When you’re 60 and retired from work, it is imperative that you have some financial plans in place. It is not wise just to be “sailing” where the financial winds would take you or to assume that your retirement benefits would tide you over for the rest of your supposedly blissful retirement age.
What financial plans should you have at the age of 60?
1.Take stock of your existing financial condition.
You should know how much you are entitled to spend. This is the basis of your financial plan. Whether you would be off in some Caribbean Island or be running to a part-time job, would depend entirely on how much you’re worth. Sell anything that you do not need. The funds could be used for other important expenses. You can never bring all your material wealth to heaven anyway, when you die. Adjust your lifestyle accordingly to the available budget after assessment of your finances.
2. You should have a life insurance.
This should have been paid years before, so that the benefits could now be reaped. These insurance plans are usually giving out benefits when a person reaches 60 or 65. It would be better if you had two: one is for health insurance and one is for life insurance. The health insurance would provide you free or discounted medical services and the life insurance would provide for you a monthly pension upon retirement.
3. At age 60, you should have already invested in a house and lot.
The house need not be a sprawling mansion. Since most probably, you would be living with your spouse sans the children then a modest bungalow would do. You can have a small garden at your back yard and spend the mornings there for a walk or you could do some gardening. This would save you rent money and at the same time, you would feel the assurance of having a house of your own. If at the age of 60 you still do not own a house, then rent a small apartment which is located near the primary public services like the market, church and public offices. The proximity of these services would decrease your expenditures on gas and transport.
4. Be practical.
When planning for parties like Thanksgiving or Christmas dinner, instruct your children to bring each a dish “potluck” style. This would make the party even more enjoyable as everyone would be contributing to make the party a success.
5. Be aware of discounted prices for senior citizens and make use of it.
There are discounts for elderly people in some drug stores, groceries and other business establishments. There is no harm in asking if you are entitled to discounts. Take advantage of what the state has made available for your dedicated service as a government or non- government worker.
6. Find an interesting hobby and earn from it.
When you are used to working 8-12 hours a day, you usually long for this daily excitement in the early days of your 60s. Having something to look forward to, would make your days more interesting and fulfilling. If you have a propensity for creativeness, then you can write in the convenience of your own home and earn on line simultaneously; you could paint and sell your paintings.
You can be an artist even at your age! If you are fond of cooking, you can prepare made to order cakes or muffins, for your friend for a fee. You could also sing, if you have an ear for music. It would be a blast hearing a 60 year-old man singing in a joint.
7. Your will should have been written already.
Double check your entries and make sure, the will is what you really wanted. Check with your attorney for any changes or legal questions you have. Remember that death comes stealthily, and this testament that you would be leaving behind should not create chaos among the lives of your loved ones, but it should promote peace and harmony.
Whatever you decide to do, you must have one thing in mind: life is not about how much material wealth you have amassed or how successful you have been with your career. Life is about the simple little things that you have often ignored to do: like listening to someone who needed a sympathetic ear, spending precious time with your loved ones and sharing what you have with the less privileged.
You’re not growing any younger. Death is an inevitable end. Let people remember you by your noble deeds. Plan your finances with this significant fact in mind.