Health and Financial Planning Tips for Single and Widowed Seniors

Planning for the future can feel overwhelming, especially for single or widowed seniors who are handling their health and finances without a partner. Whether managing retirement savings, healthcare options, or end-of-life care decisions, a comprehensive plan in place can provide peace of mind and security.

With the right strategies, single or widowed seniors can confidently prepare for the years ahead. Here are some essential health and financial planning tips to help seniors maintain their independence, protect their assets, and ensure a comfortable future.

Last Will and Testament

The most basic document necessary for every aging adult is a last will and testament. A will specifies who will manage your estate and inherit your money and possessions following death. Without a will, state laws determine how your property will transfer to your rightful heirs.

Review your will regularly to ensure it is up-to-date and contains correct information. Though a lawyer isn’t required to complete a will, hiring an attorney familiar with elder law may help avoid mistakes and provide useful advice on other necessary documents.

Advanced Directive and Living Will

Having an advanced care plan or advanced directive gives you the power to decide medical care preferences while you are well. It also provides healthcare professionals the information they need when you cannot communicate your wishes. Advanced directives include a living will and power of attorney for health care.

A living will informs doctors of your healthcare preferences at the end of life. It does not prevent routine medical treatment. A living will includes a list of common medical treatments you approve or reject, such as do not resuscitate (DNR) or do not intubate (DNI). Having a living will in place can prevent family disagreements and lessen the emotional burden.

Advanced directive forms vary from state to state and are available online.

Power of Attorney

Another critical step is to designate two separate powers of attorney: one for legal and financial matters and another for health care decisions. The designated people should understand and be willing to carry out your wishes. Plan regular conversations with each POA to keep care preferences up to date.

A power of attorney for legal and financial matters allows a designated person to access bank accounts, pay bills, or apply for financial assistance if your health condition worsens or you cannot communicate your wishes. A power of attorney for health care identifies your health care proxy—someone who can make health care decisions if you cannot.

Keep these documents in an easily accessed but safe location known by other family members or friends. Make a list of life insurance, pension, and other financial accounts and review each one to ensure all beneficiary forms are complete and current. Customer service for each account can help with missing forms.

Plan Today for a Stress-Free Future

If you are a single and widowed senior looking to maintain your independence and security, a proactive approach to health and financial planning is vital. While these responsibilities may seem daunting, they can reduce stress for you and your loved ones. With the right support and resources, aging can be a fulfilling and worry-free journey.

Seeking guidance from professionals, such as elder law attorneys, financial advisors, and healthcare providers, can help you make informed decisions and ensure all necessary plans are in place. Additionally, in-home care services like Visiting Angels can provide the extra support needed to maintain your independence while receiving assistance with daily tasks and personalized care. By taking these steps now, you can enjoy greater peace of mind, knowing that your future is secure and your well-being is prioritized.

Contact your local Visiting Angels office to schedule a free in-home caregiving consultation.