Recently, my readers provided some valuable answers to questions I posed about what gives them angst and sleepless nights. Having enough money doing what they want to do in retirement seemed to be a common theme. Money Worries In The Third Age will explore why those worries arise and what to do about them.
Why Money Worries Arise
- You are healthier than generations past and you have discovered how to maintain your good health as you age;
- You know that people are living longer than our financial advisers suggested when we put our retirement plans in place;
- You can see that the cost of living goes up faster than our pension adjustments do;
- You may not have a stable pension income, or it is much less than your living costs;
- You want to leave an undesirable job situation but are afraid to retire because it would mean such a reduction in lifestyle;
- You may still have family dependent on you.
How To Generate Extra Income
A few years ago now, in our Embrace Aging Hangout On Air series, my colleagues Sue Ferreira, Nancy Crites and I had an interesting conversation about this issue. Finances For A Third Age is about 30 minutes in length and is well worth a watch. You will note that time stamps are provided to the most important ideas in the video below.
Our conclusion? We must discover a way to generate passive income. It’s going to take some learning and some work initially, but when we are in our 80s and 90s it will just require oversight.
0:00:41.930,0:00:48.860 – The Question – What would happen to you financially if you live to be 100?
0:00:41.930,0:00:48.860 – More than one stream of income
0:07:06.219,0:07:12.520 – Generate passive income
0:07:54.099,0:08:01.589 – Define passive income
0:14:13.850,0:14:19.040 – Sue’s online survey that indicates Money is a worry
0:16:45.660,0:16:55.190 – Money Beliefs
0:20:45.059,0:20:48.900 – Will I be able to retire?
0:21:26.220,0:21:35.280 – Freedom 99- not Freedom 55
0:23:37.440,0:23:44.009 – What we need going forward
0:24:10.940,0:24:17.039 – Alvin Toffler’s quote from Future Shock – about future illiteracy
0:26:03.150,0:26:09.930 – Materialism
0:29:41.280,0:29:46.110 – Money is just a tool for getting what we need
0:31:11.549,0:31:19.610 – Picture where you will be at 120 years of age.
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