30 Apr Growing Older and Giving Wisely

My great-aunt Mary told me, “Honey, when I turned 74, I got old.” Aunt Mary always seemed so young to me, so vibrant, so alive. After being swirled in a tornado when she was 62 and dropped in a field a quarter-of-a-mile from where her house used to be, splinters popped out of her body every few years. When she turned 74, she just couldn’t mow her own lawn anymore, and that made her feel old.

 I took Aunt Mary’s wisdom to heart and made my financial plans with a due date of age 74—just in case. My friends responded, “But you’re still young.” Yes, but you never know.

One thing I am sure of is that I do not want to be an old lady managing money. There are too many possibilities for money to go skating off in unintended directions. I’ve watched adult children hammer their parents for money—I believe it’s called emotional blackmail. I’ve seen trusted caregivers walk off with jewelry, household items, and who knows what else.

How much money does a 74-year-old need? Enough for annual expenses and enough for three years in a nursing home. You may have a different yardstick, and that is fine. I’m going to have to let go of everything one day anyway, so I may as well get a head start on giving things—and money—away now. Right now.

My portfolio manager tells me I can expect to live to 92. A recent 94-year-old Hospice client told me not to get old. “Get out of here in your eighties,” she advised. I watched this nonagenarian drag herself out of bed and through her days for three years.

Fortunately, I’ve been able to give away 50% of my assets to charitable organizations I love. With the help of a philanthropic advisor, I set my priorities. I developed my own mission statement: To empower women to make wise choices about their lives.

Many organizations ask me for money, and to several I say, “Your organization is not on my mission statement.” Sad, but true.

I’ve been a hospice volunteer for 29 years, so Brattleboro Area Hospice is definitely on my mission statement. When they ask, I give. It’s that simple.  ~ Cheryl Wilfong