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Financial Fitness For Those Close To Retirement

Updated on September 10, 2015
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Your retirement years are looming around the corner and you’re terrified of speaking to your financial adviser. You just know you haven’t saved enough and you’re afraid you and your family will be destitute. Is there any remedy this late in the game?

Pay Your Debt Now

The last thing you want heading into retirement is debt looming over your shoulder with the added burden of a smaller income. While you’re still able to work, try to pay off as much debt as possible. Old age brings its own struggles and problems with the added medication and free-time. You will want some disposable income to do the things you’ve always wanted to, now get stuck inside your house because you can’t afford anything.

Living With Your Children

If the thought of this leaves you weak at the knees and tearful, it’s important that you either extend your working career or you find a place you can safely retire in. For those who simply can’t afford it and have to live with their children, the solution is to keep the relationship as peaceful as possible. Many children adore having their parents with them, but the added burden of caring for another mouth could put them under severe financial pressure. This is especially true if you require medical assistance.

Create An Additional Flow Of Income

Investing in a small business or a hobby that earns a bit of extra income will help take care of some of the expenses, or will even help you pay for that long-awaited vacation. This will also keep you busy during retirement, especially if you’re used to being busy.

Do Not Incur Any Additional Debt

This is especially true if you’re in the last ten years before retirement. Incurring debt during this phase will almost guarantee you carrying debt into your retirement which is a situation you will want to avoid at all costs.

Ensure Your Insurances Are In Place

This is a great time to pay a visit to your financial adviser. There are many financial products you will need in this phase of your life, for instance, illness cover, funeral cover and health insurance. This is especially true if there is a history of illnesses like heart disease and diabetes. Life cover at this stage is necessary if you still have debt or individuals relying on you for financial support. If you don’t, it may be a good idea to drop your cover to cover the expenditure in your estate, unless you want to leave a legacy to your children.

Invest In Your Health

This is a great time to ramp up your activity, as opposed to toning it down. Investing in a few free-weights and perhaps a treadmill will ensure that you remain supple and it gives your joints and muscles a greater chance of handling the aging process well. If you’ve neglected your health, ramping up on healthy whole foods, vitamins and minerals may reduce your reliance on medication in the long term. This is also a great time to steer clear of excess sugar and refined products in your diet if you haven’t made these changes yet. The financial gain from keeping yourself fit and healthy is incalculable.

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    • AudreyHowitt profile image

      Audrey Howitt 

      3 years ago from California

      These all seem to be great ideas--paying off debt is where we are right now!

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