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It has been said that the trouble with retirement is you never get a day off. Therefore, to benefit the most from it…think on the following.
Think of retirement not as a time of being “over the hill” but rather a time to view the world from a different hill. Consider what you are retiring to, not just what you are retiring from. Yes, it should be a time for smelling the roses, but also a time for planting some.
1. You
may be working into your nineties and loving every minute of it or need
to switch gears and get as far away from work as possible…but whether
it is a vacation or an avocation, nature abhors a vacuum.
2. Whatever amount of time you have left before retirement, save more and spend less. Don’t buy everything within sight. Rather try buying with more insight.
3. And as a motivation, stop and figure out what your annual income would be if you were forced into retirement tomorrow. Then figure what you will retire with at say 70, not even thinking 65.
4. Today, the experts figure you need twenty times your present income in the bank, if you want to retire in the same financial neighborhood of your present income.
5. When the time comes think long and hard before you move into a retirement community or a smaller home. Think long before you act (too short a time).
6. When you think of long term nursing care, think statistics – the average nursing home stay is two to three years. Consider a bigger deductible vs. a bigger premium. But then, don’t spend so much time thinking you become your own worst enemy. And yes, again…let any conclusion simmer for awhile rather than immediately bringing them to a boil.
7. If at all possible, pay off your mortgage. It’s
very comforting to know that, if needed, there is the possibility of a
reverse mortgage rather than an ongoing mortgage payment that, with a
reduced income, can be increasingly difficult to pay.
8. Think capital preservation as well as capital appreciation. There are countless formulas, but the stock market is always a giant question mark. Remember, if an investment seems to be too good to be true, it probably is.
9. Last and certainly not least talk to a financial manager. However, check them out carefully because you don’t want one with any kind of vested interest in his or her proposals. And you certainly want first class recommendations about financial managers from friends rather than ads.
It may be an over-simplification but I think not too much so; Prepare for retirement so it will not be a time of sadness but of hope.
These
are suggestions not edicts. They are not written in stone. So realize
that your situation may dictate the exact opposite of some or all of
them...but at least they are something to get you thinking.
TO VISIT Neil’s other blog WYRICK’S WRITING (A variety of serializations; a novel, a 2nd
book Sixty Plus and not Holding (How to get by in life with a host of
plusses no matter what your age) on Sunday and Tuesday and Thursday
varying subjects) (3 times a week added to)
Some recent topic titles are:ONE LOG ON A FIRE, TWO JOLLY GREEN GIANTS; LOVE AND FORGIVENESS, WISDOM IS
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view his One Man Dramas on film (see by millions, live and on film and
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