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The Sequel to The Jim and Judy Show 1 Let’s Retire These Health Myths Success Stories Have You Heard the Good News? 2 Tiramisu What Do You Know About Centralized Monitoring? 3 3 Ways to Invest in Yourself After Retirement 4
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EMBRACING ‘SPENDOPHOBIA’
3 Ways to Invest in Yourself After Retirement
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 showedmany 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 requiredminimumdistributions (RMDs) from your traditional IRA and 401(k) whether you want to or not. Instead of stressing over the fact that you’re pullingmoney out of these accounts, embrace the opportunity to do something for yourself. Travel It can be tempting to hold off spendingmoney 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 newwater 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 withmore 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 learnmore 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.
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