Prepping as We Get Older

Prepping is not a one size fits all lifestyle and takes on different priorities depending on many factors including age. This post was suggested by a reader and hits really close to home for me. At the ripe old age of 57 I’m not necessarily old, but certainly feel that way at times considering my scenic helicopter ride in cardiac arrest several years ago. That combined with retiring about a year ago, we have changed some of our preps as we felt appropriate. Some of these might be appropriate at any age and some might not fit your needs currently. That being said, hopefully lots of ideas will be shared in the comments section.

So first of all; food, water, shelter, and protection remain as the main pillars of prepping so be sure you have what feels sufficient to you. Note: that old .38 Special you’ve kept for years might not be the best fit as our hands and joints age. As we get older, having a good financial plan is crucial. Is your home paid off, how about your cars, do you have credit card debt or even student loans? Having financial peace of mind can make all the difference in surviving the challenges we face these days. Do you have an emergency fund? This can be really important for handling an unexpected emergency like a medical bill. If you still have debt, that should be your first priority.

Once you get past the basics, financial planning is huge. Build at least a small emergency fund; 3-6 months of expenses is best, but $1000 is a good start. You should also have some cash out of the bank and where you can access easily it, small bills as well as some loose change. We also have been buying silver, but that’s a discussion for another day. Do you have a will; 68% of Americans do not have a will and this places a larger than necessary strain on your surviving family. While on that subject, it is wise to write out specific instructions for the executor, so they understand exactly what you expect of them. We have purchased our grave sites and are currently doing our funeral planning, not a fun topic but again, good for your family. While on that subject, if you are a believer when was the last time you spent any study time?

Insurance is extremely important as we get older. Unfortunately, I have seen too many get burned, me included, after reducing and or eliminating their insurance. Years ago, I decided our 14-year-old car really wasn’t worth the cost of full coverage, so I dropped it to just liability. I hit a deer with it 2 days later. How many times do you see people lose everything to a house fire, because then had too little insurance or none at all. When we paid off our home we set up our own escrow account that we deposit a specific amount into every month to cover taxes and homeowners’ insurance when they come due. No stress, no fuss. Which brings me to health insurance, a subject most people hate because of the hassle. Do you have enough to cover if you or your significant other gets seriously ill or injured? How about long-term care: a decent ‘senior living’ facility will set you back about $5000 a month each. Have you considered life insurance or funeral insurance? Do you have extras of your prescription meds? Depending on your doctor they might alter your script so you can acquire some extras. How about extra over the counter meds? We have 8 plastic toolboxes that are stocked with all kinds of medical, dental, pain, allergy, and first aid supplies.

Gardening is always a great way to stretch your food budget as well as adding more fresh healthy food to your diet. If you don’t have the room or time or simply can’t physically grow a garden you might try hydroponics or container gardening. We have a 4000 sq ft fenced garden, but we also have tomatoes, peppers, blueberries and strawberries in 5-gallon buckets. Easier to manage while still getting some garden-fresh food. Eating healthy along with moderate exercise is obviously important as we get older, and I think it’s also a good idea to have a hobby or 2 to keep you healthy and mentally sharp. Note: drinking and watching TV or playing video games and eating fast food from door dash are not healthy hobbies!

Warning! Never, ever, ever get a reverse mortgage. OK, well if you hate your family its ok, but these things are a real scam.

Have and review you bank and credit card statements regularly. Have hard copies of all important documents and a list of telephone numbers in case your cell phone dies for some reason. We still have a land line, (at a cost of $3 a month) which will work when your cell might not and will work during a power outage as long as the lines are not damaged. If your cell phone died, would you know anyone’s number?

Finally, as this post is already waaay too long, what do you do that your partner doesn’t really know how to? We just experienced this as we recently lost a family member and their spouse didn’t even know where their bank accounts were, what bills they owed or how to pay. In our home I handle all the money and investments and pay all the bills. Do you have beneficiaries on you bank and investment accounts and are they up to date? To ensure that dearest wife would be ok in my absence, every few months she sits with me when I pay the bills and go through all the accounts and balances. What else would you need to share with your significant other or maybe your kids or trusted friend. Finally, if you live alone and something happened to you, how long before someone finds you. How long would you lay on the floor in need of medical care? Might be time to figure out a plan.

Prepare now. I look forward to your suggestions.