They say money makes the world go round and this is not any less true as you approach your sunset years. Your financial strategy at this age should be one that gives you peace of mind and this means security. You should focus on ensuring your basic needs are covered for both you and your family with returns from investments rather than your work.
Health Insurance
Your dreams for a healthy retirement depend on good health and this not only means taking an insurance cover but investing in your health now in all ways. It means ensuring you reduce any risk of falls, stay safe behind the wheel, and improve your memory. Knowledge is key in successful aging so start by learning what to expect as you get older and address any issues that may put you at risk before it’s too late. This will mean easier treatments, if necessary, and can ensure you are independent all your life or even save your life.
Take insurance that will address not only the things you may be at risk of e.g. Alzheimer’s etc if it runs in your family but one that will cover issues that may come up, as a result, of aging which may not be obvious like falls and sprains.
Your health insurance should also address long-term care. Consider your options now — as well as the finances — to prevent hasty decisions later. Changes in muscle mass, sex drive, vision, memory, and cardiovascular health mean you may need medical help presently or in the future. Working with insurance companies and packages that cover these is a better option than one that does not.
Making Money
Retirement is not the obvious or only option after 50. Contrary to popular belief, many people reach the peak of their success after 50. Teenage success and success in one’s 20s and 30s are unique. If you decide to make a career change at this time like another entrepreneur ensures you are offering value: this could be through your experience so in an industry you are familiar with or skill e.g. your ability to work with and attract talent.
Research has shown that startups started by individuals who are older are more likely to succeed than those started by teens and young adults due to their experience and a better understanding of customer and market needs. So don’t shy away from starting a business. Capitalize on your experience but do not overlook younger talent that has a new perspective on issues and the energy to implement your strategies.
If you are looking to be employed or seeking new employment downplaying your experience and being current in the lingo used for your profession will be critical in your job search. Relevance is the keyword here. If you are taking a job after being laid off you may find that you have to take a lower salary than you are used to.
Whether you go into business or decide on employment, upgrading your knowledge and skills will not only ensure you remain relevant in a fast-changing business environment, Learning, unlearning, and relearning are characteristic of successful individuals today.
