During different stages and ages of life there can be evolving priorities for finances and lifestyles. Someone in their 20s may be focused on paying rent and advancing their career, and then later, in their 30s, they may be financing a mortgage and supporting their family. By the time people are in their 50s (or older), some of their children may be grown and independent, and other life choices emerge and become more significant. Well into middle age, it’s not uncommon to evaluate and decide on upcoming major life changes, such as more detailed retirement planning, emphasizing recreational activities like travel, physical fitness, additional education, or learning and mastering a hobby.

There is a broad range of potential lifestyle and financial decisions to make and actions to take by age 50+, and below are some of Delta Community’s continuing suggestions for anyone in that age group. This blog is next in an ongoing series covering this important topic, so there will be more to come in the future; Part 1 is also available. After age 50, you may want to:

Update your will, living will, and power of attorney with your attorney. It’s extremely useful to get professional legal assistance for important legal documents, so think about collaborating with a lawyer to update or create essential legal documents that may become more important later in your life, such as a will, living will, and power of attorney. What are these documents and what do they do? Well, some short definitions are that:

• A will is a legal document specifying how your estate (possessions, money, investments, real estate and other assets) is to be managed after your death.
• An advance healthcare directive (living will) is also a legal document that specifies medical treatments you prefer (and do not prefer) be used to keep you alive if your health is failing, as well as preferences for other types of end-of-life medical decisions, such as treatment for pain management or organ donation. The living will becomes effective if you are no longer able to communicate with doctors or loved ones about your medical care choices.
• A power of attorney is a document that authorizes someone to represent and act on another's behalf in legal matters, either personal or business. The power of attorney must be used on behalf of a living person.

Also update your life insurance policies so they are relevant to your current life. Life insurance should be reviewed regularly to check that the original policy you hold still provides the coverage you want and need. Needs change as you age, and insurance policies should evolve during your life, so keep your policies fresh and relevant. Your insurance coverage can be decreased, increased, stopped, or, after comparing costs, you may be able to switch insurance carriers. But do your research and find out if a different insurance policy can lower your costs and provide similar (or better) coverage. You may also be able to negotiate a lower rate for car or home insurance with the same amount of coverage. If you'd like to know more about life insurance, then Members Insurance Advisors¹, Delta Community's wholly owned subsidiary, is available to guide members to the appropriate life insurance policy with the assistance of Covr Financial Technologies, Inc.² and TruStage^®3.

Become familiar with the U.S. government program Medicare and when and how it can help you when you’re older. Medicare is federal health insurance for people 65 or older. You’re first eligible to sign up for Medicare three months before you turn age 65, but you may be eligible to get Medicare earlier if you have a disability, end-stage renal disease (ESRD), or amyotrophic lateral sclerosis (ALS). As a very brief summary, the basic parts of Medicare are:

• Part A (hospital insurance): Helps cover inpatient care in hospitals, skilled nursing facility care, hospice care, and home health care.
• Part B (medical insurance) helps cover services from doctors and other health care providers, outpatient care, home health care, durable medical equipment (such as wheelchairs, walkers, hospital beds, and other equipment) and many preventive services (like medical screenings, shots and immunizations, and yearly wellness visits.)
• Part D (drug coverage): Helps cover the cost of prescription drugs (including many recommended shots or vaccines).
• Medicare Supplemental Insurance (Medigap): Extra insurance you can buy from a private company that helps pay your share of costs in original Medicare. Policies are standardized, and in most states named by letters, like Plan G or Plan K. The benefits in each lettered plan are the same, no matter which insurance company sells it.

Ponder if you want to move to another city or state in a few years. Are you living where you want to be? What about in 10 or 15 years; do you see yourself living somewhere else? People move for many reasons at different stages of their life, and when you’re older, you may want to live somewhere else to change your lifestyle. You may want to move where you are nearer to relatives or friends, to a state with lower or no income tax, someplace with warmer weather, a neighborhood close to medical facilities, or an area with outdoor recreational opportunities near the beach, mountains or more rural areas—or someplace with a range of cultural activities, such as a major city or university town. Think about where you’d like to be and how you can afford the move.

Look into age-based discounts at grocery and drug stores, restaurants, and other types of retailers—and save money. Sometimes starting at age 50 or 55, some merchants offer discounts that can save you significant money. Just a few of the many types of companies offering discounts are grocery and drug stores, clothiers, restaurants, airlines, movie theatres, cruise lines, hotels and cellular service providers. Certain organizations for older citizens—such as the American Association of Retired Persons (AARP) or the Association of Mature American Citizens (AMAC)—manage and offer wide-ranging discount programs for their members, and it’s worth looking into their membership benefits to see if they are worth joining.

Looking for more money management advice for almost any age?

For more information that may help you manage your costs and finances, look into the free Delta Community Financial Education Center webinars on a range of practical, “how to” financial topics. Please visit the Financial Education Center's Events & Seminars page to review and register for its on-demand webinars.

The Credit Union’s blog has more information that could be educational and helpful:

• 5 ways to save money on life insurance
• Living Your Best Life…Insurance—Term vs. Perm
• How a CD can boost your savings
• Managing your credit score during the pandemic
• Making tough financial choices in a tough economy
• What is good debt vs. bad debt?
• 10 steps to financial success: part one
• 10 steps to financial success: part two
• 10 steps to financial success: part three
• Buying a car: credit union financing vs. dealership financing
• Three basic tips for buying your first home
• Working from home? Here are 15 financial tasks you can do now