Challenges At Retirement – A Three Part Series

One Man’s Plan (Part 3)

By Mike Flynn: http://www.lifeinsuranceinsights.com/

“Life consists of two major events with a lot of stuff in between. You’re born. Stuff happens. You die.

Stuff that happens in the early years seems pretty important at the time. But, at the other end of the journey it’s amazing how few specifics you remember. It’s also absolutely mind boggling how fast you get there. Here I am at age 73, much closer to the second major event than the first and wondering how it could have zipped by like it did. When I was a youngster, 73 was ancient! I didn’t know many people who were that old. But then I saw my mother live to age 91 and her mother was almost 100 when she finally faded away. 

My mother’s death brought a sense of reality to me as I became the oldest member of my family and realized that the second main event of life comes to all of us at some time. We just don’t know when. And that’s what makes planning for these years such a challenge. How long will it be and what extraordinary expenses might befall us during this time? 

I have been very lucky, blessed with good health, a reasonably agile mind, the ability to see the big picture and a solid work ethic. But good luck doesn’t always pan out and is no replacement for planning. It is never too soon to establish a plan for your later years. Trust me; they’ll be here before you know it. 

So, what are the most important elements to a plan? What do I think about during my eighth decade on this journey? I think about the importance of my wife and I keeping our good health. I think about trying to spend every day I have doing things that make me and my family happy. I also think about money. Will I have enough to keep doing all the fun things we want to do for as long as we are able to do them? What effect will a major economic shake up—as we are now experiencing—have upon our cash flow? I think about never wanting to be a burden to my wife or kids and how I want to have something left over for my family and loved ones after my wife and I are both gone. I wonder what resources I will have—health, financial and mental—with which to cope.”

stay tuned for part 2 later this week….

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