Life’s Transitions in your 70s

You’re living the high life. No kids, no work, and lots of money!

How could things get better?

You’ve been in retirement for a little while now, and it’s not all that it’s cracked up to be. You’ve got into a routine, but there’s not much going on. If you don’t go on a holiday once a year, you’ll go mad, but it’s a balancing act between spending money on an annual trip to keep your sanity and making sure you don’t use too much that you won’t be able to afford the rest of your retirement.

Making sure your money lasts is a major concern throughout your 70s and into your 80s and your health. You’ll find it deteriorates more now with more problems that you didn’t even know existed, and it looks like a rainbow in your pill box. Regular doctor’s visits aren’t a choice; they’re a necessity.

Towards the end of your 70s, your social calendar is starting to get booked up, but it’s no longer parties and pub crawls but visiting friends in the hospital, or unfortunately, more funerals and wakes. Should we discuss this, or is it too morbid? Let’s just say that as time goes on, you realise the mortality of us all and understand that the friends around you are slowly dropping in numbers or going into care. Keep your black dress and suit handy!

This is also the time when you may start to see grandkids, or you may even be lucky enough to be getting yourself some great-grandkids which makes you sound old, so you’d prefer to be called GG or Greatpa. Great grandkids are particularly good as no one actually wants you to actively look after these little balls of energy, but they sure are cute and fun when they come over for a visit with their parents. You get to spoil them without consequence.

But it can also be a lonely time, especially if you don’t have a partner or your kids live far away, and even your friends may not visit often. It can be a time when everyone around you slows down, so there’s not much to do. It would be nice if your kids visited more often, but you understand they have their own lives to get on with, but it just would be nice for them to remember you.

This is a time when life is pretty good, but why shouldn’t it be?

You’ve been busy all your life with life. You’ve worked hard all your life for kids, property, mortgage, and school, so why not enjoy it! Put your feet up and relax. This is your time!

To help you get started, reach out to the JBS Financial team here AND here are some tips to help you get the most out of your 70s; see below.

Seven-Point Check List

Get involved.

Waiting for family to visit can be a lonely pastime. Find things you like and get involved. Keep your mind active and enjoy life. Join a book club, play golf, volunteer, go on holidays, make new friends, join Facebook, play Sudoku, and just do things that will bring joy to your life.

You’re only as old as you think you are

Don’t be dictated by your age. Just because you’re 70 doesn’t mean you have to act it. You only get old if you stop. Don’t listen to people who tell you that you’re 70, so you can slow down! It’s only a number!

Review your Estate Planning Affairs

Now more than ever, you want to ensure that your financial and estate planning affairs are in order. It’s unfortunate, but families can turn on each other when money is involved. It’s best to ensure that you have a water-tight Will and other measures so that your wishes are carried out, and it is less likely to be contested. You don’t want your legacy to be that your money was the thing that broke up your family. Plus, make sure you have the all-important Power of Attorney and Guardianship in place, and your family knows what your wishes are. Do you have all your passwords to your various accounts and social media listed somewhere? Unfortunately, identity theft is all too common, and you want to ensure your safety.

Plan your money

Make sure that you know how long your money is expected to last and keep track. Now more than ever, you need to know about your money as it’s all you have.

Apply and use pension cards

If you qualify for Centrelink, you may also qualify for a seniors card; however, many states and territories also have seniors cards that provide discounts on things from medicines to your gas bill to even coffee at your local Mcdonald’s. Every little bit counts, particularly when you can no longer earn an income to make it back if you lose or use it.

Review Centrelink

You should review your Centrelink entitlements regularly as figures change. You may be entitled to an increase in benefits that could make for a more comfortable retirement or allow your funds to last longer through retirement.

See a Financial Adviser

This is the time to ensure you remain connected to your adviser; they can ensure that your portfolio is well-positioned to last and weather those market fluctuations that continually crop up. A good adviser will keep you on track and help facilitate your estate plan, including any Death Benefit Nominations on your super. Plus, raise any Centrelink benefits you may be entitled to. It will be worth the money.