Life must be more than just making money and making more money and making more money. That is the issue that many people struggle to get past. What are their fears?
Will they have insufficient savings once they leave their job. Can they afford trips like they used to take vacation time. Maybe they fear the loss of extended stays at resorts when they tack on a few extra days at a convention they were attending.
What are the other fears? Did they plan correctly for their retirement? Did they contribute enough to their 401K or the company’s pension plan? Will the plan go bust if any of their investments become worthless – think Enron.
Maybe it’s unexpected expenses they are fearful of. Medical Emergencies, or maybe your roof has a 20-year life, but it is 25 years old? What about home repairs, like painting the exterior, fixing the rotted face boards at the eves.
What about inflation. Will their dollar grow as fast as inflation eats away at it. Are they afraid of what that their garage mechanic will tell them that the car needs a new muffler, and it will be twice as expensive as the last time it was repaired?
Maybe it’s that their income is fixed, but property taxes are not. Water, gas, and electricity keep going up. Medication co-pays seem to be spiraling out of control.
When financial investors talk to you all they ask you is if you want growth or income from your investment. They never address the issue that for the average person your investment will never grow as fast as inflation eats it away.
Social security is designed the same way, you will always have less spending power each year so you will slowly go broke. There are solutions to all these issues, and they require you to discard the beliefs you were brought up with about retirement and adopt a new mind set.
Let us explore what the new mindset is and how you can make the most of it. Next Friday topic I will touch upon the Health and Long-Term Care issues that happen when making the transition.
Last, remember life is for living and enjoying, you can’t save it and store it in the bank, because you don’t know what the future will bring. If you think about these changes, you will find that you can really enjoy the returning phase of life.
I am here to help coach you on living life with gusto and to help you to keep moving forward with your plans on enjoying life. Want more ideas, sign up for our classes, join in the discussion and become part of our community about life after working at www.patterson2y2r.com
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