Many of us plan to rely on our children for care in old age. However, an alternative plan for aging is necessary when you do not have children. That’s why Kiran Sidhu and her friends have made a plan to age together.
Planning for care later in life is something many fail to think about. The Guardian tells us about a group of longtime friends who are planning ahead. With Kiran and her friends all in their 40’s, they know they can’t avoid the subject for much longer. That’s why they have a plan to age together. They will use their combined skills and abilities to age with purpose. The idea of caring for each other and living together actually makes them look forward to aging.
Kiran’s family is from India. In their culture it is not uncommon to have multiple generations living together. The children often care for the elders. This is the case for many cultures around the world. Kiran and her friends have their own personal reasons for not having children. But they believe their plan for old age will work well for them. It will even be fun and give them companionship and purpose.
The idea of spending their “golden years” together makes aging not seem as daunting. And while they talk about buying a house together and sharing companionship, there are other important aspects we’d like them to also consider. Will they be investing in Long Term Care insurance to offset the cost of caregivers or a higher level if needed? Will they have estate planning documents, which will name who can advocate for them as Power of Attorney? Will they set up trusts or Wills, so that if one of them passes the communal residence won’t need to be sold in order to settle the estate?
You may have children or friends to help care for you, or you may choose to hire a caregiver or live in retirement home. No matter what you decide, planning ahead is key to successful and meaningful aging.