The 6 Ages of Wealth (Part 6 – In your 70s)

The 6 Ages of Wealth Part 6

Happy Days! Now’s the time you’re living the high life. No kids, no work and lots of money! How could life get any better? By the time you’re in your 70’s you would most likely have been in retirement for a little while and discovered it’s not quite all it’s cracked up to be or you’d imagined. Not enough to fill up the days and if you don’t get a yearly holiday you’ll go mad but that leads to the balancing act between having money for a trip but making sure you don’t use too much. Making money last in your 70s is a major concern, along with your health.

By the end of your 70s you may find your calendar is getting busy and sadly this is not due to parties and pub crawls like it was in your younger years, quiet often it’s due to funerals and wakes. Keep your black dress and suit handy! On the plus side this is a time when you see your grandkids and if you’re really lucky, your great-grandkids, which may make you sound old but it's a particularly good time as no one actually expects you to actively look after them and you can spoil them freely when they visit.

The 70s are a time where life is pretty good, and why shouldn’t it be? You have been busy all your life, kids, property, mortgage, school – you’ve worked hard! It’s time to enjoy it, put your feet up and relax. This is your time!

Here are 6 tips for your 70s:

  1. Get involved – waiting for family to visit can be lonely. Find things you like to do and keep active. Join a book club, play golf, volunteer.
  2. You’re only as old as you think you are – Don’t be dictated to by your age. Just because you're 70 doesn’t mean you have to act it.
  3. Make sure your estate is in order – It’s best to ensure that you have a watertight will: you don’t want a family break-up to be your legacy.
  4. Make sure you know how long your money is expected to last and keep track – Now more than ever you need to know, as it’s all you have.
  5. Apply for and use pension cards – You may qualify for an age pension; if not, many states and territories have senior’s cards that provide good discounts. Ask your financial adviser about these.
  6. Review Centrelink entitlements regularly: You may become entitled to extra benefits that will help to make for a more comfortable retirement. Again, seek advice from your financial planner.

Sound Life Financial Services 98411688

Source: Taken from an article written by Teresa Ooi from the magazine “The really simple guide to Money” by Big Splash media Pty Ltd

The information contained in this blog is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial planner.

Jane Looker, Thelma Jaekel and Sound Life & Superannuation Agencies Pty Ltd t/as Sound Life Financial Services are Authorised Representatives of Synchron AFS Licence No. 243313

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