Question: How Long Will Your Money Last? Answer: You Don't Know

 Overall, finances aren't turning out the way the retired, semi-retired and those over-50 who took pay cuts anticipated. They come to me the coach for guidance about how to bring in more income from working. No, I'm not an investment counselor so I don't advise on passive income.

The money-from-working situation is complex. And it keeps changing. It used to be that if the aging accepted non-knowledge work and low compensation they could depend on bringing in money. Not a lot but enough not to have to dip into savings/investments. Now, those earning opportunities are fewer since unemployed Gen Zers are grabbing them and, yes, they have the edge because age bias is real.

Related to that is that unretiring is proving difficult. There are new technologies to master even to apply for jobs. Those hoping to just pop back into the work force are stunned to discover they are so rusty in everything from how a resume is put together to how to present themselves in an interview. 

Given those emerging realities, the good news, though, is this: More of you are coming up with a package of solutions to make your money hold up. Investing time, money and hope in certification and licensing could be part of that. You're are willing to start over in a field that is age-neutral. Or, you're starting a small business, usually online, which is also age-neutral.

What else is going into the package is the willingness to explore relocating from a HCOL (high cost of living) area to a LCOL (LCOL) one. There's plenty of information online and chatting with those who have taken that step to guide where you'd find a fit. 

However, making that shift isn't recommended is if you're still in a career which mandates proximity to the sources of business. For example, if you're in a media space you might be tethered to the New York Metro area. And that's that. You have to pony up the housing and commuting expenses and cope with the taxes.

A third piece is the necessity of lowering expectations about a lifestyle. Travel might have to be dropped from manifesting what had been on the pleasure menu. Be flexible and substitute a day trip for the 10 days in Europe. Seasonal entertaining? Maybe you can't afford hosting a bash for a holiday. Sampling new restaurants? You have a lot of company in having to cut back on that treat. 

Among my clients money is the issue. It's dawning on them that their longevity might entail aging into the 90s. And, yes, money can run out. There has to be a reserve. The items on a medical bill not reimbursed by Medicare/Medicare Supplements can trigger a financial wipe-out. For example, there could be a co-pay of over $300 for every night in the hospital. 

The lack of money can turn human beings sour. That results in isolation. I've observed more and more relationships falling off the cliff over envy about who appears to be more financially comfortable. 

Takeaway: Yes, money can run out. The matter is one of the most serious in aging.

Of course, you need to earn a good living. Special expertise with transitions, reskilling and startups. Complimentary consultation with Intuitive Coach Jane Genova (Text 203-468-8579, janegenova374@gmail.com).