At first glance, Cecilia Chiang might seem like an exception. In some ways she is. The 98-year-old woman who retired in 1991, after a long and successful career in the restaurant industry, continues to be active both in her personal life and professionally consulting for other restaurant owners.
People who can still do that at her age, are now exceptions now. However, they do not have to be that exceptional in the future, as Americans continue to live longer after formally retiring. To be like Chiang requires some planning, as Market Watch discusses in "5 tips to live in retirement like this famous 98-year-old."
Here are some things to consider:
- It is best to delay retirement until you are debt-free, if possible. When you no longer have income from full-time employment, you do not want to be using savings to pay debt.
- Have a plan for what you want to do when you retire. Do not just stop working and then wonder what to do with your time. Decide what you will do with your time and then stop working.
- Get advice from good advisors. Not everyone needs a financial advisor. However, those who don’t know for sure, should consult one. It is also a good idea to speak to an attorney about estate planning and end-of-life care legal documents.
- Figure out what your expenses are going to be. Make sure that you can afford them, before retiring.
- Consider working in a lesser capacity, such as consulting, or working in the gig economy. This will not only keep you active, it will also give you some extra income.
Remember: “An ounce of prevention is worth a pound of cure.” When making your estate plans or when probating an estate or administering a trust, do not go it alone. Be sure to engage a Cincinnati estate planning attorney.
For more information about estate planning, probate or trust administration in Cincinnati (and throughout the rest of Southwest Ohio) and to review free resources regarding estate planning, probate or trust administration, visit my website. If you have questions regarding this article or a particular legal matter, feel free to contact me at 513-399-PLAN (7526).
Reference: Market Watch (May 1, 2018) "5 tips to live in retirement like this famous 98-year-old."