Did you know that some surveys show that people can be more
afraid of running out of money than they are of dying?
Seventy is the new 50! I certainly feel that way as I approach my 62nd birthday—still working hard, dreaming of retirement, and yet wondering if that is really a possibility. Certainly, I don’t want to let the government keep my social security contributions, but I also want to make sure of my financial comfort. In my older age, I want to enjoy peace and happiness, without anxiety over having enough money to pay bills, AND kick up my heels sometimes!
We are the generation of solutions and action, and having a clear vision and strategy for our income is paramount. So, what are five important things to consider as retirement becomes a reality?
1. The government owes you. What is your social security income stream going to look like? You can visit the social security website and find out their specific estimate for your social security, which becomes an important part of your strategy. Visit their website here and find out all about yours.
2. Keep on working, if even just a little! Is there a way to keep on working part-time with your current employer? If you don’t love your current job, there are other ways to work part-time. Get a real estate license – as many of our agents have! They are living and loving retirement, and enjoy helping others find their best retirement home and community. (If interested, contact us for more information.) If you love Arbonne, Isagenix, or other popular health and wellness products, there are great opportunities for part-time sales right out of your own home. Or use your hobby or talent to earn some extra dollars doing what you love – like gardening, baking or painting.
3. Understand your retirement portfolio. Based on the market, your age, a withdrawal rate (% per year of your portfolio you want to take), and your reliance rate (% of overall income that is required from your portfolio), you need to evaluate how long your funds will last, and how much you need to count on #2 above. Working with a knowledgeable financial planner, an expert in these matters, can give clarity to the sometime mysterious pool of important funds.
4. Downsize your expenses to upsize your freedom. There are lots of ways to live leaner that keep your quality of life just as you like it, and for less money. A smaller home, a less expensive vehicle, selling unimportant possessions—having experiences to treasure with new access to time, becomes a lot more appealing than gathering material things.
5. Stay healthy to save lives and money. Walking, biking, swimming, dancing—all great exercise and a way to stay social. Making good eating choices, less animal products, more vegetables, and a glass of red wine (morning or night), is a critical part of your overall health plan, that can translate into fewer medical problems. Keep an eye out for meetup groups that align with your hobbies and activities! Consider Central Florida 55+ Meetup Group or visit https://meetup.com to check out groups that match your hobbies and/or interests.
Written by: Lesley Greenslade