Rich At Any Age - Your 60s
Today, we are putting the finishing touches on the series, Rich At Any Age - A LifeCycle Guide To Personal Finance, by taking a look at financial living in your 60s. I can hear you already - why not go beyond the 60s? That’s a question you have to ask MoneySense.ca, who originally organized the series. This is also a perfect time to challenge other PF Bloggers out there who feel they can collect together articles that are relevant to people living in their 70s, 80s and beyond! Without further delay, I present …
Freedom At Last!
Congratulations — you’ve made it to retirement, the Holy Grail for people still hauling a nine-to-five workload. After decades of socking away money in your RRSP (or IRA/401K) and watching your paycheque get skimmed by pension contributions, you’ll finally get to enjoy that money in your 60s. Before you do, though, you’ll still have to settle a number of questions. How much can you indulge each year without stretching your savings too thin? How should you withdraw the money to keep the tax bill as low as possible?
If you’re planning to keep working through your 60s — whether out of financial necessity or just to keep you busy — will you keep doing the same job, or are you ready for the challenge of a whole new career? Finally, since you can’t take it with you, you should think about an estate plan to make sure your hard-earned dough ends up in the right hands, without causing your family undue stress. But first, take the opportunity to pat yourself on the back for a work life well spent — and well saved.
Related MoneySense Articles
- Making It Last - Susanne Ruder
- RRIFing On Retirement - Barbara Hawkinsl
- Will Power - Susanne Ruder
- Meet The New Boss - Susanne Ruder
That’s all folks! I hope you enjoyed the series as much as I enjoyed helping to showcase these articles to the world!
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