This year I turn 65! I plan on making a lot of changes in my life going forward. It’s time to explore options and think about different interests other than work and children. Everything I’ve accomplished in my life so far has been an uphill struggle. So many things that I didn’t learn in my 20’s, 30’s and 40’s, planning for the 60’s!
We don’t think about our aging parents, our grown children, or our finances and retirement. Our generation didn’t learn about finances in school, how to save or how much we should have saved by now. According to the research I’ve done, this is what our finances should look like:
- By the age of 35, you should have twice your annual salary;
- By the age of 40, four times your annual salary;
- By the age of 50, approximately five times your annual salary;
- By the age of 60-65, approximately seven to eight times your annual salary.
How many of us can say that we have eight times our salary at the age of 65? I know I can’t. Our generation should have started saving in our 20’s, but how many of us were too busy with career and families?
Today is the age of trying to keep our older population in their homes longer rather than a nursing home. How many of us that are 65 and older are caring for a aging parent? I am.
These are some of the questions I would like to explore and share with you … and maybe you can share with me your solutions… until then… stay tuned.