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The ageing checklist that every retiree must have
By admin
07/04/2020

The ageing checklist that every retiree must have

Though ageing is a constant and inevitable truth, many tend to avoid any discussion related to it. With time dealing with an ageing person becomes more and more difficult as they tend to lose control and often family members face challenges. Well, this situation can be avoided by planning ahead.

As per the data of World Population Prospects: the 2019 Revision, one in six people in the world will be over 65 years, by 2050 and the number of persons aged 80 years or above will be tripled by the same. This growing geriatric population is in dire need of an ageing checklist so that post retirement they can save a tremendous amount of time and trouble for themselves as well as their loved ones.

Life after retirement should be filled with happiness along with family and relaxation from financial worries. So the planning for the checklist must start a few years ahead of retirement .

Here’s an ageing checklist that every retiree should make and follow –

Estate Planning

Possessing an estate plan is extremely necessary as it can avoid family feuds, secure the family’s future and ensure fulfillment of one’s wishes after they are gone. From implementing a senior care planning attorney to distributing the assets according to the wish and even appointing a guardian to the ward – estate planning is one of the major things to look into before retirement.

Estate planning involves one or all of the below, depending on a case to case basis –

  • Getting a Will with all listed assets and two witness signatures and lawyer information, if done by lawyer or executor information.
  • Choosing a Power of attorney and saving his/her information
  • Getting an irrevocable/revocable Trust.
Financial Planning

While getting an estate plan is of utmost importance, arranging the investments and the documents before and after retirement and storing the details safely for the family’s future use is equally necessary. Though banks provide safe storage options, it involves a lot of legwork and money, so it is recommended to go digital and save it in an e-vault. A sample list of documents that needs to be stored during financial planning are mentioned below –

  • Names of financial advisors and their details
  • Bank accounts with branch details, advisors, passwords and nominee details
  • Pension plans
  • Investment details with nominee details
  • Insurance plans with account details and nominee details
  • Medical insurance papers
  • Tax papers with property list
  • Disability insurance
  • Mortgages
  • Loans
  • Card details
  • Mutual funds with manager details
  • Health Insurance with coverage amount details
  • PF details
  • PPF details
  • Stock details with account manager details and DP numbers
  • FDs with bank details and nominee details
Health Planning

An ageing person should add health planning to the checklist. While documents should be stored in a secured platform for the children or the next generation to take care of, retirees are also advised to take care of their health with regular checkups and regular health activities. Health planning involves storing the below mentioned documents –

  • Medical-claim papers with details of hospitals, amount covered
  • Insurance papers with details of amount covered, nominee, account manager
  • Medical history with all reports (scanned and uploaded)
Personal

One should consider listing all the relevant personal information and documents in a secured platform for the loved ones who need to act on their behalf. Here’s the list of the things that needs to be stored –

  • All online login information for banking, investments, utilities
  • Email id and password
  • Social media ids and password
  • Phone passwords
  • Any online data store/vault details and password
  • Personal memorabilia and its successor
Business Planning

If one owns a business, then he/she must think about its future and the next steps to keep it safe and flourishing. For that, below are the list of things to do –

  • Getting a succession plan
  • Detailing the shares within the company and saving it safely
  • Saving the names and details of the directors with their individual share percentage

With this list, ageing can be better managed, and an ageing person will be well prepared to keep the smile intact on the faces of their loved ones when they won’t be around.

Gift My legacy is the exact thing that one needs to store all these above-mentioned documents and get a digital Will or Trust made. It is India’s first digital platform that is built in such a way that the ageing population can make their legal Will digitally from anywhere at any time and store all their financial documents including IDs, passwords, personal memorabilia list without any legwork and in an affordable rate for gifting a better future to their family.

Here’s an ageing checklist that every retiree should make and follow

Estate Planning, Financial Planning

Health Planning, Business Planning

Categories: blogs
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