I am hearing stories and I’m sure you are too, about people reaching their 90’s and running out of money. Well, the truth is it can happen at a much younger age. Sometimes there are circumstances beyond your control that rob you of earning capacity, circumstances like an interrupted work career. Women, in particular, miss out years of earning capacity because caring for the family too often falls on them.
Longevity makes it imperative we make a conscious effort to save more money while we are still working. Life expectancy has continued to increase with females now aged 65 expected to live to 87.1 and a 65-year-old male can expect to live to 84.2 according to the Australian Institute of Health and Welfare. I became a widow at 55, my girlfriend became a widow at 59 and my Mum became a widow at 83. The chances of women ending up on their own are greater than men and that is why women need to avoid running out of money.
It is relatively easy to find out what you need to know about any topic thanks to the internet. We can look up how to spell words, how to pronounce words, find the location of a city anywhere in the world. Never been to Mexico, no problem we can google away and find which countries border Mexico, see the location of the beaches, the major cities, the highlands and any large lakes. There is a lot of information and that is the problem with the internet. I sometimes get bogged down sifting through the mountains of information trying to work out if it is credible information.
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“I always had the desire to do something with money!”
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- Graham Bibby, Author, Entrepreneur and Investment Expert