial, legal, insurance, or personal tasks?)
- Burial and funeral information: Be specific on how you want this handled and how it will be paid for.
- Does religion impact any of the aformentioned planning? If so, how should it be handled?
- Also, are Any personal requests?
- And here’s a Planning Tip to consider: Dispose of personal knickknacks by throwing them out or gifting them to friends or family through the course of your early retirement. Remember, it’s your stuff and you should deal with it. There is no need to burden your family with cleaning up your things once you pass away.
And finally, to sum up this series on having an aging checklist, It’s important to note that all the items I mentioned in these videos are just a samples of some issues that many retirees face. Not every issue that I mentioned is applicable to every individual, and, conversely, there are always unique issues facing each family. The key is to work through a checklist with all of your respective advisors and family members, have a conversation about it, and put a written plan in place. At the end of the day, when a loved one prepares their wishes well before they become physically or mentally impaired, it makes aging a much more manageable experience for everyone involved.