What you should know as you plan for old age

Age is a time of transition that affects both lifestyle and work. Growing old is inevitable as long as you are still alive.
However, few people reflect on how their old age would be. They live as they wish yet their decisions today regarding savings, spending patterns, and investments will greatly impact our tomorrow.
As we age, we start getting health complications that force us to quit active work because of low energy levels.
Therefore, one should keenly think of how long they expect to live and derive means of increasing their finances that can ably cater for their medical and family issues.

According to Help Age International, a non-government organisation, about 1.3 million people in Uganda are over 60 years, which admittedly is a small percentage in a country where the population stands at around 40m and where according to Uganda Bureau of Statistics a large proportion of the population is below the age of 15.
But most of these older people have lost family to diseases such as HIV/AIDS, which means they can’t rely on traditional family support as they get older.

Additionally, they are expected to look after grandchildren following the death of parents.
Therefore, a lot must be done on an individual basis to plan for family regardless of the prevailing circumstance in order to live a desirable lifestyle during old age.
If you are still energetic and can ably work, this is the time to lay strategies on how to survive at the time when you can’t ably work.

This requires change in attitude and behaviour including how you handle your finances.
Look at your expenses and see where to constantly cut costs so to increase on your income, if you are living an extravagant lifestyle now, surely old age will suffer from it.
How are you saving? Do you have a goal? It’s time to think of setting a saving goal in regard to old age because money will be needed to cater for emergencies and needs that come with old age.
Consider investing more when you are still energetic by investing in risk.

Look at investment opportunities that are less risky and can earn value as time goes by.
Buy assets that can ably take care of you and your children’s children.
While investing consider solving a problem in society then money will follow you.
Invest time with family and friends because old age is painful if you don’t have a group of people to count on.

Family is important so have time with your spouse and children to develop values that can be carried on from generation to generation.
Everyone may depart but if you have a solid relationship with your family and friends indeed life can be tolerable.
Remember the decisions you make now will determine your future because just like today everybody is reaping what was sown yesterday. Therefore let’s make wise decisions now.

Annet Katusiime is a certified financial literacy trainer: Email: [email protected]