The thought of retirement can be scary. Not only are you consciously leaving behind the routine consistency you’ve had for upwards of 30 years, but you also lose some financial stability.
Saying goodbye to your income can be daunting and emotional. However, there are a few good ways to make your savings last longer in retirement. I would like to share my top six tips.
What are your biggest regrets? If you’re in your 60s, you may have regrets about your relationships. Or, perhaps you think that your choice of career was a mistake.
Well, talking with the other women in our community, I can promise you one thing – by the time you reach your 70s, one regret will drown out all others. I’m talking, of course, about how much you saved for retirement.
What do you think is the worst mistake that you can make at your retirement party? Having one too many glasses of champagne? Nope. Telling blue t-shirt Bob from accounting what you really thought of him all these years? Not even close! Having talked with hundreds of women in the Sixty and Me community, I can tell you that the worst mistake you can make at your retirement party is to tell people you are retiring.
If you have been following Sixty and Me for a while, you know that we always try to focus on the positive aspects of aging. This is because so many of the things that people consider “challenges” about getting older are actually “opportunities.”
At the same time, there is no denying that some aspects of getting older are simply horrible. For example, nothing can quite prepare you for losing the love of your life. Even if your husband is sick for a long time, it’s hard to imagine life without him… until you are forced to.
At the age of 65, Colonel Harland Sanders was facing a crisis. Like many older adults today, he was looking at an uncertain future. His restaurant had failed and he was left only with his savings and the prospect of a $105 monthly Social Security check.
Have you ever thought, “I’ve got to get my spending under control?”
That’s just what I was thinking on a Saturday morning while going over bills. Somehow I’m always surprised at how all those little purchases add up. I’m 60. You’d think I would have figured this out by now.
The convention wisdom is that starting your own business as an older adult is next to impossible. If you ask the average person why it is hard to start a business after 50, they will give you a litany of reasons, most of which will be based on tired aging stereotypes. Here are a few examples:
Our attitudes toward the important things in life – relationships, money, and careers – are shaped by the experiences we have in our youth. The Millennial generation – our kids, in other words – are demonstrating this in their attitudes toward saving, investing and real estate.
Check out this interesting article in The Motley Fool on the financial habits of Boomers versus those of their children. It gives us a whole new take on the term “sandwich generation.”
One of the major concerns for those entering into retirement is no longer having a paycheck. In addition, there is a normal fear of running out of money and having to spend what we spent a lifetime saving. One of the primary issues is how to make withdrawals from the various accounts we have built up and the timing of withdrawing from these accounts, both personal and retirement.