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.
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