10+ Innings (Ages 65+)

Congratulations – you’ve made it to at age 65! You have played the 9 innings of your financial life, and how what? With some prudent financial planning, astute investment decisions…and, yes, maybe a little luck thrown in, you have accumulated enough runs (dollars) to choose whether you want to continue working or throw away that alarm clock, forget all about the morning commute and take it easy. The point is- you have choices. If you want to, you can retire to the clubhouse and enjoy the warm glow that comes from being a winner. Or, if you wish, you can choose to volunteer at your favorite charity, start a new hobby or continue to “run up the score” by staying on the job. You have the power to choose your lifestyle, and you can live your dreams.

However, for an increasing number of team owners, the harsh reality is that at the end of the 9 innings, there aren’t enough runs accumulated to stop playing the game. So, it’s TIME FOR EXTRA INNINGS. You may have to continue working for the next few years to get enough runs to retire.

The end of the 9th inning for many people is a time of tremendous change. For the past 45 years, the goal has been to work and accumulate assets. Now it’s time to shift from growing wealth to preserving- and eventually- the transferring of wealth. With the advent of better health care, we are all living longer. For many team owners- they may spend as many innings in the “post game” as they did “playing” the game. It will not be uncommon for people to be living over age 100; that is, 35 years or more which would be the 16th inning!!! That’s why it is so critical that team owners spend the time NOW to get their teams in place to play the game. Choose the right players. Build a strong team of players so you can win the game by the end of the 9th inning!

Here are some financial concerns for those over age 65:

  • You may have the care of an aging parent. What plans should I be helping them make to be prepared for when the “lights in the stadium go out” for them?
  • How can I manage my financial resources so that I don’t run out of money before I run out of time?
  • At some point, I may find myself in a situation where I will remarry. Should I have a pre-nuptial agreement? Should I change the title or ownership of my property if I remarry?
  • How can I generate enough income to live on my pension, social security or investments? Should I be in bonds and CDs now? Are stocks too risky for me?
  • Is an annuity right for me now? If so, which kind of annuity would be best? It’s so confusing; fixed, variable, income, indexed…why is this so complicated? And, who can I trust to tell me the truth about annuities? My insurance agent? Broker? Banker? Financial planner? Accountant? Click here for some valuable advice.
  • Long term care coverage is increasingly important. How can I sort through all of the advertising information to find the best deal for me?
  • How about Medicare supplements? Drug programs? Health care issues?
  • Estate Planning. I need to make sure that I’ve got all of the documents in place for my estate. What about a living will? How about the power of attorney? Health care directive? Is my will up to date? Should I have a trust?

The 10th inning and beyond is what you have been playing for, and this is the time for you to enjoy the runs you’ve put on the scoreboard. After all… It’s Your Money. Play to Win the Game.™

It’s Your Money. Play to Win the Game.™