While important for every adult, planning for later stages of life is critical for older adults. Later life planning includes estate, funeral, advanced care, long-term care, and more depending on your family (e.g., a grandparent raising a grandchild). Unfortunately, many people often neglect these planning activities until a crisis occurs. The consequences of delaying these decisions cannot be overstated. For example, long-term care is complicated and costly. Without proper planning it may be difficult to get the care you prefer in the location of your choice (e.g., house, apartment, assisted living, nursing home, etc.).
The difference between estate planning and retirement planning is subtle, but important. Retirement planning involves planning our financial future once we are no longer employed full time.