Money Worries In The Third Age

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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Lowell Ann Fuglsang

Greetings from LowellAnn,

In my workstyle-lifestyle coaching work I love helping solopreneurs find direction, stay motivated and build systems that both support and promote their business. A great place to begin is the Solopreneur Evaluation Tool that will tell you where you need to put more time and energy.

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