At my age, money is ….
This is the 3rd in the weekly Series called Retirement Happiness. In this Series we discuss the issues and concerns about money, and how its various components are so inter-twined that sometimes we cannot see a solution to our constant fear of running out of money as we get older.
Part 10 – Why money control is important to us retirees …..
…. Because if you screw it up, then there is little chance of replenishing the nest egg. Simple as that.
If you are on a fixed income as most of us are and you have a control plan for your expenses than you’re in good shape. If you spend like there’s no tomorrow because “ Ï’m retired and now I can enjoy myself”, you may be ok, unless of course you live to 100 by which time your nest egg will be exhausted as much as you will be .. !!!
If you think that you can forget about money issues because the kids will take care of you when you get older (or pay for your care home costs), think again. Yes, you may be fortunate and have kids who will do that, but if you are relying on that, be very sure that it will work out as you expect – because if it doesn’t, and the kids run into difficulty, or fall out with you, then the future may be troublesome… i.e. YOUR future.
As you get older (so I’m told !!), your focus on money gets less and less as you slowly start to appreciate that life is not all about money and that there are many more things in life to cash. Now, that may be alien to many of us, so I will trust those who have tread that path before me. It would certainly seem plausible to begin to think more of mortality (or immortality perhaps), as age creeps along, but the thought of seeing out your final years with limited food and heat/cool and medical prescriptions being hard to come by, is a thought most of us would prefer not to materialise.
And if you have this goal of leaving money to the kids for their future, noble sentiment. However, if you deny yourself the basics for sure, and the luxuries at times, just to leave the inheritance, no-one will thank you – or if they do, by then, you won’t be around to hear the thanks.
Probably most of us, if not all of us, would like to leave money to the kids and the grandkids, so the goal is fine. However, just don’t make it your life’s mission to do so. If you can leave money after you’ve taken the escalator, then you will have handled your money wisely. If you can’t leave anything then go with everyone’s love regardless.
Anyway, let’s finish on a more cheerful note.
Money and happiness CAN go hand in hand.
But you must think about it (unless of course you’re stinky rich ;-))) and plan wisely. There is every reason to believe that if you handle your expenses in a fairly prudent fashion, your retirement years will be wonderful. This is the best time of your life. Try not to let money (or the lack thereof) cloud the fun. Enjoy yourself.
This ends Series 3 …….. stay tuned for a new Series starting next week.
Thank you for all your inputs, support and encouragement.