IT is only natural that seniors – those of us who’ve seen a few more seasons – would feel concerned about the state of the world today, and not just within Australia.
The sharp drop in the stock market will affect everyone, albeit in different ways.
Those with superannuation will likely see diminished returns this year. But keep in mind, last year delivered solid growth. These seemingly tough times don’t last forever. More often than not, cooler heads prevail, and the situation rebounds – sometimes even stronger than before.
If you’re wondering what lies ahead – whether you’ll have enough to live on in retirement – don’t let anxiety take over. These days, worst-case scenarios seem to dominate the headlines, whether it’s finance, weather, or world affairs. That’s not to dismiss these warnings – someone always does get hit hard. But panic doesn’t serve us.
So, how do we cope as seniors in uncertain times?
We navigate downturns by focusing on long-term goals and having a flexible financial plan that allows us to adapt as needed. While this column doesn’t aim to give financial advice – there are experts better qualified for that – we can still take steps that make a difference.
One powerful way to cope is to stay active and engaged in meaningful activities.
In the village where I live, there’s a vibrant social group that plans outings to restaurants, shopping centres, parks, and other recreational spots.
Many stay healthy and active through sports like tennis, golf, and bowls, or through more gentle pursuits like tai chi, dancing, choir, and concerts. Sounds busy, doesn’t it?
Living within your means is always wise.
That overseas holiday might need to wait until next year – or maybe, with some of today’s deals, it’s still within reach.
Many seniors have seen economic turbulence before – and survived. We’ve lived through hardship and know what to expect. And perhaps we can share that wisdom with younger family members who may be struggling to understand or prepare for financial instability.
These days, many younger people haven’t needed to tighten their belts or stretch a dollar.
High wages and abundant options mean saving isn’t always top of mind.
In earlier times, the mindset was different – many of us remember when string and brown paper were saved to reuse for parcels.
Now, pre-paid post bags and postage can cost more than the gift inside!
There’s no doubt there’s more waste now – money, goods, and services often spent for fleeting enjoyment.
A few (though not many) still believe in saving when times are good. They aim to pay off their mortgage early so that retirement becomes a pleasure, not a burden.
There’s wisdom in that approach. And perhaps, as seniors, we can help keep that wisdom alive.
