Funeral Planning Before You Retire
One of the best times to start funeral planning is before you reach retirement age. Although you might be a long way from thinking about where you want to be interred or how much money you would like to put into your funeral arrangements, funeral planning is a lot like retirement planning – the earlier, the better.
When is the Best Time to Start Funeral Planning?
Ideally, you should start funeral planning some time in your 40s or 50s. By this point, you will have already set aside some money for retirement, and you are in the type of stable situation that makes it possible to direct even more funds toward estate planning and funeral planning. You’re also more likely to have a good idea of where you’d like to be finally laid to rest, and will have an understanding of the different options (cremation, burial, body donation) and what each one will mean to your family.
If this seems a little early to be funeral planning, the good news is that there are all different types of funeral plan options.
For example, you could purchase funeral insurance to ensure that your loved ones have enough money to cover funeral costs. This way, you are considering your pre-plan needs but not getting into the details regarding your eventual burial.
You might also consider just purchasing a burial plot, since they tend to rise in prices faster than anything else in the funeral industry, while leaving the other decisions to a later date.
Additional funeral planning options include making small payments over the next few decades or even making all the decisions today. Either way, the results are going to be less burden on your family members and loved ones.
Funeral planning can also be part of your larger financial planning picture. Because you are most likely focusing on your retirement plans, stock options, wills, and life insurance during your 40s and 50s, it’s very easy to include a spot for funeral plans. In fact, most financial advisors will be able to help you make arrangements or, if they aren’t, they may be able to connect you with professionals who can.
It’s Never Too Late to Start Funeral Planning
The best part about funeral pre-planning is that, like retirement planning, you can start at any time. Any decisions, payments, or steps that you make today are going to make things that much easier for your family after you’ve passed on, even if you’re late in getting started.
If you’re interested in getting started with pre-plan advice or information, we encourage you to connect with a funeral home in your area or start talking with your financial advisor today. From funeral insurance to payment plans, there are many different ways to take care of your finances and your family while you’re still able to. And like saving up money for retirement, you’ll be that much closer to those relaxing, enjoyable golden years free from financial worries or concerns.
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