Most Americans envision the retirement phase of life in their early 60s and 70s. Many assume their health and employment will hold out until their 70s.
In life, we continually make assumptions and wagers. We make bets on our jobs, health, finances, children, lifespan and more. Is your job secure? Will you remain healthy? Will your children complete their education to obtain profitable employment or will they move back home?
Limited Time and Your Health
Death becomes more familiar as we approach our 60s, increasing our concern for the future. When we receive shocking news of a family member being diagnosed with cancer or another potentially terminal illness, it hits close to home and reminds us to get and stay healthy.
In response, we reexamine our habits and overall situation. We hope to improve them. This can be an overwhelming task filled with emotion if we attempt to do it on our own. As healthcare costs skyrocket, we may even worry about draining our family’s financial funds if we are cursed with dementia.
Age discrimination is illegal but prevalent. The prudent retirement strategy assumes your income will be cut by 50 percent at age 60 or earlier. It’s also wise to look at your Social Security report for specifics on timing and benefit amount.
If you’re nearing 60, talk with your spouse about downsizing your home and belongings. My wife and I recently decided to sell our vacation home in Florida and our home on the Main Line. We are downsizing into a townhouse. This transition will eliminate a substantial amount of physical and financial stress.
Downsizing can be a full time job, so you may need to temporarily power down on career responsibilities.
I’ll help you conceive different retirement strategies you might pursue, identify concerns you likely have but may have overlooked, and encourage you to seek help as needed from your lawyer, accountant, therapist and others.
We’re here to help you design and manage your transition.
Contact us today to discuss your needs and schedule an appointment.