R U L E S O F R U NN I N G T H E R O A D SA F E T Y AND PREVEN T I ON S T AR T S WI T H AWARENE S S
You’ve spent your entire life being told to save, save, save. Now you’re finally retired, so it’s time to spend some of that money — but you’re scared! This is only natural because it means breaking a lifelong habit of socking away money and refusing to touch it. You’re not alone. A recent study of retirees’ spending habits showed many people actually spend less than they can afford to. They’re scared of the “what ifs” that come with living on a fixed income. However, at age 70 1/2, you have to start taking the required minimum distributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pulling money out of these accounts, embrace the opportunity to do something for yourself. TRAVEL It can be tempting to hold off spending money as long as possible. After all, who knows how long you need your savings to last? Travel, however, is one thing you can indulge in early without feeling guilty. Even the most leisurely trips can be physically demanding, so it’s better to see the world at 70 rather than wait until you’re 90. To keep yourself on track financially, use the bucket system to set up a separate savings account just for travel. INVEST IN YOUR HOME Once you no longer have to work five days a week, you’ll be in your home more often, so why not make it amazing? An in-ground pool or a private tennis court might be outside your budget, but new kitchen countertops or a deeper tub will add a touch of luxury to the space you spend the most time in. Upgrading your home is almost always a good investment because it adds equity, which will pay off down the road. That extra cash will come in handy if you decide to sell later on in order to downsize or you plan to enter assisted living. Don’t forget to set aside money for ongoing maintenance, such as a new water heater or roof repairs. GO BACK TO COLLEGE It might sound counterintuitive to go to college when you’re not planning to go back to work, but continuing your education after retirement offers many benefits. Many individuals find themselves with more time on their hands than they’re accustomed to, and without a plan to fill this time, it’s easy to become depressed or isolated. Numerous studies have shown that continuing to exercise your brain has a positive impact on cognitive function, so taking a few classes can be the perfect way to stay busy and keep your mind sharp. Attending school late in life is also a great opportunity to indulge your passions and learn more about subjects you’ve always been interested in. Many colleges offer free classes or reduced tuition to seniors, so check with your local schools and see what classes or programs they have available. EMBRACING ‘SPENDOPHOBIA’ 3 WAYS TO INVEST IN YOURSELF AFTER RET I REMENT
Richmond is a running town. We all want to stay healthy, and we all have our own reasons for doing so. But those of us who choose running as our form of exercise don’t always think about what we’re putting at risk to shed that extra weight. No matter what time you’re taking to the roads, whether it’s 6 a.m. or 6 p.m., there is always a risk in braving motorways packed with easily distracted drivers. By identifying the rules of the road for both sides and understanding how to prevent the devastating injuries that result from accidents, we’ll be better able to take such risks into account the next time we strap on our running shoes. Richmond natives have had plenty of exposure to the horrors of running accidents in recent years. The tragic cases in Hanover County of Dr. Denise Gorondy, who suffered a brain injury in a hit and run, and Meg Menzies, who lost her life, are still fresh in our minds. The fact of the matter is that you can never be completely out of danger when running on major roads, but by better understanding your rights as a pedestrian, you can get some peace of mind. When you’re on the actual road, or adjacent to it, make sure to run against traffic, and if you’re running on the sidewalk or multiuse trails, travel on the right and pass on the left. The general rule of thumb is to allow for at least 4 feet between a passing vehicle and yourself, and avoid running in groups of more than three people wide. It’s important to remember that cars have rights too. In fact, they have most of the rights on the road, and you’re going to do a whole lot less damage to them than they can do to you.
This time of year, you should especially be on the lookout for morning drivers who haven’t properly defrosted their windows, cars turning out of blind spots, and vehicles in high- distraction areas like parking lots or scenic viewpoints.
Make sure you always carry proper identification and a set of emergency contacts taped to the back of your cell phone, just in case you are
struck by a vehicle and rendered unconscious. This is key, because many times runners who are struck by passing cars are left with head and brain injuries, further complicating the
patient’s road to recovery. If you or a loved one has been involved in a personal injury case of any kind, The Mottley Law Firm is here to help get you back up and running again.
2 | (804) 823-2011
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