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"Praemonitus, Praemunitus"


MusingsIf you were one of the fortunate students who took Latin in high school or college, you might recognize the two words that comprise the title of this blog post. It loosely translates into the well-known phrase, "Forewarned is forearmed." This phrase has special meaning for Boomers who are considering retirement: It cautions us to anticipate issues and challenges before taking the retirement plunge.

Lack of advance planning for retirement may be one of the most common problems Boomers face. One reason could be that they intend to keep working and simply don't plan to "retire" in the traditional sense. Another may be that retirement seems unrealistic or far off in the future. Intellectually, we all know we are aging, and some sort of retirement, or "second act" if you prefer, is inevitable. Emotionally, however, we may not want to admit that we will ever "retire."

Advance planning is a kind of mental insurance that pays dividends. On the financial side, advance planning means taking stock of your finances, managing your expenses, and ensuring that you have adequately funded your retirement through a combination of pensions, if any, retirement funds, and Social Security income. On the personal side, advance planning may mean taking steps to improve your physical and mental health as you age.

Writing for The Balance, Wes Moss enumerates eight "headaches" that Boomers should avoid as they move closer to retirement. He discusses such issues as unexpected early retirement, the challenge of what to do with your time in retirement, the possible need to care for elderly parents, how retirement affects your relationship with your spouse, and the reality that you could outlive your money. His article is well worth reading.

The point is this: Boomers who have blinders on about retirement will only find themselves blind-sided if something unanticipated occurs. Life changes both small and large will happen as we age -- the only question is how well prepared we are for them.

"Praemonitus, Praemunitus" turns out to be excellent advice. is a Top 75 Baby Boomer Blog.


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