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Help! It looks like I have run out of money, or have I?

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A financial wake-up call will scare the living daylights out of you. Running out of money, or not enough money is an expression we hear quite a bit these days.   I will bet you know someone in that position. This is becoming more prevalent as more and more Baby Boomers move into retirement.

Have you got a plan of action should this happen to you?  Do you know how you would survive?  What if you’re not yet eligible for a government pension? If you are fortunate enough to live in a country with social welfare benefits, do you know how to set the process in motion? Are you going to be able to maintain your standard of living, and enjoy the things you do now, on a pension?  Can you stay in your home?

Are you feeling the pressure with these questions? All too often we have our heads in the sand when it comes to putting something aside for our future. Naively we think we can address this as it happens.  We can’t.   My Aunt ran out of money at age 90. Now that is too old to go out and get a job.  It’s a great age to reach but what if there are health issues?  The reality is we don’t know what they future may hold.  We have to have a savings plan in place. Becky Keuker received a wakeup call when her wealthy grandmother ran out of money. It sent the family as a whole into shock.

My name is Ann Nelson (http://www.annnelson.com.au/).  I am a retirement coach and I interview people who can help us avoid that kind of trauma. In this case Becky and her husband made the decision to rethink the way they viewed their finances.  I invited Becky to share her story because we are still in time to change things if we act, and act now. They did.

When you close that door to your working life too often we find a sad fact. Society views aging as failing and somehow your accomplishments seem to get lost in the appearance of wrinkles. You lose your identity. To make matters worse it is not just the financial side that is problematic.  What about all that spare time? What do you do with it? Becky Keuker decided to document this journey to understanding.  It is a way of sharing what we all can do.  People like Becky and her husband are inspirational because they give us ideas that show us we can do so much more than we thought we could.

In my own humble manner I have tried to help people find their way through my own publication    Retire Well, Retire Happy, and through my podcasts where people like Becky make an appearance. I am still learning myself but already I am further ahead than I was yesterday. Here are just a few brief and simple strategies Becky will be discussing.

1.     Start a savings plan

2.     Don’t spend more than you earn

3.     Have that talk with your significant other half

4.     Be prepared to embrace your retired identity

 

Please join me and Becky by listening to my podcast on my website  ttp://www.annnelson.com.au/retire-well-retire-happy/the-podcast.html

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Ann is an author, experienced entrepreneur, seasoned self-directed investor and a highly sought-after retirement consultant. For more than 30 years, Ann has worked diligently to build her own personal financial security.

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Guest Friday, 20 October 2017

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