The Best Age to Pre-Plan a Funeral
By now, we have all heard the advice from funeral directors and financial experts: making advance arrangements for your funeral is a smart move that will save your family money, heartache, and the stress that so often accompanies an unexpected death.
But what age is the right time to sit down with your loved ones to make these plans? Most people do not start thinking about death and death arrangements until they have reached retirement age, but this is not always the wisest course of action. Here are a few considerations regarding funeral planning at all stages in your life.
- Funeral Planning in Your 20s and 30s: It might seem a bit early to start funeral plans when you are just venturing into adulthood and have no idea where life will take you, but these are ideal times to do things like buy a cemetery plot or mausoleum. Because these are pieces of real estate that can be bought and sold, they can be viewed as much as an investment as a funeral plan.
- Funeral Planning in Your 40s: Most people find that their 40s are a time when they settle down in their careers, family life, and location. You may have more disposable income than you are used to, and you are probably thinking about retirement plans in earnest. Now is a good time to build a funeral package or burial insurance policy into your overall financial plan – especially if you are already doing things like writing out a will or purchasing life insurance.
- Funeral Planning in Your 50s: People in their 50s are one of the largest funeral planning groups…and for reasons you might not expect. Although financial stability is a part of it, this age group experiences the largest rate of parental deaths. Because you may be saying goodbye to your own parents, you understand what it means to be left holding all of the decisions and costs.
- Funeral Planning in Your 60s: As retirement age hits and you are forced to confront a fixed income, advanced funeral planning becomes more difficult. Try to work pre-arrangements into your overall retirement plan before you say goodbye to the workplace. You will have peace of mind knowing it is taken care of ahead of time.
- Funeral Planning in Your 70s, 80s, and Beyond: It is never too late to start funeral planning, but your options may be limited the older you get. Burial insurance and life insurance premiums will go up, and you might not have as much disposable income to spread around. However, you can at least fill out a form outlining all your wishes and ensure that your family knows what you would like planned. You can also work with funeral homes to find a package that works for you.
No matter what your age, advance funeral planning is always a good idea. Sit down with your family, your financial advisor, or a funeral director and take care of these questions ahead of time – you and your loved ones will appreciate it.
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By Amy Johnson