If you are 50+, ask yourself these three crucial questions:
- How do you really want to spend the second half of your life?
- Is your goal to someday retire, or are you planning on working forever?
- What if you could get paid to follow your passion and fulfill your life purpose — would it even be considered work anymore?
I’m currently beta testing my new Midlife Millionaire® Solution Coaching Program that will officially launch next spring because I see that the traditional paradigm of Retirement is gone; many of us are continuing to work into our 60s, 70s and 80s!
I think this is fabulous, because as long as what you are doing allows you flexibility and gives you time to stay healthy, what could be better than doing something that you are passionate about while supplementing your savings, pensions, and Social Security?
Here are 4 tips to help you get started on your Third Act:
Tip #1: Working can give you a Big Bang for your Buck:
Thinking of working part-time to earn extra income in retirement? Earning even $10,000 per year during retirement can be the equivalent of having an additional $250,000 in your retirement savings because if you did have $250,000 in a retirement account, the most you would really want to pull from it anyway is about 4% annually or about $10,000 per year in income.
Bumping those earnings up to an extra $20,000 during your 2nd and 3rd Act, could be like having $500,000 in the bank paying out 4% per year in additional income. The extra benefit would be finding work doing something that you really enjoy!
I love this idea because it’s very optimistic for those who have not saved enough, or those who may have lost money in the last stock market crash.
A recent Gallup Poll found that about 80% of Americans plan to work during retirement.
Most plan to work part‐time, although some say they may need to work full‐time just to make ends meet.
Tip #2: Work may be good for your health!
For those who were looking forward to a retirement of full‐time leisure, according to studies cited in LiveScience.com, people who continue to work during retirement often experience better health than those who don’t work.
The study goes on to say, as long as the work remains low stress, retirees who work are less likely to suffer from major diseases such as cancer, high blood pressure, and cardiovascular disease. In addition, they are also less likely to become depressed.
Tip #3: Retirement must incorporate three parts: Health, Wealth, and Happiness.
True prosperity includes all three. If any of these elements are missing, you could be in trouble. Let me explain. A few weeks ago, I was talking to a dear friend of mine who is also a financial advisor, and because like me, she too has been in the industry as a financial advisor for 28 years, her clients are aging. During our conversation, she shared with me that she was really depressed because she had seen three different clients the day before, and two of them had actually broken down and cried during the meeting.
She went on to say that one was crying because even though they had “all this money”, they could no longer enjoy it because of their failing health. The other was distressed because she, too, had lots of money but no one to enjoy it with.
Tip #4: At Midlife — self-care comes first.
My personal trainer says that you can improve your health and strength up until the time you are 70. After that, you can only maintain your level of health and strength. His suggestion is to start taking care of yourself now, and become your best today. Then you can take your good health into your 90s.
So looking into 2022, I want you to take out a piece of paper and begin to envision what you want your life to look like and focus on 3 categories:
Self Care – Do this first – write out what you need to do beginning today to take care of your mind, body, and spirit, so you can enjoy vibrant health during the second half of your life
Friends, Family and Fun – Now, write out what activities and people you want to focus on in order to bring more joy and fun into your life. Do you know anyone on their death bed who said they wished they had worked more? They wish they had spent more time with loved ones!
Money, Work and Legacy – Finally, begin to explore what you would like to be doing during the second half of your life. What can you do that is effortless, that brings you joy, and that makes you money?
The key is to begin working on all three areas now. This could mean learning something new. If you don’t know where to start, get some help. Find a mentor or join a community of like-minded people who have similar goals and interests.
Pick one area and get started. Put your goals in writing and look at them every day! Remember – thoughts are things, so focus on what you want — NOT what you don’t want. The life you lead truly is the legacy you leave, so start focusing on your health, your wealth, and your happiness today and watch as things begin to shift.
If you’d like to access our online classes visit the Smart Women’s Academy. If you’d like to work 1:1 with a mentor who has been doing this stuff for 35 years, schedule a call with me at www.talkwithkatana.com And be sure to download my free Midlife Millionaire® Lifestyle guide available at my website to see how to get started creating that income for your 3rd Act!
Katana Abbott, CFP®, is a Midlife Millionaire® Coach, founder of the Smart Women Companies, and the host Smart Women Talk Radio with over a million subscribers. For over 30 years, Katana has shown women how to take charge of their life and finances and believes it’s never too early to plan for expected and unexpected events like retirement, encore careers, moving abroad, or preparing for long-term care. She has written several books, created a financial literacy course, and is a popular speaker. Katana has been honored by NAWBO as one of Detroit’s Top 10 Business Women, receiving the Breakthrough Award. To download her new retirement guide, Three Smart Strategies for a Midlife Millionaire® Lifestyle. visit www.katanaabbott.com