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Retirees Share Secrets to Financial Security | Aging

Retirees Share Secrets to Financial Security | Aging

You don’t necessarily need a lot of money to set up a financially secure retirement. If you’re willing to carefully manage your expenses, you may be able to retire with a modest budget.

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Here’s how to retire well on less money:

  • Know what you want.
  • Start saving early.
  • Don’t chase high-risk investments.
  • Save above-average earnings.
  • Reduce housing costs.
  • Line up utility payments.
  • Get rid of car debt.
  • Move to a less expensive area.
  • Stretch small items.

Know What You Want

Thinking about your interests can help you set aside funds to cover retirement activities. If you’re married, “Take the time to agree on what you want retirement to look like,” says Mike Smith, who retired at age 63 and currently lives in Windermere, Florida. That’s what he did prior to leaving the workforce. “We have traveled the world and will be leaving our family well set,” Smith says.

Start Saving Early

Putting aside funds well before retirement can provide the chance to build wealth through compound interest. “When money is saved and invested, then your money makes more money; then that money makes even more money,” says Marco Sison, who retired in 2015 at age 41 after working in business development for Erickson helicopters. “I funded my first retirement account at age 20.”

Don’t Chase High-Risk Investments

While some financial opportunities may look incredibly promising, diversifying savings and taking a slow and steady approach can lead to higher long-term results. “Don’t look at bitcoin, starting a new business or chasing individual stocks,” Sison says. “I keep my retirement savings in a bond and broad market ETF portfolio.” One rule of thumb to diversify involves subtracting your age from 100. The result can then be the percentage of your portfolio that is invested in stocks. For example, if you

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125 Live gets creative for ‘Active Aging Week’

125 Live gets creative for ‘Active Aging Week’

ROCHESTER, Minn. (KTTC) — Aging is a reality for everyone, and it’s impossible to stop the hands of time. That’s why taking care of health is important through all phases of life.

“Active Aging Week” at 125 Live began on Monday. There were activities every day to celebrate. Members enjoyed special outdoor and indoor group exercise classes, extended pool hours and ceramic painting.

125 Live has gotten creative during the pandemic. The organization adapted to help their older adult members, which included curbside work outs and working with insurance companies to help offset membership costs.

Operations Director Ken Baerg said their strategy seems to be working.

“On the normal weekday in January, before the pandemic, we would see roughly about 600 people coming in and out of the building everyday,” Baerg said. “Then after we reopened, after the closure, we had low numbers. Maybe 150, 200 people in day. Now, we are starting to get back to 300 to 400 people in a day. We are starting to regain a lot of confidence from our members.”

Baerg said their safety protocols are stricter than the “Stay Safe, MN” orders. He said masks are mandatory and capacities are more restricted, even beyond state guidelines.

He said they have plans for the colder months, which include an outdoor “Polar Bear” class.

“We got a brave trainer to do it,” Baerg said. “If the temperature is no lower than 32 degrees, we will have the class outside. We are starting to see people come out of their shell and realizing they can still have social interactions with their friends while still staying as safe as possible.”

Baerg said they do have to remind people to not hug their friends because of social distancing.

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