Financial Planning, Retirement Issues


Working Beyond 60 Needs a Healthy Body

Working Beyond 60More and more people are planning to work well beyond the age of 60 years of age, simply because they cannot afford to quit their jobs. They did not save enough money for retirement and they do not have enough money coming in from pensions, so there is no choice but to work. As long as their health holds out they can continue working with no problems, but as soon as health issues get in the way, they may not be able to work even sitting down at a desk. What are they to do at this moment?

This is a really tough question that more and more baby boomers are beginning to face. They do not have enough money saved for retirement and they cannot work. How will they survive?

Sufficient savings no worries

If you have sufficient savings that can generate an income for you then you really have no worries. Continue working as long as it is interesting and meets all of your personal objectives. This is the most enviable position to be in since you can really quit when you want and retire or find another job that gives you some pleasure. But if you do not have enough money, then it is time to start saving money.

Not enough, top up savings

Save as much as you can for retirement. If you are starting late, you may not be able to save enough, but then something is better than nothing. Talk to a financial advisor and figure out how much you will need to save in order to have the life style that you want to have, then start saving money now.

Working Beyond 60

Even if this means you have to work well into your 60’s at least you will have a plan that will make your life a little easier and if your health gives out and you cannot work then you have something that you can fall back on. Working when you know you have savings to fall back on is much easier than when you have nothing or not nearly enough saved and must work just to make ends meet.

Set aside a minimum of 10% from every paycheck and watch it grow over the years. The earlier you start the faster it will grow.

A healthy body helps

Keep your body healthy. Exercise a bit, go for 20 minutes walks every day and eat the right foods. The odds will be better for you when you exercise that you will maintain your health and if you need to work you will be able to. This is one of the most important things you can do to ensure that you have a healthy body if you need to work.

Take care of it and avoid getting some of the ailments that many older people get when they do not eat right, exercise etc. Stop smoking and reduce your drinking as well to protect your body.

Health issues get in the way

When you do get sick it usually means time off the job. Serious health issues can take a long time to deal with and they can mean you have a lot of extra cost as well as reduced income. With a large savings and paying for health insurance until Medicare kicks in will help you avoid becoming totally broke as you age. Health issues can come up at any time so you need to be prepared .

Plan for surprises

One of the largest issues that many people have to deal with is that they are not ready for surprises from a financial perspective. Whether it is repairs to the car or the house or some other major issue, if you do not have the savings for major issues such as these then the money has to come out of your current income and this can be difficult to deal with.

It also means you must keep working for a longer period than perhaps you planned. Always have at least 6 months of equivalent income saved up to deal with layoffs, and other emergencies that occur from time to time. If you have to dig into your emergency savings, top it back up as soon as you can.

For more thoughts about retirement risks, click here.

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