Creating a Plan for Old Age – Investing in your Human Capital.
80 is the New 60 for Baby Boomers
This is probably more reflective of financial reality than a feeling of wonderful health and fulfillment.
Investing for retirement is not always about money. It is actually investing for a productive future even into old age when retirement may be an option but it might not be the option you choose. In a harsh economy or a collapsed economy your health, knowledge, and community involvement along with a family and friend support network may be your best ally for survival. Rather than focusing all of your efforts on piling up loads of cash that might get taken from you, it might be best to work toward a more meaningful existence now.
Education and Skills
This includes education to keep you skilled and up to date so that you can compete with the youth coming into the marketplace. It keeps your mind active and will help you make contacts and stay marketable. I remember a guy putting in satellite dishes when he was in his 70’s and I knew another who did CCTV security systems at the same age.
Become Self Employed
Self employment is another avenue that can give you that strong fallback plan when layoffs abound. If you are the boss you can always cut prices just to make a living. If you are an employee, they usually just cut your hours or your job. Find a business that aligns with your skills and interests and you’ll have a way to make a living where you can excel and enjoy. Here is an idea for you. Since you are somewhat into survival why not find an avenue of that to make a living. Survival Business is Booming.
Own Your Home
This means something. Sure you don’t own the land it sits on since the state and county will tax you on it, but usually you can find the money to pay the taxes but finding the money to pay rent or a mortgage is a challenge as work becomes harder and you slow down. If the economy slows down too then you are dealing with stress that would have been unnecessary if you had paid off your home. Go small if you must.
Make friends with those old and young. You’ll need both and exposure to both groups can be helpful and rewarding. Don’t get stuck in your age category.
Find a Sport
Anything that gets you moving and around other people will suffice to keep you active long after many are stuck on the couch. As a recommendation I’d take up something that limits risk of injury like golf, tennis, hiking, swimming, or even bowling. I’d stay away from bicycles, motorcycles, jogging, basketball, and water skiing or jet skiing due to risk of injury. As an add on to that, lift weights and by that I mean just 10 or 15 lb dumbbells to keep your arms strong. Start now and keep going with it. You will be amazed at how much strength you maintain. Stretch every night if you can and at least do the hamstrings since they protect your back when loose and put it at risk when tight.
Keep your mind active and engaged by reading anything and everything. Even pulp fiction novels will do.
Share what you know and what you have learned. It is a creative process that will also help you organize and formulate in your mind those things you know into a cohesive and useful source of information.
Writing is a way of teaching but also teaching directly by individually teaching someone or a group a skill you know is very rewarding. It can also open up many more ways for you to stay engaged with others and to make a living well past when you can work a production job. Teaching helps others and by doing this you will help yourself.
Rest is essential for productivity. Rather than taking vacations to recharge I have found it just as useful to just take time off daily for doing nothing but finding enjoyment. Doing this is also good training for your reclining days of retirement if they ever come. You may choose to keep working not just for income but for the joy of working at something you like to do.
If you notice something, almost everything on this list costs nothing or near nothing and in many cases can earn you income.