To celebrate National Aging in Place Planning Day, I invited our staff writer Mark Olshaker to our office, and, since both of us are within walking distance of traditional retirement age, we each filled out an Act III.
I discovered that I have neglected some important actions—creating a financial power of attorney and a living will. And much to my embarrassment, I have not updated my will since a divorce a few years back (I’ll be seeing to that one immediately!).
Mark admitted he and his wife have not done a thorough job budgeting for semi-retirement and then, even though neither of us ever expects to stop working, full or forced retirement.
All of these are needs we must take responsibility for fulfilling ourselves. But perhaps our most significant take away was that Act III is an awareness document, a way to keep up on yourself and your situation. As a result, it needs to be revisited on a regular basis, whether or not you have a life-altering event.
Both of us concluded our lives are just fine as long as we maintain our current situations. But what happens if things change? What happens if health or the economy or, in my case, needs of my children, hit our financial planning or force us to change our work habits?
Making Act III an annual or biannual event on your calendar is a way to prepare for life’s little surprises.
By Marty Bell, Executive Director