Why You Should Still Save Money In Your 60’s
Everyone is talking about saving money in your twenties or thirties or even in your forties but no one is taking saving money in old-age seriously. So Why You Should Still Save Money In Your 60’s?
Most older generation do not worry about saving money anymore, some of them depends solely on their pension fund or kids for money.
But getting old is a very serious business and the issue of money to also be taken just as serious as when you were younger.
In truth, old age can prove to be one of the best time you will most be in need of funds.
I mean just because you’re getting old does not mean that you cannot enjoy the same level of comfort and good is as other young people it’s also very necessary to be happy while growing old aging gracefully and happy it’s also very necessary for everyone.
Wondering why you should save money in your 60s, then I will tell you!
Why You Should Still Save Money In Your 60’s
Here’s why you should still save money in your 60s.
- Escape from mental health related worries.
- Some level of Independence will help you feel better
- Real-time relevance to your kids
- Better prepared for emergencies
- Legacy
- Afford all the much needed assistance
1 Escape from mental health-related worries.
Money issues are mostly one of the triggers of mental health-related illnesses.
You are naturally going to get depressed or develop high blood pressure when you remain tensed about money problems.
You can’t be a better person when you’re worrying about money for food, where you have to stay, a sick child, a broken car or any other money worries.
Old age naturally comes with its own elements, and then adding other self-induced ailments to it, will certainly not be a good idea.
Your body is weak and able to take very little stress during old age.
You have a 60% chance of aging gracefully and happily, if you do not suffer from mental and physical illnesses caused by money worries.
2) Some level of independence will help you feel better
Getting old comes with bag-wagons of unstable emotions.
Old age it’s mostly one of the time people reflect critically on their lives.
Depending on how you age, old age can be one of the time to deal with so many frustrations.
And if you ask most old people, they will tell you that one of the biggest challenges they are facing currently, is, the continuous need for assistance.
But having Personal finance can save you lot of this worries!
You will you will be able to do so many things on your own by being able to pay for them.
3) Offer real-time relevance to your kids.
Whether we like it or not, it’s not all of us who will have kids, who grows up to stop needing us financially.
Even if that is what every parent is praying for😇
I mean it’s much sweeter to have kids who will surprise you with a lovely car and a holiday for two in Hawaii 😉😁
You get it right!!!
But if you are not one of those blessed with kids who are able to do very well on their own,
then it falls on you as a parent to be able to offer them real time relevance in terms of finance.
Let’s take for example your child who has been doing very well… God forbids… suddenly hit a roadblock with finance and then you as a parent don’t have Finance or even dependent on the child.
Where then do you expect your child to seek assistance?
4) Better prepared for emergencies.
Old age doesn’t mean that you should not worry about emergencies!
It’s much more fulfilling in old age, to be able to deal with emergencies without having to involved any other member of your family.
It’s not a bad idea to be able to replace your bad car, renovate your house to make it much more comfortable, start a hobby, all with your personal finance.
Building confidence and respect will help you in a lot of ways during your old age.
5) Leaving behind a legacy is one of the best reason why you should still save money in your 60s
What can be more fulfilling than leaving behind legacy for your kids?
Leaving behind a legacy should be one of the most important personal achievement every parent Should strive very hard to attain.
Life is busy! life is hard! life is a struggle for so many people, and if you are one of those parents who live behind debts for their children,
know that you are totally unfair!!!
Even though your kids are well-to-do, your saved-up sum by your instructions, in life or death, can be used to start up a trust fund or a legacy that will stand beneficial for several generations to come.
A very good reason Why You Should Still Save Money In Your 60’s
6) Afford all the much-needed assistance is one of the compelling reason why You Should Still Save Money In Your 60’s
You need all the assistance you can get during old age!
It’s also much more fulfilling to be able to pay for them.
No one will be able to see you as a nuisance!
You’ll be a happy old man or woman, if you can pay for cook, pay those to clean up your house, pay people to dress you up, pay people to take care of you, give you your medications and so many other assistance you will need.
There’s no way you can get all of this, if you do not have a saved up sum, a passive income or well balanced kids, because you certainly can’t work in your old age.
These are all the reasons why you should still save money in your 60s.
Ready to start saving? You might want to read should I save money or invest money?
What do you think?
let’s start a conversation below
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Why You Should Still Save Money In Your 60’s
