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.
What does it take to be a millionaire grandma? If you said, “having a million dollars in the bank,” you’re only half right. In fact, many women who reach this financial milestone won’t be able to live the lifestyle that most of us associate with being a millionaire… but, that’s a topic for another article!
As we reach our 60s, many of us are looking for creative ways to make money in retirement. Some of us are looking to earn some extra cash for luxuries, like travel and entertainment. Others are focused simply on surviving in a low interest rate environment in which it feels like we are paying the bank to hold our money.
By the time you reach your 60s, you’ve almost certainly made your share of financial mistakes. Even if you are one of the lucky few who managed to save consistently for retirement, you probably look back on your life and wish that someone had taught you more about money as a kid. I know I do!
As we start to reach retirement age, many of us are facing a harsh reality. We simply didn’t save enough for retirement.
Some of us planned to continue working into our 70s, only to be pushed out by the very companies we dedicated ourselves to for decades. Others miscalculated how much money we needed to retire comfortably. Still others lost a significant percentage of our savings in the Great Recession.