HOW TO RELAX & SPEND IN RETIREMENT / GOING NUCLEAR? / FOOD MYTHS / WHY TIME FLYS WHEN WE AGE
How To Relax And Spend Your Retirement Savings
Through our working life we saved and invested for retirement. And then, we worried. Would we have enough to retire? Could we afford to retire? Now that you’re retired, can you reverse course and go from savings to spending?
It’s easy to be overly cautious these days with the stock market throwing up all over its shoes and inflation doing its thing. But what if you’re riding the spending brakes to the point of lowering your standard of living or denying yourself the pleasures you can afford?
Now Is The Time To Enjoy The Fruits Of Your Labors.
In an article by Trustco Investment Management, they state “after almost two decades in retirement, most current retirees still have 80% of their pre-retirement savings.” This shows that spending money in retirement for most people, isn’t a money issue, it’s a psychological issue.
Know Your Numbers
In order to gain confidence in spending in retirement you need to stay on top of your numbers. As I wrote in my August 25, 2022 newsletter you need to accurately know your expenses. If you track what you’re spending on a monthly basis, you’ll know how that compares to your spending budget, and you’ll be able to determine what your retirement income can support.
Have A Plan
What is your plan for your “Retirement Life”? What do you want to do? Travel? New car? Upgrades for the house? How much will those cost? Now build that into your budget. Know how much and when it makes sense to spend.
Maintain Your Health In Retirement
As we get older, healthcare spending will probably rise more than any other expense. The best way to have some control over these costs is to do your best to stay healthy in retirement. Keep your weight down, exercise regularly, and eat healthy. I covered the benefits of being functionally fit in my 7/14/2022 newsletter. Maintaining Your Functional Fitness
Have A Purpose For Your Retirement
If you have a reason to get out of bed in the morning besides the news, it’s easier to spend your money. In my 7/7/2022 newsletter i wrote about the importance of having “Core Pursuits” in your retirement. Pursuing Your Core Pursuits
As I’ve said before, I’m not a financial advisor and I don’t play one on TV. Review any spending and income changes with your financial advisor.
A Bit Of Humor
News
Going Nuclear?
The energy issues that the world is facing mostly due to the Russian dawdle in Ukraine is getting the nuclear power back on the agenda. Germany is delaying their permanent shut down of nuclear power stations and California is looking to do the same with their last online nuke plant. While there has been a bit of development of new nuclear power in the USA, research has continued and new technologies are making nuclear power a viable option. Here’s a short article from AXIOS with more details and a video by CNBC that dives deeper:
CNBC Nuclear Power Renaissance
Health & Vitality
Coffee Good? Red Wine Bad? Food Myths To Know About
The information on what is a healthy diet that is promoted by our government and taught in schools is a result of studies paid for by the food industry. That is why the “desert for breakfast” (sugar coated, fortified, whole grain) isle in the grocery store is so vast. As a result of this bad information, there is also other opinions online being pushed by other “experts”. As a result we have a bunch of food myths out there on what is and isn’t healthy to eat. Here’s an article that I think dispels some of the myths:
Fun & Frivolity
Why Does Time Seem To Speed Up As We Age?
Yes it does. This past summer just went by in a flash. Why? According to this study, us older people have so much stuff jammed into our brains over the years, it takes longer for us to process what’s going on around us and therefore time seems to go by faster. Got it? It took me a while but this article helps:
Why Does Time Seem To Speed Up As We Age
A Quote To Chew On
“I would rather have questions that can’t be answered than answers that can’t be questioned.”
— Richard Feynman, theoretical physicist and recipient of the Nobel Prize in Physics in 1965