A<\/span>merica is hitting \u201cpeak 65\u201d with a record number of boomers reaching retirement age, but not all seniors are ready to stop working. As the workplace continues to evolve and organizations face an increase in talent gaps, many boomers are looking for their second act. According to U.S. Bureau of Labor Statistics data, the labor force of people aged 75 years and older is expected to grow by 96.5% by 2030.<\/p>\n While supplemental income is a driving factor, a need to stay active and the desire to pursue a new passion are also reasons we\u2019re seeing more seniors redefine retirement. Seventy-one percent of Americans 65 or older say the best time of their lives is not in the past but right now or still in front of them. And 83% say that feeling \u201cuseful\u201d is more important to them than feeling \u201cyouthful.\u201d<\/p>\n While there is a lot of financial advice available on building up your retirement fund, we need to talk more about how to feel financially empowered during your golden years. You can take several steps to manage your finances, whether you plan to fully retire or pursue your passion in a second act.<\/p>\n Review your expenses from the past few months to determine which expenses you will\/won\u2019t need in retirement so you can budget accordingly.<\/p>\n Are there any memberships that you could eliminate? Could you reduce the number of times you eat out and cook more at home? Are you taking advantage of senior citizen discounts and coupons?<\/p>\n Create a spreadsheet or start a spending diary to monitor your expenses, especially those that could increase, such as health insurance. Highlight more significant purchases and explore ways you could save more.<\/p>\n Stay informed on any changes to social security policies and consult with a financial advisor or the Social Security Administration if you need personalized guidance.<\/p>\n One thing many people don\u2019t realize is it can make a difference when you start receiving social security benefits. For example, if you were born in 1943 or later, for every year you delay taking out benefits after you reach retirement age, your benefits increase by 8% until you reach the age of 70. Other benefits to keep an eye on are the cost-of-living adjustment that can fluctuate from year to year and the earnings limit. If you continue to work while receiving social security benefits, your earnings may affect your benefits.<\/p>\n Before retirement, be sure to check your retirement savings regularly and during any big life changes, such as a new job, a move, marriage, or divorce. These milestones are a good opportunity to increase and diversify your savings. Once you enter retirement, revisiting your savings quarterly is a good idea.<\/p>\n Ensure a balance of risk and growth to offset market volatility without significant losses. Ask an advisor if your fixed income and investments are enough to provide you with the income you\u2019ll need throughout retirement on top of potential inflation and market fluctuations.<\/p>\n For those who aren\u2019t ready to leave the workforce and are looking for a second act, look for part-time jobs that align with what you\u2019re good at and make sure you consider passion, purpose, and income stream.<\/p>\n In some cases, your ideal job may not have the income you need. A good place to start is first to calculate the amount you are eligible to claim in social security benefits and then assess the additional income required to maintain a comfortable standard of living \u2013 or, at the very least, cover essential expenses.<\/p>\n Once you have this in place, revisit your passion and skill set. What will bring you joy? Could your hobby be a side business? Are there new skills you could learn in a relatively short time?<\/p>\n If you are in good health and have the finances in place, investigate certifications you could earn or look into a 2-year or 4-year degree from a community college in an area of interest. There are many options to explore, whether it\u2019s something new, applying your existing knowledge to teach others, or pursuing a hobby further through a retail position. Take the time to investigate and seek advice from others who are making a similar transition.<\/p>\n Retirement isn\u2019t what it used to be. As lifespans continue to increase, there is a greater risk of outliving your savings. While spending more time with family and traveling are still important to retirees, many seniors find that keeping themselves active adds purpose and makes life more enjoyable. By managing your finances now, you can better determine the best ways to enjoy your golden years. Make sure to seek out experts and friends for advice on how to make the best transition.<\/p>\n How to manage your finances and pursue your passion<\/p>\n","protected":false},"author":3,"featured_media":757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[186,188],"tags":[],"class_list":["post-14957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-spring-summe-2024","category-spring-summer-2024-columns"],"acf":[],"_links":{"self":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/14957","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/comments?post=14957"}],"version-history":[{"count":2,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/14957\/revisions"}],"predecessor-version":[{"id":14972,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/posts\/14957\/revisions\/14972"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media\/757"}],"wp:attachment":[{"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/media?parent=14957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/categories?post=14957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/healthyaging.net\/magazine\/wp-json\/wp\/v2\/tags?post=14957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Projecting Your Expenses<\/h3>\n
Review Social Security Benefits<\/h3>\n
Revisit your Retirement Portfolios<\/h3>\n
Find Your Second Act<\/h3>\n
Take Action Now<\/h3>\n
Grey Merryman<\/a>, CFA, CAP\u00ae, has more than 30 years of experience in financial services. He currently serves as managing director of the Wealth Consulting Group, Trust & Estate Services for Atlantic Union Bank<\/a> in Richmond, VA, where he develops customized strategies for his clients, including investment, estate, retirement plans, and exit strategies for business owners.<\/h5>\n","protected":false},"excerpt":{"rendered":"