Childless and planning for old age
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I (38F) have always planned to never have children. Knowing this, I’ve tried to work hard and save money and I want to plan as well as I can for my later years.
My biggest fear is having mental decline and no one available to make good decisions on my care and finances.
I have two siblings I’m close to, but both are older than me (no guarantee they’ll be able to care for me or be around) and no nieces or nephews.
Anyone else in the same boat and have some advice on things I can do now to prepare for that scenario? I know (hope) it’s far in the future but no time like the present.
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Side note: I feel like this is going to become a much more common scenario as generations continue to opt out of parenthood.
Netizens’ comments
- A few years ago I heard a radio special about groups of older folks who create their own retirement community. That may become more common. I believe they worked together to have a physical community, but also to pool resources to hire help as well.
- So, after seeing my own dads hospital experience after a decline to brain function… My biggest suggestion is to build yourself a community of close friends of varying ages. Ultimately, what winds up happening is that even if you have all the money in the world it’s the people who genuinely care about you that will make sure you’re cared for.
Given how many millenials & Gen Z are choosing no kids or only one, in addition to a full healthcare crisis, we can’t just count on there being nurses available to hire when we are old. - South Korea and Japan are at least a decade ahead of us on this issue. Their fertility rates are well below replacement. Many senior females are banding together and living communally. It seems to work for a lot of them, but obviously there are different advantages and disadvantages. There is room for abuse in every situation. But I think it’s better, on average, than being in a paid care facility if you can handle it for as long as possible.
- I’m in the same exact boat. Shit, even if you have family/kids it’s no guarantee they will be there for you. I’m saving as much as possible for retirement and plan on living abroad when that happens. Hiring a caregiver when the time comes I’ll be ok with and won’t be that expensive. Get all affairs in order with a lawyer.