{"id":38162,"date":"2024-11-14T23:36:23","date_gmt":"2024-11-14T23:36:23","guid":{"rendered":"https:\/\/isafespend.com\/?p=38162"},"modified":"2024-11-14T23:36:26","modified_gmt":"2024-11-14T23:36:26","slug":"plan-for-retirement-beyond-your-go-go-years","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=38162","title":{"rendered":"Plan For Retirement Beyond Your Go-Go Years"},"content":{"rendered":"
\n

If you\u2019re approaching retirement or have recently retired, it\u2019s only natural that you\u2019re looking forward to your newfound freedom. You might be planning to travel, pursuing your hobbies and interests, and reconnecting with relatives and friends.<\/p>\n

Welcome to the \u201cgo-go\u201d phase of retirement when you\u2019re still active and vital and you have the energy to follow your dreams. Enjoy this time of your life!<\/p>\n

However, remember that eventually, you\u2019ll transition into the \u201cslow-go\u201d phase of retirement, when you\u2019re still able to get around and enjoy activities but aren\u2019t quite as energetic as you used to be. And finally, you\u2019ll reach the \u201cno-go\u201d phase, when you\u2019re not very active and might be dependent on others for helping you get through the day.<\/p>\n

Hopefully you\u2019ve already carefully made the most important retirement decisions, including when to retire, when to start Social Security, how to deploy your retirement savings to generate lifetime retirement income, and where to obtain health insurance before and after your Medicare eligibility at age 65.<\/p>\n

<\/fbs-ad><\/p>\n

Even better would be to develop a strategy to pay for care during your no-go years. Such strategies include holding your home equity in reserve, setting aside money that you don\u2019t use to generate retirement income, or buying long-term care insurance.<\/p>\n

Now let\u2019s look at some nuances of each of the three phases of retirement.<\/p>\n

Plan Responsibly To Enjoy Your Go-Go Years<\/strong><\/h2>\n

Many retirees might want to spend extra money during their go-go years for travel and pursuing their interests while they\u2019re still active and healthy. How can they do that responsibly without jeopardizing their long-term financial security? One helpful strategy is to set some money aside from your retirement savings for a travel\/fun bucket. Fund this bucket with an estimate of how much extra money you\u2019ll need for the next five to 10 years, or however long you think you\u2019ll need it.<\/p>\n

Don\u2019t count your travel\/fun bucket as money that generates your lifetime retirement paychecks, however. Instead, use your remaining funds to generate paychecks that supplement Social Security and any pension income you might have. If you\u2019ve balanced all your lifetime retirement paychecks with your expected living expenses, then you should be able to safely spend the money in your travel\/fun bucket.<\/p>\n

Another way to safely spend extra money in your go-go years is to earn money by working part time. But don\u2019t rely on these earnings as money to spend on your daily living expenses, since eventually you\u2019ll no longer be able to continue working for income. When that time comes, you might be entering your slow-go years and not need the extra money to spend on travel and fun.<\/p>\n

Here\u2019s one more planning nuance for your go-go years: Make plans for your slow-go and no-go years, and implement them while you still have the capability and energy. Now let\u2019s look at these two phases.<\/p>\n

Revisit And Refine Your Plans For Your Slow-Go Years<\/strong><\/h2>\n

If you haven\u2019t already done so, then the most important task to take on during your-slow go years is to determine the type of home and community that will work best for your slow-go and no-go years. For instance, you may want to consider downsizing to a home that\u2019s less expensive to maintain, doesn\u2019t have a yard to mow, and is easily accessible to daily activities such as shopping, health care providers, and your friends and interests.<\/p>\n

Another consideration is whether you need to have relatives or friends close by to help you with basic care and assistance when you reach your no-go years.<\/p>\n

One common mistake I\u2019ve seen is that people stay in their large house in the suburbs until their no-go years, then discover they can\u2019t live there any longer. At that point, they need to rely on friends and family to help them move (and clean out a house with a lifetime of accumulated junk). You can prevent that mistake by moving to a more appropriate community and home in your go-go or slow-go years.<\/p>\n

You might also want to anticipate and implement any house repairs that could be needed in the next several years. Keep in mind that you\u2019ll be less able to deal with these repairs in your no-go years.<\/p>\n

Finally, you\u2019ll want to investigate and implement strategies to protect your money as you age. People in their slow-go and no-go years are often less able to manage their money, and they can suffer financial losses due to making mistakes or being a victim of fraud. Consider using the free, online tools in The Thinking Ahead Roadmap: A Guide To Keeping Your Money Safe As You Age.<\/p>\n

Plan Ahead For Frailty During Your No-Go Years<\/strong><\/h2>\n

In their final years, many retirees become frail and will need some form of care and assistance with daily living. You\u2019ll want to consider and look for the specific caregivers and people who can help you with those activities. It might be relatives, friends, or even paid caregivers, and you\u2019ll want to factor in any increased costs for your monthly budget.<\/p>\n

The best time to consider these no-go issues is during your slow-go years, before you need the caregivers. This way, you can evaluate the providers who would be the best fit for you. If you wait too long, somebody else\u2014often your adult kids\u2014will be making those decisions for you. While they might have your best interests at heart, they don\u2019t know you as well as you know yourself.<\/p>\n

Here\u2019s the bottom line: With long retirements, you can\u2019t assume that the go-go years will last the rest of your life. Instead, you\u2019ll need to plan ahead for multiple phases of life that each come with different needs.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re approaching retirement or have recently retired, it\u2019s only natural that you\u2019re looking forward to your newfound freedom. You might be planning to travel, pursuing your hobbies and interests, and reconnecting with relatives and friends. Welcome to the \u201cgo-go\u201d phase of retirement when you\u2019re still active and vital and you have the energy to<\/p>\n","protected":false},"author":1,"featured_media":38163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[],"class_list":{"0":"post-38162","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement"},"yoast_head":"\nPlan For Retirement Beyond Your Go-Go Years | iSafeSpend<\/title>\n<meta name=\"description\" content=\"If you\u2019re approaching retirement or have recently retired, it\u2019s only natural that you\u2019re looking forward to your newfound freedom. 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