Three Big Decisions for Senior Citizens in 2020

This has not been a kind year to the elderly. With over-65s by far the most threatened by the coronavirus, and elderly people having been asked to isolate and stop socialising for months on end, this has already been a testing year. As we head into 2021, the hope is that a vaccine will be just around the corner, which will begin freeing many from isolation and fear. But, for the time being, millions are waiting for life to resume. In the meantime, here are three big decisions that are looming for older people as this year draws to a close. Among the Three Big Decisions for Senior Citizens in 2020, comparing senior care costs can be crucial in making informed choices for a comfortable and financially stable retirement.

Accommodation

It’s often seen as a no-brainier that the elderly would prefer to live in their own homes, independently and without assistance from nurses and carers, than living in assisted living accommodation. But, as the pandemic has made it far more difficult to see friends and family, and has essentially cooped the elderly up inside for months and months, this is a time when many are considering alternatives.

Assisted living comes in many shades. There’s the hallway model, which has you enjoy a private room off of a common hallway, with common rooms to meet and converse within. But then there’s the detached retirement village model such as senior care Brooklyn, where you’ll live around older people, in a relatively sheltered environment. If the virus has shown you just how much you love to socialise, this is a decision you should consider this year.

Cash and Investments

Most elderly people are happily getting on with the pensions that they’ve saved up over years of service to the industries that they’ve been a part of. This means that they can afford a relatively comfortable standard of living, all at the same time as making small investments in shares that they know will keep their wealth maintained.

But the virus has thrown this into disarray somewhat, especially when it comes to pension funds that are ordinarily invested in stocks and shares. These have of course dipped dramatically since the outbreak of the virus. As such, this is a moment to take stock, do your finances, and consider whether you’re financially secure for the coming year.

Your Will

It’s always a difficult thing to contemplate, but it also goes without saying that the elderly are closer to death than the young. And this means that it might be time to consider what you’d like done with your remains, and how you’d like your estate and your assets divided after you pass away. There are hundreds of professional will writers out there to help you find the right moment and the right words to create your will.

What are the benefits of writing a will? Well, it’ll mean there are no family dramas in the event of your death. It’ll also mean that those events that’ll take place, such as your funeral, if any, will be planned in advance, so that you can rest easy in the knowledge that you have a part to play in the commemoration of your life.

These tips are particularly important for older people – with three big decisions to consider as 2020 draws to a close.