I was overjoyed this year. Phone calls, the traditional "happy birthday" songs, two bouquets of flowers and many gifts tell me that I am spoiled. I had a glorious day. I also enjoyed a wonderful visit with sons Tim and Steven. Not just a stop-by, but a long time visit. Hoorah! Thanks to all for the best birthday. My heart is dancing.
I woke up this day-after morning to the proverbial question, "How old are you today?" [What? Oh no. Not that age!?!]
I love my birthday, and this year I think about days gone by, and how much life is left. I know that sounds gloomy on this happy day. Sorry. But it also brings to my mind the many birthdays that my children have yet to celebrate. I want each of my children to be financially prepared for the many birthdays they will have in later years — Yes, I mean retirement, because "it" was suddenly upon me and my honey. Too soon. Didn't expect it. I don't want it to be a surprise for my kids. It seems like a long way off for them to think about retirement. Unfortunately, I learned the hard way that birthdays do come and go, and the challenges of later years are here before you know it.
Ask yourself. How would you pay for housing, utilities, insurance, food and household expenses if you were 50 years old and suddenly had no income? How do you plan to pay your living expenses when you reach your 65th birthday, 70th or your 80th birthday when you have no job, no social security income, are too tired or too sick to work? What money can you count on? Is your savings enough to sustain you through later years.. until social security kicks in? It could be a 10-, 15- or 20-year gap?
The closer you get to being 50 years old, the higher the probability is that the work you now do will be done by someone younger. You will find yourself with a serious reduction of income, and you will likely have a need for health care you didn't plan for.
Of course, the ideal situation is that anyone aging remains able to cope with the responsibilities of home ownership, take care of themselves, and live safely where they are. But they are unlikely to remain healthy enough and sufficiently independent to go it alone indefinitely. Moving in with family may be the only option, because assisted living facilities average $3,261 to $6,390 per month.
Now is the time to prepare.
As this birthday passes by, I do what many do at this age… and that is to consider my life and what wisdom I can pass along to help my children prepare for a day they may or may not be able to see.
My birthday wish is that each of my children do their due diligence to plan for the day when they celebrate their later-in-life birthdays. Put pen to paper. Calculate the numbers. Consider what you need to spend each later year and balance that against what you know for sure that you'll have. That's my birthday wish for my children.