‘Carpe diem’ is a phrase that you’ve no doubt heard before. Your grandchildren might be announcing instead that ‘YOLO – you only live once’. The message is simple – live each day as though it’s your last, you never know what’s around the corner. According to those phrases, saving for old age might be a waste of money. We never know if we’ll make it to retirement, or how far into our retirement years we’ll get. Aren’t there more important things to be spending our money on than our old age care? Should we be saving at all?
What are your future prospects?
As much as you might convince yourself that you never know what lies ahead, the reality is that you can assume that you’ll live to see old age. Thanks to medical advances, more and more people are living full and healthy lives past an age that would previously have been considered to be ‘old’. After those healthy years, in many cases, come the not-so-healthy years when medical costs and care costs increase.
If you’re trying to convince yourself that saving isn’t worthwhile because you might not ever be ‘old’, bear in mind that by 2030 it is expected that 1 person out of 5 in the U.S. will be 65 or over.
Should you save for old age?
Your future is unknown. A majority of people pay a small fortune in costs for their care when they reach old age. The amount of support available could increase by the time you’re there, or it could dramatically decrease. It is far better to assume the latter and be prepared for every eventuality than to assume that you’ll have financial support and then discover later on that you don’t.
As you age, you may become less able to earn money and may be less capable of making your own decisions. If you don’t prepare in advance, then the eventual burden of your old age care will fall to your loved ones. By saving for old age, you are able to ensure that you get the best place to live, the best support and the best medical treatment, without impacting on the finances and livelihoods of younger family members.
Ecuva is an online health and wellness store where customers can purchase daily living aids, disability aids and items that can make old age easier, more comfortable and more independent.