During our lifetime we accumulate an assortment of lifetime to do items. These can be anything that you planned on getting around to someday but somehow it just never happened. When planning your retirement these items can form a starting point in your planning.

 

If not now, when?

We all hope for a long and healthy retirement. However, nothing is certain so why not deal with those life leftovers now. Circumstances change and what is possible now might not be possible in a few years. Health can change. People can move away or even pass away. Our mental sharpness can change. The point is we need to take advantage of the time, health and abilities we have while we still have them.

Make a list

The first step is simply to make a list. This list might be confused with a “bucket list,” but I see them differently. There will be common items of course but I see a bucket list as more of an ideal “dream” list than a lifetime to do list.

Here are some ideas to get you started:

People – Anybody you lost contact with where you would like to reconnect? Any phone calls you would like to make? Anything unsaid?

Places – Places to visit, places to possibly move to? Places to simply learn more about.

Adventures – Things to try, experiences to have

Hobbies – Everybody has hobbies they would like to try.

Things to learn – Learn a new language. Learn to paint. Now is the time to try.

Anything Undone – Any miscellaneous thing you can think of.

Review and Prioritize

Ask “Is it still important?”

Sometimes things that we thought were very important 20 years ago aren’t so important now. And sometimes it is the other way around. So take a good long look at your list and make the tough decisions.

If not important let it go

It is important to let go of the things that aren’t so important anymore. Maybe being a rock star was the most important thing at 20 years of age. But now you are quite content to listen to music or go to a concert.

Maybe some things are more important

Maybe you meant to say something or lend a word of encouragement. Do it now, ahead of other things on your list. You never know if you will get another chance.

If the complete thing isn’t possible, is a part of it possible?

Not everything on your list will be completely possible. Maybe you were determined to climb Mount Everest. While some have done it at a pretty old age and I certainly don’t want to be one to discourage you, that particular dream might not be practical. However you can still try to get into shape and hike up a more modest mountain!

Maybe you wanted to be a billionaire! Again I don’t want to discourage you but maybe a more practical and enjoyable pursuit might be starting a part time business that you really enjoy. Or maybe you can offer to help a young entrepreneur by volunteering to help him with some aspect of their dream or even with some words of encouragement. And you might even get a feeling of accomplishment that is almost as good as being wealthy.

Maybe make a new list

After your review, additions and deletions from your list it might be time to admire your new really relevant list. And now, and I mean today, start working that list! You’ll be glad you did.

Old Style Retirement Doesn’t Work Anymore

If you read this or similar retirement oriented blogs a common theme is that the old way of doing retirement doesn’t work anymore for most people. My father worked for the same company for many years as a middle class blue collar factory worker. He never made much money but when he retired he received his pension and health care. Between that, Social Security and some savings he did just fine for almost 30 years of retirement. I bet a lot of people are thinking “oh for the days…” Well those days are gone for most people and we all need to look at reality, and the reality is really not that bad!

What are Multiple Income Streams?

You hear the term “multiple income streams” thrown around a lot these days and it can get very complicated. But in its simplest terms it just means you get your money from more than one place, and it is the key to a successful “real retirement.” Most people will have at least a couple streams of income and some will have many.

What is passive income?

The term “passive income” is another term you will hear rather often. Writers argue about what it means, and whether any income is truly passive, but for our purposes passive income is simply income that you don’t have to spend a lot of time to get. Examples of passive income might be savings account interest or Social Security. Jobs and most small businesses are not usually passive income sources.

Income Stream Examples

The idea for a successful retirement is to have several income streams, and have the total of those income streams meet, or hopefully exceed, your budget. The advantage of multiple income streams is that if one is suddenly reduced you don’t lose all your income. Many retired people will have three – Social Security, investment income from your savings, and a job or business. Lets look at some examples.

Lots of Retirement Savings

This is the financial planners dream. You have lots of retirement savings. You may not need to work at a job or business at all. You may do volunteer work or work at a job or business solely for the self satisfaction it provides. Even here you probably have multiple income steams from multiple kinds of investments and Social Security.

Some Retirement Savings

Most people probably fit into this category. Your should have some investment income and Social Security. But maybe you supplement that with a part time job or business. The combination of the various streams adds up to a sufficient level to meet your budget, and maybe a little extra. Worth considering here is the possibility that as you get older you may not be healthy enough to work, so you may want to consider that in your planning.

Little Retirement Savings

In today’s economy many people find themselves in this position. Most of these people will need to keep working in some capacity. All is definitely not lost though and even here multiple income streams are the key. Maybe you work one part time job mostly for income, start a part time time little business that is very self fulfilling, and also collect Social Security. The idea here might be first to take great care of your health so working is possible and not too difficult, and second, to put away at least a little money so you eventually have some passive investment income as you get older.

Where to go from here

The topic of multiple income streams is much larger than this one short article can address. Look for lots more on this subject.

Coin Collecting is one of the most popular hobbies out there for good reason. It is incredibly easy to start and yet can get extremely sophisticated and even sometimes turn into an investment.

Coin Collecting Ideas

Coin collecting can be cheap or expensive. You can start out collecting coins from your change, and slowly graduate to buying and selling your coins. Here are a few low cost options to get you started:

1. Pick a denomination (like Nickels) and try and collect one from as many years as you can.

2. Try an collect one of every type of coin from a particular year (like yours or a child’s year of birth.)

3. Tell people you are trying to collect foreign coins and ask them to give you some pocket change from their travels.  See how many countries you can collect.

4. Keep growing with your hobby – learn about mint marks and expand your one a year collection to include different mint marks.

5. Learn about the importance of condition in coin collecting and try to update your collection to the best condition examples you can find.

Coin collecting can be cheap or get very expensive. The ideas above can mostly be done by just watching your pocket change. At the other end of the spectrum you can easily spend thousands of dollars on premium specimens.

First, buy a book

Like many hobbies one of the best suggestions is to buy a couple good books first. Here are a couple popular ones:

A Guide Book of US Coins (known simply as the Redbook) is updated every year and has been around for decades (some people even collect Redbooks!) It has a wealth of information and illustrations, as well as an attempt to establish an average retail value of most coins. Don’t depend on these values as values can vary greatly, but it is a good start.

Standard Catalog of World Coins is probably the bible of world coin collecting. This one is also updated frequently. It is not cheap (about $30-$50), but it is very comprehensive.

When it is time to buy coins

As you advance in your coin collecting hobby it is hard to resist buying some coins. The best advice here is to acquire knowledge before you start acquiring coins. When you do start buying start small. You may want to acquire more common coins in as good condition as you can afford. Many examples are not too expensive.

Where to buy coins

Buying coins has changed over the years. There was a time when there was a coin dealer in almost every town and most that managed to stay in business did so because they conducted business honestly and valued their reputation. Today you have many options.

One option is Ebay. Ebay has a huge coin section and it is a good place to get an idea how much coins cost. You can check the reputation of sellers and see what coins have sold for.

Coins as an investment

Coins can sometimes be an investment. Like all collectibles the value of a coin is determined by what people are willing to pay for it, so values can go up or down. One comment here is that some coins are made of silver or gold, so that besides their collectible value they have the intrinsic value of the silver or gold they are made from. Of course as everyone knows the price of silver or gold can also go up or down.

Coin Security

Coins are easy to carry and easy to sell. This makes them a favorite of thieves. If you are just collecting pocket change this doesn’t matter too much, but if you start buying coins their value can add up fast. So consider the use of a safe deposit box and check with you insurance agent about protecting the value of your coins.

Until next time…..