July 17, 2010

Have you planned for your retirement?

Have you planned for your retirement?  It doesn’t matter your age. You have to be prepared and plan well in advance now that many people retire earlier and live longer. It seems likely that the majority of the population will spend much of their adult life in retirement while remaining physically and mentally active for a good deal of this time. Yet some people approach this major period of their lives with no idea of how they are going to manage financially or with what activities they will fill their new free time. And, don’t leave your 401Ks with your former employers! I just heard that on TV the other day. Not that I have a 401K but I did once and lost it all at the end!

Financial planning for your retirement is essential. I sure wish I did this in my twenties! Of course, with the roller coaster rides of the stock market……..there were the beautiful highs and then the depressing lows. The economy is not stable.  Also, raising children, there is never enough money for their needs whether necessity or pleasure.

Growing old with your spouse, friends, relatives and neighbors are one of the best recipes for a happy old age. Think about this before moving to another area when you retire. I know now, I would have never moved from my roots.

You might find it difficult to make new friends and fit into a new community, as you become less active. I’m blessed with wonderful friends but I have become less active for sure, I guess that comes with the territory of widowhood and not being a couple anymore.

You have to help preserve good health into retirement, you should follow an active lifestyle like walking, climbing stairs rather than using the elevator…..but I sure wish I had an elevator today…….Ugh. The days of going grocery shopping and carrying all those heavy bags up and down the stairs can be exhausting and painful for my sore back!

It’s not unusual nowadays for 70-80 year olds to go out jogging or to play tennis or at the Silver Sneakers class at the gym which I absolutely love and I’m 65 and when I started this class, I couldn’t keep up with them! LOL

So, start preparing for retirement regardless of your age! Pay yourself first and put that savings away as time goes by so fast and it gets scary with the cost of living rising and the cost of medical expenses that are so high. I know only too well how tempting it is when payday rolls around and you march straight to the Mall and shop away.

Now, how many pairs of shoes do I actually need? I don’t even want to tell you the count. LOL But, I sure do love my shoes and handbags. Now, it is sneakers and gym clothes! Goodbye are the days of glam and glitter! I miss those days!

It is hard to make that dollar stretch on a social security check so start saving now!  It is important to remember that Medicare will not cover all your needs.  When you are younger, these thoughts don't enter your mind..........so take some advice and start saving now!


  1. When I was raising a family there was never enough money to save. Then I too was widowed and had to work to provide for them all. Once they all left home at least I was able to save a little and have no debts so that is a good thing. Now I need very little and am living in the land of the Poor but Happy. Your advice is good for those still young enough to do it, but for me now I'm living on Social Security and just getting by. The cost of that supplemental insurance I carry to cover what Medicare doesn't is way too high. Thankfully I've not had to use it, but you never know so I carry it. Being retired does have its benefits so I'm not complaining but enjoying it while I can. There is much to be said for the simple life.

  2. When I was working I would always try to talk to the younger employees to sign up for the 401K plan. Some did and some did not. How wonderful it would have been if we had one to join when we first started working. We would have nothing to be concerned about now.

  3. Great advise Rose! I think when people are younger, they always think there is plenty of time to worry about retirement. What they don't know and we know all too well is...the years speed by so quickly and the older you get the faster the momentum. It's never too early to worry about your future. (Hugs)Indigo

  4. Hi Rose,
    Great advice. I've been socking as much away as possible for the exact reasons you mention. Am lucky enough to still be in a corporate pension plan and 401K but these things can't be trusted anymore. Most companies have cut out or cut back the pensions and 401Ks are volatile in tough times!

  5. Tell me about it I became disabled at 37 and used most of what i have saved on bills and lost the rest on the stock market!

  6. Great advice Rose. And how many young people are going to read it and follow it? I can count them on the fingers of one thumb.


  7. I lost some money too from a former employer! I moved it, but my last statement was not too good.
    Good advice..wish I would have had better judgement when I quit that job. Lesson learned though..

  8. Hi Rose
    Sorry I have not been a good blogger lately. You are giving great advice in this post. It is great to hear you are keeping up with your exercise class now that is great! Guess who is moving to Florida in September.....ME! We are moving to Coconut Creek and eventually buying a house, for now we will be staying at my boyfriends Dad condo's for a few years to save money.

  9. Sage advice, I still have at least eight years before I can consider, and we are ramping up the savings. Also getting ready to do some serious investing education.