How Do People Envision Their Last Days On Earth? The Answers May Surprise You article is one regarding those Finance, Forex categories, posted just after our reporter Erick Emerson during February 7, 2019, these paragraph can search at those tags list answers, days, Earth, envision, people, surprise. We're glad to pleasant you also providing these other section like finance and I'm always updating the essay everyday.
Forget inheritances — many older Americans want to leave their loved ones with memories when they die.
Almost seven in 10 Americans (69%) say they want to be remembered for the experiences and moments they shared with family and friends, followed by the quality of their marriages and then passions or hobbies, according to a study by Merrill Lynch and Age Wave. Being remembered for the amount of wealth they’ve accumulated was at the bottom, whether they had investable assets of more than $1 million or under $50,000. The survey included 3,000 Americans 55 and older.
Of course, many people over 55 also said they want to protect their loved ones after they’re gone, and don’t want their death to cause a financial strain. But they’re also too afraid to talk about passing away, or the years leading up to it. Adult children also typically stray away from discussing financial and health obligations with their elderly parents, for fear of upsetting them or even offending them.
See: This is the most helpful thing you can do for your family before you die
“We live in a world where talking about one’s last chapter, or end of life, is very sensitive and most people choose not to do it,” said Ken Dychtwald, founder and chief executive officer of Age Wave, a research and consulting firm for retirement issues.
Dychtwald, who is also a psychologist and gerontologist, spoke with MarketWatch about the unexpected desires older Americans have for their end of life. This interview was edited for clarity and length.
MarketWatch: How well do Americans approach legacy planning? Where do they fall short?
Dychtwald: Very few people actually set up the mechanisms to transfer these ideas and legacy messages. There is a practical side to all of this. Who they’ll be in their last chapters doesn’t need to be sad or morbid. Many people in this stage of life find it to be the best stage of life, and in other studies, we see contentment and happiness soar in the last decade of life. It is almost counterintuitive.
There are three major components to legacy planning.
A will. Even for people over age 55 in this country, only 55% of the population over 55 had a will, AgeWave found. Some high-profile examples of people who died without wills include music legends Aretha Franklin and Prince. Wills aren’t just for the rich and famous, they’re a way of making sure your wishes are clear, your property is divided the way you want, and they and help to prevent court battles or family squabbling.
An advanced directive or health care proxy. These communicate to loved ones your end-of-life wishes should you get sick or find yourself in a health crisis.
A durable power of attorney. That is the ability to decide who you’d like to deal with your financial or legal matters.
Many of the respondents surveyed by Age Wave thought only rich people should worry about this, and only 18% of population over age 55 has all of these core elements of legacy planning. And a legacy is about more than money. Write a letter you want your children or grandchildren to read one day, sit down and share with a video recorder so stories will live on forever, or have photo albums organized in a way they understand what they are. Not enough people say they’ve gotten it done, Dychtwald said.
MW: What are the hurdles (real or imagined) that people have to getting their affairs in order?
Dychtwald: Hurdles are often psychological. I’ll give you an example. My wife of 35 years, we have a great relationship and she is the fittest, healthiest person I’ve encountered. But she had her hips replaced and we were told our wills and health directives needed to be in place. Here we are, my wife and I started this company, but we didn’t want to talk about the possibility she wouldn’t come out of surgery. It was such a morbid, horrible thought, we didn’t want to do it. Talking about that, especially if it is right up next to a surgery or health crisis, is a very unpleasant scene and we would rather watch “America’s Got Talent” or take a walk at the park.
I think Americans get used to the idea that we might live forever. The end of life, or death, is not around us as much as it was in all previous centuries. And that’s not wise. It is an odd thing. Something that impacts 100% of us is not covered as often as college debt or buying a home, so people live with it as a bit of a mystery.
MW: Is there ever a place for wealth within those memories, and how can they strike the balance?
Dychtwald: We asked people, if someone passed away and they didn’t have…
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