What does 60 mean to you?

In many corporate organisations, 60 is the retirement age, whether you are ready or not, and even when you have so much more to give; it can be quite disconcerting and unsettling to have to move on if you are not mentally and financially prepared. Research suggests that life after 60 can be one of the most challenging and uncertain times of life. If planned for, however, it can and indeed should be a most fulfilling and rewarding time.

What will you do? Will you take some time off as you consider your next steps? Perhaps you want to start a business of your own, travel, do something completely different, give more focus to your legacy, or actually retire in the traditional sense of relaxing and taking things easy.

Whatever you choose to do, life after 60 should be an exciting and fresh new canvas that gives you the freedom to follow your dreams. You have worked for so many years, perhaps with not enough time to do all the things you love. Now you are relatively free from intense family and career commitments; you can travel, focus on yourself and enjoy new experiences, but only if you can afford it, or if your loved ones are willing and able to fund the lifestyle you deserve.

Financial independence typically means having enough income to pay for your living expenses for the rest of your life without having to work full time unless you wish to do so. Here are some strategies that successful sixty-somethings have applied to make the best of this time: Health is Wealth

Good health is key to a successful retirement. The endless opportunities in retirement can only be attained if you have invested carefully and remained healthy. Healthcare costs tend to increase as you age, so preventive medical attention including regular screening and a healthy lifestyle is essential. Protect your later years by taking care of your physical and mental health with enough rest, regular exercise, and a healthy diet.

In your 60s and beyond, you fall into the high-risk category for complications resulting from the COVID-19 virus. Be conscious of meticulously observing all the set protocols; wear a facemask, wash your hands frequently and use a hand sanitizer and most importantly, avoid large crowds.

Ideally, your medical insurance should have been in place for decades before now, but even if you have no cover, put something in place as soon as possible. Even the most elaborate retirement plans can be totally decimated if you find yourself in poor health and without adequate health insurance in place.

Cut back on your expenses

Entering retirement should force us to rethink every aspect of our financial situation. You may be forced to give up some of the luxuries that you were accustomed to. Be prepared to adjust your lifestyle and spending habits as appropriate and if necessary.

It can be particularly challenging where you have been a corporate executive for many years with perks that you took for granted and never costed. Some of the most vulnerable are those retiring from senior leadership roles in the private or public sectors with all the attendant perks. For those still working, don’t be complacent; as you enjoy all the trappings, be sure to give attention to building your own assets by saving and investing, for a time that will surely come.

Be mindful of debt

While you are working, debt can be a nuisance, but can be managed with sufficient regular income coming in but it can be a huge burden particularly where you are no longer earning. Even if you cannot afford to pay it off completely, try to reduce it, particularly the high interest debt. With overwhelming debt, it will be impossible to retire in financial security, so this must be tackled head on.

Will your pension be enough?

Living solely on a pension is impossible for most people; you will need other sources of passive income from personal savings and investments to be able to maintain the lifestyle you have grown accustomed to, and to meet your obligations.

Your current income is a good starting point for calculating how much you will need. Experts suggest that one may need between 60% and 80% of current income to maintain your current in retirement.

Give some focus to acquiring assets that can appreciate in value and generate passive income. Interest from your bank deposits is a reliable, predictable form of income. Property is one of the most dependable assets when carefully acquired with professional guidance. It is a great source of passive rental income when chosen right.

The stock market has a good long-term track record, and many successful investors have built significant wealth this way earning regular income from dividends or selling stocks that have appreciated in value. Every investment opportunity comes with risk, so do seek professional advice. lifestyle

Postpone retirement?

It is not uncommon to work well into your golden years. If you cannot afford to retire just yet, consider easing into retirement by working part time. You may have to postpone retirement or revise your retirement goals downwards, particularly if your family members are not in a position to fully support you. A few more years of earning can make all the difference; this will give you time to accumulate and invest additional funds for retirement.

Many people are still fully engaged in some activity or other well into their seventies and even beyond and living a full and fulfilled life. Remember that the aim should be to work because you want to, and not because you have to.