When looking at life for the over-50 boomer generation, take a hard look at the kind of lifestyle you would like and how you will afford it.
In a May 22nd, 2012 article in the Huffington Post blog, Martha Nelson writes about “Retirements ‘Golden Trinity’; Health, Lifestyle, Budget”.
She points out that once one part of “the trinity” goes awry, it can have a devastating effect on the rest of the trio. Your health is a deal breaker. Without it, everything else has very little meaning. Also, with rising care costs, unless you have provided for some type of health care and/or disability insurance, it can totally ravage your savings.
Speaking of finances, with devastated investment portfolios & the global market collapse, Nelson says, “even conscientious retirement savers find themselves knee-deep in mud, trying to stretch the corpus of money to add to social security checks as they look forward to the prospect of a long life”. If you haven’t saved funds for retirement or have lost what you set aside, as millions have, you will need to make careful lifestyle choices.
Simplicity may be the keyword for lifestyle. For some retirement in a gated golf course community may be out of the question. Instead, a condo or small home may be a better option. Some are even looking at co-housing choices.
It’s hard to imagine what will happen to those who, for all the reasons life can hand us, have not solidified what life will look like as they age. Certainly these three issues which make up “The Golden Trinity” are worth your consideration. CAUTION: DON’T BE ONE OF THOSE UNPREPARED BOOMERS? Think ahead, plan now. Share your thoughts &/or your concerns!