Financial planning can prompt difficult, key discussions about future
A few days ago, we met with a financial planner.
That visit reminded me of a column I wrote some time ago about the difference between planning for the future and planning for a future. You can have all your finances in order, your funeral arrangements made, but do you have a plan concerning what you’ll be doing in your future?
In other words, what will your future look like?
All through life, we plan for the next step. We plan for college, marriage, career, kids, bigger houses, grandkids, retirement — then what? It is vital that we’re always planning for what’s next.
But financial planning brings us face to face with some tough questions. How long will I live? Will my money last as long as I do? Do I want to leave money to my kids or a charity? Will I have enough money to have choices about where I live?
Perhaps the most important question for couples is: What is your plan when one of you dies? Talk about a tough question — the one that causes your head to go in the sand!
Although there are many scenarios that we can’t predict, we can be assured that one of the two will be left alone at some point. What then? It brings up so many issues, and finances are only a small part.
Very few people ever make plans to be a widow or widower. If you are suddenly single, where do you want to live? What kind of support do you need? What did your spouse or partner provide in the relationship that you cannot manage alone?
Couples need to think through what it would mean for one of them to be left in a large family home full of belongings. What would it mean to take over the finances, the cooking, the cleaning or the maintenance of a home? What if you were left alone to downsize a lifetime of collected furnishings and memorabilia?
As we age, we need to plan for a future that continues to be engaged and vibrant. Part of that planning is thinking through all possibilities and addressing them early and honestly.
Yes, financial planning is a good idea, but it can also prompt us to think through situations that we’d rather avoid discussing. Planning puts us on the offense and helps to ease the pain of loss.
To paraphrase an old adage, we don’t stop planning for a future because we’re old; we grow old when we stop planning for a future.
Find Connie’s book, “Daily Cures: Wisdom for Healthy Aging,” at www.justnowoldenough.com.
