Most investment advice is focused on future events, like saving for college or building a retirement nest egg. I seldom offer advice to those that have achieved those goals and are now retired. But based on my experience, there’s still plenty that should be done during the retirement years. Here are a few thoughts.
Activities. Retirees need to be active. It’s important to keep moving and interact with others, whether it’s volunteer work, a book club or knitting group or activities like golfing, pickle ball and bike riding.
Children. Communicate with your children and grandchildren; be part of their s lives. Keep in mind there’s a high probability that one of your children will ultimately be your transportation or caregiver. One of your children often becomes the bridge between your financial advisor and taking care of your personal wellbeing.
Thought. Your mind needs to exercise. It’s easy to become mentally stagnant if you’re always sitting in front of the television. Eventually your mental capabilities tend to diminish. It’s important to keep your mind as sharp as you can for as long as you can. Mental exercise is just as important as physical exercise.
Investments, Insurance and Inflation. Over the years, your focus has been on accumulating a nest egg. Now you need to preserve it to cover possible expenses that aren’t covered by insurance. That includes inflation, which has resurfaced to diminish the purchasing power of your savings.
Vulnerability….
