Читать книгу Finances After 55 - Sylvia Lim - Страница 13

Passive retirees are at a stage in their lives where they’ve slowed down considerably and may even be experiencing declining health. They’re likely to be in their 80s and beyond. Although some of them are still mobile and living independently, they may now be more dependent on others for certain daily living activities such as cleaning house and cooking meals or bathing and dressing.

These retirees will eventually require more than care and assistance in their activities in daily living; they will also need medical and long-term care and attention.

It is expected that more and more passive retirees are going to live beyond the ripe age of 100.

Each of these three stages may bring you different types and/or different mixes of cash inflows (including income and other sources of cash), and you must consider the different expenses that may come your way as you move from one stage to another.

For example, in your active retirement years, you may be one of those seniors who continues or returns to work part-time, and part of your cash inflow may come from this employment. However, that may not be the case as you progress into your passive retirement years, and you must plan ahead for this change in income. It is the same with expenses. You may have a sizeable travel budget during your active retirement, but may completely eliminate this budget item in your passive retirement years.

You need to determine now what you want to do for the rest of your life and plan now how to fund it. You must also determine how you want to live. Depending on your plan, it may be realistic to budget for additional expenses to invest in a hobby or pursue an interest.

As you move into your semi-active retirement years, you may shift your priority to other activities that are closer to home, such as spending more time with families and friends, volunteering with a favorite charity, or becoming more involved with your church or religious organization. This change in activities requires a corresponding shift in your retirement plan to adjust for the new spending pattern.

As you move toward your passive retirement years, your needs will once again change. Your priority will most likely be to make yourself as comfortable and healthy as possible, and this may include extra costs for in-home assistance, medication, and even long-term care. Even if you continue to live in your own home during this phase, alterations to your home may be necessary to accommodate your changing needs. You must consider all these expenses in your overall retirement plan.