Coping with Growing Older in Today’s Economy

Growing older has never been easy on anyone simply because no one likes to face the fact that one day they just won’t be there anymore. There are things you’d still like to do with your life, people you haven’t seen in years that you’d like to see one last time and people still in your life depending on you just to be there. Whether you are their financial support system or just a loved and cherished member of the family, it is hard thinking about how your loved ones will cope once you have gone.

Where Have the Golden Years Gone?

Coping with growing older in today’s economy is especially tricky because of all the ups and downs we’ve seen in the past decade. If you are concerned about your future in your senior years, you might want to start with a simple checklist to help you prepare for the days and years ahead. Not surprisingly, few refer to them as their “Golden Years” any longer. Now they are simply called Senior Years. Even so, with a little thought and planning, you can learn to relax and enjoy your time left on this plane of existence.

Looking at Life from a New Perspective

One of the lessons many people learn when reaching their senior years is in learning to differentiate what is important from things that are so trivial as to be laughable. There was a time when you would fight every battle that came your way but as you grow older, many of those battles no longer seem relevant or important. Who cares how much your house is worth if it is a ‘home’ you are living in. Does it matter if you don’t drive a Porsche but own a Kia that gets you from point A to point B with cheaper insurance rates and extreme fuel efficiency?

This is when you stop to ponder the fact that many older Americans aren’t able to get around at all. Many are ill or have lost everything in the recent economic woes the entire globe faced, so you can feel blessed by the powers that be that you at least have a vehicle in running order.

Taking What You’ve Learned and Putting It to Work for You

So, you’ve probably come to the realization that you are mortal and that you, too, will someday pass. By this point in your life you are beginning to worry about those you leave behind because they are really what matters here. If you haven’t taken the time to plan for the day when you pass away, it might be a very good time to start. One of the most critical issues your loved ones will need to face at that time would be the expenses for your funeral and burial or cremation.

The Average Cost of a Funeral Is Skyrocketing

Just a few short years ago the average cost of a funeral was said to be between $5,000 and $6,000. However, today those costs have gone up significantly. As of the latter part of 2015, the average cost of a funeral in the United States was a figure somewhere between $7,000 and $10,000. While some people leave behind estates that have enough equity to cover those costs, the highest percentage of people in the US simply don’t have the savings necessary to cover the final expenses of a loved one. When the economy took a plunge in 2008 and 2009, investors weren’t the only ones who lost out when the market all but crashed.

Many people lost their jobs, were forced into lower paid positions or simply were retired early so that corporations could downsize and/or cut back on overheads. This left altogether too many people dipping into their savings and rendering them completely unable to cover the cost of a funeral. Although we are told the economy is on the mend, a great number of people still don’t have enough savings recouped to cover funeral and burial expenses.

Preparing Your Loved Ones for the Inevitable

There are some things which we can get around but death is inevitable. There will come a day when we are no longer here to see to caring for our loved ones whether it is financial assistance or simply moral support in times of need. When planning for that day, one thing you should seriously consider is taking out some kind of insurance policy to pay those expenses. If not, they are left not only grieving but also worrying about how to come up with the funds to give you the sendoff you deserve.

Not all types of insurance will work equally well, but given your unique set of circumstances and needs, with a bit of planning and sound advice, you can find a way to cover the costs in advance. Now you should be able to enjoy your remaining years without worrying about that aspect of your passing. You cannot prevent your loved ones from mourning but you can offer them a solution for financial concerns. It isn’t always easy coping with growing older in today’s economy, but covering your own final expenses will certainly help make the transition to this time in your life a whole lot smoother.

Leave a Reply