Later life planning is just a culmination of many plans that should have been started decades before. When grandparents are nearing their twilight years, they will retire from work and spend most of their time finally doing what they want. This could be going on holidays and traveling around the world. It might be buying a big house or perhaps having a swimming pool fitted in their back garden. On the other hand it might just be living modestly and searching for the best kind of long-term health insurance so they don’t have to worry about where they will receive their care from every other year. It’s your job to help inform and educate them on how best to save their money, where they should and shouldn’t spend that money and how they could transfer their wealth to their chosen beneficiaries. But they have been their own boss probably for longer than you have been alive, so remember you’re just giving them advice rather than telling them what to do. To that end, later life planning isn’t always about finances and healthcare.

Where’s that bucket?

Wouldn’t you want to explore the world while you still could when you’re retired? Thanks to modern day healthcare, medicines, diets and overall living standards, we can be active for longer in our old age. People in their 70s are still up and about, full of energy and many world leaders actually show this to be true. Just because you’re in later life, doesn’t mean you’re not full of energy and enthusiasm. When you’re loving life, you still have a bucket list you want seen to. Things like exploring different countries and cultures and seeing famous sights and attractions like Broadway theater productions are just some of the things you want to experience. So, encourage your grandparents to live out their desires and begin to tick off all the things they have on their bucket list.

Help them book their flights to destinations around the world they want to have adventures in. during certain holiday seasons, there are often discounts for the elderly that travel agencies will offer. If your grandparents are not tech-savvy, then you can go online for them and show them any deals they might be interested in. If they’re doing something that may be a little sketchy, such as hiking up mountains and kayaking down rivers, they might be interested in buying travel insurance. This will compensate for any injuries or lost property.

Buy quality, buy once

As we age our health becomes something we must plan for. The issue is however rather complex because the older we become, the more unpredictable our health concerns are. One year we might feel good, but the next year we might suffer from the winter chill and catch a horrible flu virus. This could change the healthcare needs for your grandparents. This could be the reason why so many people believe that having a fluid approach to health insurance in old age is more prudent. In reality, the opposite becomes true. If you have to strike up a new relationship with a health insurance company they won’t know your previous health records off the bat, so they’ll assume they are taking on added risk. Hence, it’s better to stick with one insurer and buy a long-term health insurance plan.

About 8,357,100 people receive long term care which is by far the most popular form of late life health insurance plan. The added benefit to this kind of approach is that long-term plans are designed to be more affordable. It’s just like the loan system as in, when you get out a short-term loan payments are going to be higher because the risk is higher. Long-term loans give the creditors confidence and you also get room to breathe. The same kind of concept is true for long-term healthcare insurance plans. The payments will be lower as they last for longer, giving the company issuing the plan more confidence in the holder.

Responsible food consumption

Aging bodies will no longer be able to cope with reckless food consumption the way younger bodies can. However, hardcore dieting is not easy for older people either. So, finding the correct balance is paramount to living a healthy life and living longer in general. The first thing to do is to consume more vegetables and fruits. Your body needs more minerals and vitamins to stay in a healthy state, so more salads and fruit snacks will help. Rather than getting protein from red meat, your grandparents should be advised to eat more healthy proteins. Fish is the number one choice as the omega-3 oils and lean protein is excellent for aging bodies. Even fatty fish is good because it’s not like animal fat, as it takes less energy to digest and it’s also healthier for our organs and brain. 

Tell your grandparents they need to be careful with their alcohol consumption. Alcohol will have more of an effect on their bodies. Beer, wine, cider etc, are all just very complex carbs. Inevitably, consuming too much alcohol will increase fat stores rapidly. Weight gain will happen incredibly quickly because of their slower metabolism. In general, they should keep their alcohol consumption limited to 9-10 units per week. That’s approximately 3 glasses of wine in 7 days. 

Carrying on with their passion

Far too many people believe that once you reach retirement age, that you’re obligated to just stop working. However as we learn more about aging, we find that men and women in their senior years, still want to continue working. If your grandparents are physically and mentally capable of continuing to work, this is something that you might want to encourage them to keep doing. The issue for many elderly people is, they struggle to find things they like doing once they retire. How can it be in their best interest to have your grandparents stop doing what they’re passionate about doing? 

Many older people find they lose their independence when they retire, not when they have a routine and earn their own money. As mentioned before, old age isn’t what it used to be. With better and better medicine, healthcare, diets, food quality, living standards and more, retiring in your mid-60s is actually quite early now. People in their 70s and 80s are still full of passion for what they do and want to either continue on in their jobs and careers or help mentor the next generation. Since most grandparents won’t be knowledgeable about at-home working, you should inform them of the options they have to earn a living from home. For example, if your grandfather is an accountant, they can become a freelance accountant for small businesses that need an accounting professional to help balance their books. With the use of accounting software and online communication tools, your grandfather can work seamlessly from home. 

It’s very important to give advice to your grandparents on how they can retire and still live a great life of adventure and passion. When they retire or are looking at late life planning, it’s a great opportunity to encourage them to complete their bucket list items such as traveling the world. Long-term healthcare insurance plans are better than short-term because they offer greater security and a wider range of coverage options. Get them to start taking their diet more seriously, by increasing fruits and vegetables consumption and swapping red meat for fish protein. If they want to continue working using their minds but can’t get about physically, introduce them to working at home options.