Painting You a Picture: Financial Life at the Age of 60

Everyone works as hard as they can to enjoy a comfortable life. However, what is life like after you are past the “employable age”? This is what we will be discussing at some length today. The concept of retirement is not something that a lot of people consider while they are still young.

After all, why would they? That is still several decades to go—the people who are presently in their retirement years mostly only started to seriously think about retirement when they were a decade away from it. It is this way of thinking that has birthed a lot of the common issues that those in the age 60 and above face today. Here are some common financial issues they face:

Massive Debt

Those in their late years often bring a massive amount of debt with them. This is borne out of the many decades of supporting their families and shouldering other financial responsibilities. With old age also comes more health issues, this means that more and more of finances are being used to maintain the health of a retiree.

As such, it is a lethal combination for the finances of anyone in their 60s.

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Difficulty adjusting to changing procedures and fees

A constant issue with elders is the sudden realization that banking procedures are completely different from when they were younger. A fairly common practice of someone who is overwhelmed with details is to outright reject everything or to say yes to everything.

What often occurs is that elderly folk end up with late fees or extra things to pay for with add-ons that they may have not noticed they agreed to. This is fairly common in TV or internet deals. As such, there is significant impact in the finances of a person at this age.

It’s a glum picture, however…

It’s a reality that millions of people face every single day. This does not mean that this should be YOUR reality. As early as now it is important to remember that when you start early, time is your friend. Here are a few tips that you can apply in your life now to prepare for a better retirement experience:

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Allot 10% – 20% of your monthly earnings toward retirement

While it may not seem a lot, over the grand scheme of things, it will be quite substantial. Do the math and see what you can stand to set aside within the span of a decade. Just make sure that no matter what, this money must not be touched. Let the interest rate work its magic and you will find yourself in better straits in your latter years.

Learn to say NO

A common issue with people in their prime is that the urge to “keep up” with others is strongest. The “fear of missing out” is a large contributing factor in the massive spending that most people in their twenties and thirties do.

If you keep these few tips in mind, you will end up with a better financial situation than most in their sixties get to experience right now.