Tips to help you plan for retirement

A big question for those approaching retirement or those in retirement is how many more years are you going to live? It's not an idle question. Twenty-eight percent of Americans 50 and older underestimate their life expectancy by five years or more, according to a study by the Society of Actuaries. To find out how long you may have, check out the longevity at this link https://www.longevityillustrator.org/ Nearly a third of women significantly miscalculated their life expectancy.

You could argue that this is a good thing — so many more grandchild hugs! And it is, however, there is the fear that you could run out of money. One of the biggest money mistakes we make, is not understanding or underestimating your longevity. Life expectancy is the foundation of your planning

Finding the right target

In general, the older you become, the greater the likelihood that you'll reach your 90s. To get a fresh, relatively objective sense of your longevity, there is any number of tools available. Search online for “life-expectancy calculator” and you can get an estimate from several organizations. Some require answers to only a few questions; others take a deep dive into your eating habits, medical history and other matters.

Whatever number you end up with, the experts suggest that adding a few years to it to account for the wild card: medical advances that could keep you going even longer is not a bad idea.

Many happy returns

If you're just now turning 55, these are the probabilities that you'll celebrate other milestone birthdays.

Age     Men   Women

75       71%   81%

80       57%    69%

85       40%    53%

90       21%    33%

Once you have a better estimate of how long you expect to live, you can tweak your money plan.

Start saving to go the distance.

Use one or more retirement-income calculators to estimate if you're on track, based on factors such as your new longevity expectations, how much you've saved so far, your expected Social Security benefit and other guaranteed income, and your spending. There are many good web-based tools; just search online for retirement-income calculator. If your projections come up short, look for efficient ways to save more.

Look for ways to cut back.

Rather than give money to your family give the gift of your time The Pandemic has been hard on seniors and on their families. In a recent CreditCards.com poll, nearly 80 percent of parents who helped their adult kids financially during the pandemic said they gave money that they would have otherwise used to improve their own financial situation — to pay off debt, for example, or to save for emergencies and retirement. The average gift made during the Pandemic was $4,154. That's in line with other research that found that half of parents put their retirement savings on a back burner in order to help adult children.

Plan for health costs.

A few hours every week practicing yoga or lifting weights or walking could save you a bundle in the future and give you a better, more active retirement. Remember: Unexpected medical costs are one of the top financial challenges of retirement and these can be reduced by starting an exercise program to stay health.

Touch up your LinkedIn profile.

Planning for a longer life may mean working longer but it could also prompt you to find a new job that pays better and keeps you more engaged. Networking, both online and off-line, and keeping your skills fresh will help you stay on top of opportunities.

Another option is to explore a side gig, whether that's consulting, driving for a ride-hailing service or working at a golf course every other weekend. This work could bring in enough extra savings to put your plan on track and could even turn into an eventual retirement job.

Don't invest too conservatively.

In a recent survey 49 percent of people ages 45 to 67 didn't know how their retirement savings were invested. Respondents ages 45 to 59 who did know reported that only 30 percent of their money was in stocks and that nearly the same amount sat in cash. To build a retirement kitty, your returns need to outpace inflation; that generally means investing a larger portion of your money in stocks. It's important to look at your individual situation and talk to an independent Financial Advisor. If you have other sources of income, such as a pension or rental income, you may be able to keep less savings in stocks and still be secure for life.

Top tips for retirement from Sun Life

One of the bottom lines of the survey done by Sun Life is that In general, those who are retired are happier with life now they have retired. In addition, the respondents offered a range of practical hints and tips were given by those who are retired to help others prepare for retirement:

Enjoy retirement

80% said that life has become better since they retired. They have more time and the freedom to do what they want.

Start saving from a young age

Save money when you can, and try not to ‘fritter money away’ on small things. The average net monthly income amongst those who are retired is £2,114 and around 8 in 10 are hopeful that they have enough money to last their retirement.

Don’t retire too early

The average age of retirement was 59, and although 76% felt they retired at the right time one in five (18%) said they retired too early. Few felt they retired too late.

Plan for the future

Paying for support and long-term care is a worry for many, particularly if their partner needed long-term residential care. Only 9% of those who are retired felt they could definitely afford this.

End of life planning

Many have not yet planned their funeral yet. Of those who are retired only 36% have made any plans for their funeral

The creative mind

I love the magic that creative people bring to the table. My daughter and my son are creative, as is my son's girlfriend, as is my wife. I love to be around creative people for all the charm, individualism and drama they bring to any situation. Over the years I have been very lucky to have worked with and met some very creative people. I was always in awe of how each of them brings their creativity forward. I am creative from time to time, but I do not see myself as a creative person.

It is interesting to me that as I watch creative people while they are in the zone. It seems that the 5 minutes of inspiration they need to totally rock the world and transform the world comes at the end of hours, weeks, months, or even years' worth of floundering, frivolity, false starts, and seeming hopelessness. The creative process is one that some of us develop with ease, while others of us struggle to find it. A creative mind never stops searching for a new or different way of doing. A mind that is not creative will wonder if there is a new way but will not stop to explore, wonder or stop to figure out how to make it happen.

If you are a creative person and you think you are stuck and are floundering, remember that when the dream comes true and you glance over your shoulder, you'll see that those 5 minutes when the idea become real for you were made possible because of everything that led up to them. Remember that you never needed to be so critical of yourself or the time it was taking.

Habits to help prevent Dementia: Stop Smoking

 7. Abstain from Smoking

In addition to the negative impacts on your lungs and heart, smoking harms the brain and contributes to a higher risk of dementia and cognitive decline. Studies show that people who smoke are at a higher risk of developing all types of dementia, including Alzheimer’s disease.

Cigarettes and cigarette smoke contain numerous chemical compounds that are toxic to the body. Research has found that these substances contribute to oxidative stress, inflammation, and atherosclerotic processes, which in turn contribute to the catalyzing processes that appear to cause Alzheimer’s disease.

Avoiding smoking and exposure to second-hand smoke can reduce your risk of dementia as well as diseases of the heart and lungs. If you are working towards quitting smoking, methods based on mindfulness and self-awareness can help make the process easier and more effective. Having a strong basis of self-knowledge, respecting your limitations, and understanding your goals are key steps towards abstaining from habits that harm your health, including smoking.

A personalized and healthy lifestyle is the cornerstone of disease prevention and promoting brain health. By combining these balanced lifestyle habits, you can help create good brain health and reduce your risk of cognitive decline.

By Jennifer Weinberg written on November 26, 2019, and published online at https://chopra.com

Editor’s Note: The information in this article is intended for your educational use only; it does not necessarily reflect the opinions of the Chopra Center's Mind-Body Medical Group, and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified health providers with any questions you may have regarding a medical condition and before undertaking any diet, supplement, fitness, or other health programs.