Seniors are concerned about having enough money if they live too long!
As the economy ebbs and flows, and the cost of living continues to rise above our means to either earn a sufficient income or to live on a fixed income from Social Security or other retirement options, the concern does arise about worrying if you will live too long. Retirement without working has its concerns. Additional part-time jobs or having some other form of passive revenue is a challenge for seniors everywhere.
The last thing a senior needs piled onto his or her back is the anxiety of wondering how it will be possible to live on the income that comes in every month. It’s not like at age 65 that you can just go out and apply for a job and hope to get hired. Well, maybe if you’re applying at a senior center or someplace that is run by seniors, you’d have a better opportunity than trying to apply for a job where much younger people were also vying for the same job. It’s not that employers are discriminating; it’s a fact of life that when you’re a senior, you have to figure out how you’re going to live for as long as you’re going to live and still be able to afford a comfortable life.
That might sound rather silly, but can you remember back to your days of being 20 or 30 years old? Probably the last thing on your mind was if you’d have enough money to live on when you reached retirement age, or if you were to live to be ninety-five years old. Yet, there are many forty-year-olds who are in what is called the sandwich generation, which means they have to pay for and take care of their parents while they still have children living at home. In those scenarios, trying to put money aside for your own retirement, which is twenty-five years later, might not seem like an immediate concern.
Nevertheless, it is a known fact that people are living longer and longer these days. So, before you get to that point where you’re in a situation of being unable to work and earn any extra income, take a few hours to consider what your options are, and then create a plan for how you can begin making changes in your life to be able to afford your most basic needs.
Depending upon where you live, local banks, chambers of commerce, and social events in towns across American sometimes bring in presenters and speakers to talk to seniors about retirement and options. Just don’t sign anything or agree to have them take money out of your account on a monthly basis because their plan sounds so wonderful.
Collect the information, get some brochures and factual data, and then sit down with a friend or family member who is open to discussing your options. It’s not that that person is going to help you make the decision, but it’s a checkpoint. You have nothing to lose by asking for help. Along the way, you might be surprised at a brilliant idea that comes your way that you wouldn’t have thought of unless you would’ve asked for help from someone with a listening ear.