Embracing ‘Spendophobia’
3 WAYS TO INVEST IN YOURSELF AFTER RETIREMENT
We at CWM want you to be financially healthy, too. A big part of what we do is make sure you’re in a good monetary position at all times. We work to address issues or respond to the market and keep you out of harm’s way. That way, you don’t have to worry when those unexpected events pop up. Going into the new year, I feel good about where we are, what we’re accomplishing, and how well-prepared our clients are for any of life’s situations. We hope you feel the same way! If you agree or feel differently, let us know. We want to hear your thoughts. Feedback of every kind is welcome and helps us do better by you and your family. And if you have any friends who don’t feel as confident about their financial situation or the advice they’re currently getting, let us know! There’s no reason they shouldn’t be in good standing while going into the new year. After all, if they’re important to you, they’re important to us. 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, ... Continued from cover
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.
Spicy Salmon Tartare
Ingredients • 1 8-ounce boneless, skinless salmon fillet • 1 tablespoon fresh lime juice • 1/4 teaspoon lime zest • 1/4 cup cucumber, seeded and finely diced • 1 1/2 teaspoons jalapeño peppers, seeded and minced • 1 1/2 teaspoons shallots, minced • 3/4 teaspoon fresh ginger, peeled and finely grated Directions 1. Place salmon in freezer for 20 minutes to make slicing easier. 2. Meanwhile, prepare other ingredients for mixing. 3. Thinly slice salmon into sheets and cut sheets into strips and strips into cubes. When finished, you should have 1/8-inch cubes. 4. In a mixing bowl, combine salmon with all other ingredients. Season with salt and pepper. 5. Garnish with chips or crackers and serve. • 1 1/2 teaspoons fresh cilantro, minced • 1 1/2 teaspoons fresh chives, minced • 1 1/2 teaspoons grapeseed or vegetable oil • Salt and freshly ground pepper, to taste • Crackers or chips, for serving
Kelly Campbell
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Inspired by Epicurious
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