Planning for Your Golden Years with Critical Illnesses in Mind


Having a plan in place to ensure you can live a happy, healthy life as you get older is important. This is especially true for those who want to have the financial stability that will keep them on an even keel after retirement.

There are a lot of concepts to consider and physical realities to face up to as part of this planning process; so many, in fact, that it can be tough to know where to start.


To help out, here are some key talking points to take on board as you approach your golden years, with a focus on health and finance.

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Illness is inevitable

While there are some lifestyle changes we can make to bolster our chances of enjoying good physical health as we age, lots of conditions are entirely out of our hands.

Heart disease accounts for a quarter of all deaths annually and is just one of the calamities that becomes more likely the older you get.

Then there are disabilities, which again are incredibly common, impacting one in four people in the US. Your quality of life can be seriously compromised by various disabilities, especially if these occur unexpectedly, bringing with them a mental health toll as well.

Because critical illness is essentially unavoidable for all of us, being prepared for it is better than crossing your fingers and hoping for the best. This is where insurance comes into play, and you can choose more than basic life insurance packages if you are worried about the fallout of critical illness.

For example, Australian trauma insurance is designed to pay out if you are diagnosed with a serious disease, including heart attacks, strokes, and cancer. This will ease the burden of critical illness from a financial perspective, keeping you and your family well cared for whether you are retired or still at work.

Asking experts is sensible

While the healthcare crises you will face in your golden years might be difficult to predict, your doctor can still give you a clearer idea of what to expect, based on things like your own medical history, your lifestyle, and your genetics.

The main point to make is that you should be asking about what to expect going forward sooner rather than later. There is no point in trying to cope with healthcare dilemmas as and when they crop up, as you will be unprepared for the obstacles they throw in your way.

Instead, with the advice of experts, you need to work out how you will handle the inevitable deterioration of your health later in life.

You also need to involve other family members in this process. It may not be a pleasant subject to discuss, but it is far better that you do so while you are in good health, rather than when you are less able to deal with dilemmas when they eventually come knocking.

Considering your own wishes is important

Last of all, remember to contextualize your planning for old age from the point of view of what you would like to get out of it, both in the good times and when you are hampered by a critical illness.

This is not just about end-of-life care, but also the weeks, months, or even years that will lead up to this point in time.

If you want to stay in your own home for as long as possible, it may need to be adapted to accommodate you in old age. If you plan to move into care earlier, then this also has to be built into your plans, especially from a financial perspective.

However tricky it might be to think about these things, it is better to do so today while you are in control of your destiny.

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