The next goal post

"If you can look at your life as a football game, there is much to do before the fourth quarter is finished..."

Relax.  This is not a story about sports. Football is over, and baseball has not yet started spring training. No, this is about life. The stages of life. It is something that due to life's circumstances has been a wake up call for me as of late. With that, I will share some thoughts.

My wife and I both retired at 58. It was set in stone for my wife due to her profession. For me, it was a tad earlier than I wanted to go out, but all things considered, it was okay.  The fact we both were able to retire at 58 had something to do with luck, and a whole lot of hard planning. Starting in our 30's, we began our retirement strategy. Every year we got more and more serious about it. The "goal post" so to speak, was being able to "pull the plug" by 60, and have a comfortable retirement.

Mission accomplished. Not rich, but we are doing okay. We can pay the bills and still play a bit. However, now we have a new "goal post" in front of us. This one is not as fun, but just as necessary. The new goal post is making sure our ducks are in a row so when we go out (that be permanently), we don't leave a mess for our kids.

Now that all four of our parents have passed, I have learned the dos and don'ts of how to proceed, so my wife and I can go out cleanly.

• Legal Papers - By age 60, you should have your "papers" in line. See a lawyer. The good news is that in many states unless you are fabulously wealthy, simple papers are all that are needed. Power of Attorney and a living will are the most important. If you don't have heirs, a will is also important. A lawyer in the state you live in can advise you on the cleanest and cheapest way to go. Make SURE there are relatives or close friends who know where you papers are.
• Funeral - Just having my Mother's funeral was an eye opener. We had pre-paid money for a nice funeral. When she died, we decided for a much simpler funeral. Just a grave side service. Even with that, the funeral still cost $10,000! Many families who don't have pre-payments stuck aside, have a very unpleasant surprise waiting for them. If you are military, consider being buried at a national cemetery. Both the vet and his or her spouse are entitled. It is quite a bit cheaper, especially if you are cremated. Going back to papers for a minute, make sure your DD 214 (discharge paper) is in a safe place and the location known by friends and relatives.
• Long Term Care Insurance - Some of us will live to be 95 in perfect health and die in our sleep. However, the majority of us will not. If we live long enough, we will need care. Anywhere from assisted living care to full nursing care. And it is expensive. It can drain all a families assets in no time what so ever. One solution some are looking at is long term care insurance. It is expensive, but is geared up to protect all or part of a families assets.
• Life Insurance - My Father always told me if you live long enough you will outlive your teeth and money. He was mostly right on that one. Having a small life insurance policy in your golden years is not a bad idea. Just something to help out with final expenses. There are many different options (and growing). See a good insurance agent for details.
• Domicile - No matter where you are living, don't leave 40 to 50 years worth of "stuff" for your friends and heirs to go through. Trust me, I have been there. Downsize, right size and organize. Make it easy for your kids and grandkids when you pass.

So that is my new goalpost. Not as much fun as planning for the retirement goal post. However, just as important. My new motto is simply this - "At the end of the day, I don't want to leave a mess. At the end of the day, all I want remaining is the end of the day..."