Planning for The Future: How to Prepare for Life in Your Later Years

For a quarter of a century, An Post Insurance has been at the heart of Irish communities, helping customers insure their car, protect their home and prepare for the future.

Over that time, we’ve watched as our demographics changed, with Ireland’s over-65 population growing by 35 per cent and set to double in the next twenty years, reaching 1.6m by 2051. Our priorities are shifting in line with these changes, which is why we’ve put together some tips on how to prepare for life in your later years. 

Get retirement-ready

With more than half of Irish people expecting to stay working past the age of 65, retirement is no longer a fixed point in our lives. That said, it’s never too early to start planning for retirement, or at least envisaging what kind of lifestyle you’d like to enjoy in your sixties, seventies, eighties or nineties. Would you like to work a little, a lot, or not at all? Are you inclined to stay in your home or downsize to something smaller? When the time comes, will you be drawing on a state pension or a private pension?

These are all very important questions you’ll need to ask yourself when mapping out your future. Consulting a qualified professional may be a good idea to discuss your options so that you can start putting plans in place. You can also educate yourself via online courses and how-to guides.

That way, when the time comes, you’ll be able to dive right into the next exciting period of your life — whether that means strolling a golf course, hanging out with grandchildren or taking those flying lessons you always dreamed of.

Plan for the unexpected

Life has a way of surprising us at any age. That means we might need to re-evaluate our insurance in line with any big life changes. For example, if you move to a new house, you’ll need to make sure your home insurance is changed to reflect the new value and current rebuild cost. Similarly, any adaptations to make your home more age-friendly might mean an adjustment to your paperwork. Were you gifted a beautiful piece of jewellery  for a big birthday? Don’t forget to add it to your policy as a specified extra cover item. 

Now that the kids are raised, the mortgage is paid off and retirement is beckoning, why not take that big bucket-list trip? Travelling is one of the great joys of life, but it’s important at any age to make sure we’re protected if something goes awry while we’re away. An Post Insurance offers great value travel insurance that’s completely customisable, so you can make sure you see the world safe in the knowledge that you can access cover and care if you need it.

And don’t forget your four-legged family members too. Just like us, animals can encounter more health problems as they age*, so now might be the time to get prepared with affordable pet insurance. This also includes access to a national network of registered veterinary nurses, available 24/7, who can help you keep your furry friend happy and healthy for many years to come.

Prepare for the future

While no one likes to dwell on their demise for too long, many people find that making arrangements for the future gives them peace of mind now. These might include writing down how you’d like your family to say goodbye to you: you might prefer a quiet send-off, a big ‘do’, or to be laid to rest in a special place. It’s important to let your loved ones know, and perhaps even help them shoulder the cost of a funeral, which can amount to €7,500.

If you’re aged between 50 and 75 years of age and resident in the Republic of Ireland, you might be eligible for our Funeral Insurance. This can cost as little as €15 a month and pay out as much as €30,000 in a lump-sum benefit, depending on the value and duration of your payments. There’s no medical questionnaire to fill out and you can be up and running within a day. To learn more, visit our website, get an online quote or call our friendly team at 0818 22 22 22 — they’re on hand with information, support and advice you can trust.

Leave a lasting legacy

Recent research by Safeguarding Ireland shows that only 27% of Irish people have a will in place. Without a will, your estate — including all your money, property and possessions — is to be shared according to the law of succession. This could mean everything you worked hard for ends up with a distant relative or even the state. 

If you want to ensure that your estate passes to your loved ones, you’ll need to put a will in place. This is often a lot easier than people think. In fact, An Post Insurance Funeral Insurance customers get free access to our complimentary online Will Writing Service. Offered in partnership with ARAG — a leading provider of legal insurance and assistance products in Ireland — this service includes pre-prepared templates you can edit and download in a matter of minutes. All you need to do then is sign it in the presence of two witnesses who can authenticate it.

These templates are designed to help you reflect your wishes, whether you’re single, married, in a civil partnership or cohabitating. However, if you have more complex needs, it’s important to get independent legal assistance. Our partners in ARAG can put you in touch with an extensive network of legal experts who can help you tailor your will to reflect your exact circumstances and wishes.

However you decide to enjoy your later years, An Post Insurance is here with friendly advice, trusted protection and carefully crafted policies. We’re human about insurance, and that means helping you get the most out of life, whether you’re 18 or 80. Get in touch with us today to talk more.