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How to Change Your Life at 60 Years Old and Feel Proud of Yourself

How to Change Your Life at 60 Years Old and Feel Proud of Yourself

Ever heard the phrase 60 is the new 40? While that maybe an exaggeration, it’s meant to highlight the very real phenomenon of our ever increasing health and longer lifespans.

For the average person who turned 60 in 1970, they could expect to retire at age 64 and live to age 70.8. For someone who turned 60 in 2010, they can very easily work throughout their entire 60’s and expect to live to at least 78.7 years old.[1] With the advances in modern medicine, lower rates of smoking and generally healthier lifestyles, our active and productive years can expand well into our 70’s and beyond.

How we choose to use this “extra” time will be determined by our current situation and our priorities for the future.

For some, their 60’s are a time to kick back and relax. They have worked for 30+ years, lived below their means and diligently saved money for retirement. They may also have sold a successful business, or been able to retire from a (increasing scarce) job that had a good pension.

For others, the prospect of retirement isn’t even a thought. Whether it’s a case of financial reality or just the psychological need to be productive, a continuing presence in the workforce is a reality for more and more of the 60+ crowd.

So how to change your life at 60 years old and feel proud of yourself?

Changing Priorities in Your 60’s

For most us us, our priorities change as we get older. Living for parties and excitement, what use to be called “working for the weekend” slowly gives way to working on the weekend and eventually working towards retirement.

By the time we hit our 60’s, a lot of us are looking to slow down. Health issues, either our own, our spouses or parents often come into play at this time in our life. This combined with having (hopefully) grown children, a paid or nearly paid off home and bit of savings in the bank. This means that you can start to trade long hours and stressful work situations for a more flexible schedule and more leisure time.

The key to making a successful life change in your 60’s is being prepared for both the mental and financial challenges you are likely to face.

Understanding the Psychological Challenges

Any major life change comes with its own set of psychological challenges. When that change takes place in our 60’s. there are some very specific psychological issues to be aware of.

Some of these issues are apparent and we easily recognize them. For instance, we’ve all heard someone say “When I retire, I don’t know what I’ll do with all that time on my hands”. While other challenges are more subtle and harder to quantify such as depression and anxiety.

While not everyone suffers with all or even most of them, here are come common psychological issues to be aware of:

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Anxiety

Even positive life changes can cause our anxiety levels to increase. Humans are creatures of habit. We develop routines that make our lives predictable and we rely on that predictability to give us comfort.

Now imagine that after 30+ years of having a relatively stable and routine job, you suddenly retire, get sick, or find yourself out of a job. The routine that you have relied upon to give you a sense of normalcy is suddenly gone.

In humans, the natural response to any major life changing event is an increase in anxiety. Symptoms and severity will vary from person to person, but you should always expect your anxiety levels to increase with any major life change in your 60’s.

What can you do about it?

Establish a new routine to replace the old one, this is the reason we have hobbies!

Gardening, golf, tennis, volunteer work all can help to get you back into a comfortable routine.

Helpful hint: Pick a hobby that has both a physical and social component to it. Both physical and social activity will help to lower anxiety levels.

Depression

Even the most happy-go-lucky of us become susceptible to depression during a major life event. In fact, when retiring, changing careers or even striking out on a new business adventure, both anxiety and depression can go hand in hand.

You may find yourself with a lot of excess “nervous” energy that you would have used at your job to meet deadlines and get things done. On the other hand, you may find that you have no energy and all and it’s tough to even get out of bed.

While everyone experiences everyday or “normal” bouts of anxiety and depression, it becomes a problem when these episodes become severe, or last longer that a few days.

At that point, it turns into a serious life threatening situation. It’s recommended that a person seeks medical help if they experience any of the following symptoms:

  • Feelings of extreme sadness, emptiness or hopelessness that seem to envelop you.
  • Angry outbursts, irritability or frustration, especially over small or normally insignificant matters.
  • Loss of interest or pleasure in activities that use to give pleasure, such as sex, hobbies or sports.
  • Sleep disturbances, including insomnia or hypersomnia (sleeping too much).
  • General tiredness or malaise, so that even small tasks seem to take a lot of effort.
  • Unusual changes in appetite, rapid weight loss or gain.
  • Slowed or delayed patterns of thinking, speaking or body movements.
  • Constant feelings of worthlessness or guilt, fixating on past failures or self-blame
  • Trouble thinking, concentrating, making decisions and remembering things (more than normal).
  • Frequent or recurrent thoughts of death, suicide or suicide attempts.
  • Unexplained physical problems, such as back pain, headaches or stomach ailments.

Dealing with the Financial Challenges

There are very unique financial considerations to take into account when making a major life change in your 60’s.

Depending on your situation, you may find yourself having to come to terms with a completely new relationship with money. Whether retiring, changing careers or starting your own business, chances are your income is going to take a hit.

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Part of making a successful life change at 60 is anticipating and planning for these events so you don’t get blindsided. The following is a list of general recommendations that everyone in their 60’s should consider.

1. Get aggressive about paying off debt

Especially credit card debt, it’s almost always at a high interest rate and, without any tax advantages, it just makes all of your purchases more expensive.

So if you are still carrying balances on your credit cards every month, it’s time to get those paid off.

Start with the credit card that has the highest interest rate, and then work your way to the card with the lowest rate.

These tips on How to Nix Your Credit Card Debt in Less Than 3 Years can help you too.

2. Pay off the house

If your home isn’t paid off already, after paying off credit card debt, this should be the next goal. It’s much less stressful going into a situation where you’ll have less income if your house is paid off.

You’ll not only reduce your expenses by not having a mortgage payment, but you’ll also have the piece of mind that comes with knowing that your home isn’t going anywhere.

3. Make a budget

No matter what kind of change you make in your 60’s — career change, retirement or becoming a entrepreneur, both your income and expenses are going to change.

Things like the cost of commuting, wardrobe expenses, credit card and mortgage payments are likely to be reduced. You’ll still need to budget for things like home repair and maintenance (how’s the AC unit or the roof?). Car maintenance and even replacement.

And don’t forget about leisure and entertainment expenses, after all, we all need to enjoy life. As a general rule, 30% of your budget should be allocated to leisure and entertainment expenses.

4. Examine and re-adjust your investment portfolio

This is where a good financial planner comes in. While your earlier investment goals were designed to maximize the amount of money in your retirement account. At this point in your journey, the goals have changed to providing you an income for the rest of your life.

You also want to protect the principal from unnecessary risks so it lasts as long as you do. A good financial adviser can help you make the change from a growth orientated investment strategy into more dividend or income producing assets for your golden years.

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5. Consider a change of address

Depending on where you live, moving to a new state might make financial sense. High tax states not only can zap your resources faster than states with lower taxes, but can often times make you get much more “bang for your buck” by moving.

Things like housing, personal property, sales and gas taxes can all add up to a significant savings in a low tax state. Places like Texas, Arizona, Nevada and Florida all have an influx of people migrating from the higher tax states on each coast.

6. Reexamine your insurance needs

A good experienced insurance broker is your best asset when tackling this task.

Do you still need that disability policy to cover your mortgage in case you get hurt? Or could you take that money and buy an annuity that would give you some extra income? What about the cash value of your life insurance?

Walt Disney used the cash value of his life insurance to start Disneyland.[2] Even your car insurance needs to be reevaluated. You can often times save money through good driving and senior discounts as well as eliminating your commuter miles.

Talk to your insurance broker to maximize the benefits and minimize the costs of insurance.

7. Consider becoming an entrepreneur

Roughly 1/3 of people in their 60’s decide to strike out on their own and be their own boss. And why not?

Children are (usually) out of the house, household and credit card debt is likely to be low, most people have some savings by this point in their life and often times they are at the pinnacle of their career.

With the prospect of any further career advancement unlikely, many see this as the perfect time to start their own business.

Now ideally, if you’re going to start a business, you should start 2-3 years before you plan on retiring. This will give you a chance to become established, build your network and income stream all while maintaining the benefits of your current job.

But even if you didn’t start early, you can still become a successful entrepreneur, in fact, studies show that older entrepreneurs are generally more successful than their younger counterparts.

So don’t think that your too old to start something, many successful entrepreneurs started businesses later in life. People like Ray Kroc (McDonald’s), Harland “Colonel” Sanders (Kentucky Fried Chicken), Walt Disney, Charles Flint (IBM) and many more. The only person telling you that you can’t do it is you.

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It’s never too late to start your business! Here’s the proof.

8. Consider becoming a consultant

If you don’t feel the bite of the entrepreneur bug, but still want to stay connected and earn money. How about becoming a consultant?

After 30+ years working in an industry, you’ve built up a world of knowledge, contacts and experience. All of which is useful and has value.

Doing consulting work allows you to have control over your schedule and, once you are established, it can provide a significant source of income.

9. Get a part-time job for more than just the money

Both entrepreneurship and consulting can take a lot of time and effort, but picking the right part time job can cut your expenses and give you a little spending money.

What are your hobbies? Do you like to golf? Become a marshal on your local golf course. Most courses will pay you a modest hourly rate and let you golf for free.

How about gardening? A part time job at your local nursery will not only provide you with pocket money, but also a discount on plants.

Whatever your hobbies or interests, there’s a part time job out there for you.

Conclusion

Whether you are changing careers, starting a business or retiring, big life changes are by their very nature stressful.

The great thing about being older is that we have the advantage of experience. We’ve been though other life changing events and can anticipate some of the issues we’ll face.

Becoming well informed, getting prepared and making a plan will insure that you can change your life at 60 years old and feel proud of yourself.

Featured photo credit: Ian Schneider via unsplash.com

Reference

More by this author

David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

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Last Updated on November 5, 2019

7 Steps to Start Living Your Dream Life Right Now

7 Steps to Start Living Your Dream Life Right Now

Have you ever heard the question, “what would you do if money was not a factor?” It is one of those questions that people often brush aside, because quite frankly, money is a factor. The doubters will mock you as naive or foolish, but deep down you know it is possible to start living your dream life. You know there is more to life than working and paying bills.

It seems as though most people are just trying to get by. They work because they need to make an income to support their life.

People not only settle in the workplace, but also in their relationships with their friends and family. You may even know people who settle by compromising their integrity and core values.

That is why it is not naive or foolish to start living your dream life, it is essential.

Living your dream life is more than being rich, it is the belief that you are living a life aligned with your purpose. If you are ready to free yourself of the fears that cause you to live your life according to the expectations of others, then follow the below 7 steps found in the book – Champion of Change, the 7 Instrumental Laws of Change:

1. Construct a Plan of Action

The foundation for you to create your dream life is for you to take the time and visualize what that life will look like.

This is more than the normal vision board you may have heard before. This form of visualization requires you to use all your senses. Olympians are well-known for their visualization practices as they prepare for competition. The reason they do this is because everyone is very talented by the mere accomplishment of qualifying for the Olympics.

To gain an edge, Olympians will visualize themselves competing in their actual event. Emily Cook, of the United States free style ski team is quoted as saying she engaged all her senses in her visualization. She moves her body as if she is skiing down the slopes, she feels the air as it blows through her hair, and she hears the roar of the crowd as she crosses the finish line.[1]

Olympians visualize in such detail because they understand they only have one opportunity every four years to compete. The best way they can be ready for the moment is by continually competing in their mind. Studies support this belief as they show you can literally gain muscle by visualizing yourself working out [2]

2. Focus Your Attention

If you want to start living your dream life right now, you are going to need to adjust the way you see the world. Your beliefs create your consciousness, and your consciousness creates your reality, and your reality is maintained by the way your mind filters information.

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Everyday, you receive millions of sensory inputs and your mind filters out most of them to keep you from going crazy. The ones you receive are the ones that your mind believes matter to you based on past experiences.

One of the most popular examples is when you purchase a new car. As soon as you purchase that car, suddenly you notice that car everywhere. Now you probably know that everyone did not purchase the car the same day as you, but what happened?

Well, when you purchased your new car, you told your mind ,”this car matters to me”. As a result, your mind is now showing you the car that has always been there.

Your mind blocks out most of the stuff that is going on while you are driving to help you stay sane. Imagine if you were consciously aware of every line, tree, car, deer, squirrel, reflector and sign while driving.

The same way your mind can adjust your filters based on the action of purchasing a new car, you can take actions to create your dream life. As you take action, your mind will show you new opportunities that were always there (just outside of your previous filters).

    Learn more about how to focus here: How to Improve Focus: 7 Ways to Train Your Brain

    3. Put the Systems and Processes in Place

    Once you have the proper mindset to start living your dream life, you are ready to shift your focus to maintaining your early wins.

    The mistake most people make is they are excited in the early going, but they are working solely off discipline and willpower. Your willpower and discipline are exhaustible resources that will fade over time. That is why most people quit their New Year’s Resolution 30-days after starting. That is also why people who are on a diet will make nutritious decisions throughout the day, and fail miserably late at night.

    Each time you withstood the tempting call of sweets, the likelihood of you withstanding another call decreased.

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    This is why it is so important that you put systems and processes in place that limit the need for you to use discipline and willpower. In the case of our dieter, it would be better for them to trash all the candy they no longer want to eat.

    The reason is simple:

    Whatever food that is in your house, you are going to eat at some time or another. The only way to truly ensure you will not eat the candy is to throw it away.

    This is also true when it comes to you and your dream life. If you want to ensure that you follow through on your vision, you have to be willing to limit the ability for you to revert back to your previous life.

    If you want to stop relying on your willpower and start making things happen, these tips will help: How to Break a Habit and Hack the Habit Loop

    4. Accountability Is a Must

    When you are accountable to someone or a group, you will find yourself more motivated to continue. Deep down, we all want to be accepted by others. Even though this can work against you sometimes, this particular occasion is not one of them.

    When you proclaim your goal to other people, it improves the likelihood of you following through.

    You may be surprised to know, but you experience accountability on a regular basis.

    • If the CEO asks you to provide a report, you are going to make the best report of your life. You understand the opportunity and value of making a good impression with the CEO.
    • Now imagine if your coworker asked for the report. Will there be a difference in quality?
    • How about if you were going to a class reunion? Would that improve your commitment to get in shape?
    • Even when you know you are going to have company over at your house, you are going to clean better than if you knew no one was coming.

    Accountability works because you want to keep your word and make a good impression of yourself in front of others.

    5. Catalyst for Change

    There are things you can control and things that you cannot control in life. Do not allow the fear of failure or fear of uncertainty keep you from living your dream life. Everything is not going to go smoothly on your journey. You are going to face challenges and setbacks.

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    The good news is failure is a part of success. They are two halves of the same coin. What tends to happen is people spend so much time trying to avoid failure, that they never realize they are undermining their ability to find success.

    By understanding that failure is a part of success, you understand your goal is not to avoid failure, but to build on it: 10 Famous Failures to Success Stories That Will Inspire You to Carry On

    Your dream life does not necessarily need a positive event to start. Oftentimes, it is the negative events (or perceived negative) and a sense of desperation that drives people to reach further than they ever have before.

    Your catalyst for change may be exactly what you wanted or it may be the worst thing that could have happened. Either way, your focus is on what to do next. You want to build on that event by stacking positive events on top of it.

    Positive events are anything that move you closer to your goal. In your case, anything that moves you closer to your dream life. Whether you quit your job or your boss fired you, it is all about what you are going to do next.

    Choose to respond to each situation by taking another step towards your dream life.

    6. Character Matters

    In a study between two schools on opposite ends of the economic spectrum, positive psychology experts created a list of character strengths they believed essential to success.

    Their list included grit, self-control, zest, social intelligence, gratitude, optimism, and curiosity.

    Some of the character traits were common with how most people view success; such as grit, curiosity or self-control. However, gratitude, zest, optimism, and social intelligence (compassion) were on the list, but their relation to success is often overlooked.[3]

    It is important to remember that change comes from the inside-out. Your core values are the prism through which you accomplish your goals.

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    7. Muster up the Courage

    Once you have completed the first six steps, you have everything you need to start living your dream life.

    Do not allow yourself to procrastinate on your transformation. The fear of change may disguise itself as a thoughtful plan to wait for more information or better timing.

    Keep in mind that you are not looking for the perfect situation, you are only looking to start. One you get started, you are going to be better equipped to make any changes.

    I often compare starting your journey like walking through a fog. If you stand on the outside of the fog trying to see to the other side, you are going to find it very difficult. But if you are willing take the first few steps, you are going to realize that you can see a few more steps into the fog.

    If you are willing to continue walking, before you know it, you can see clearly because the fog is behind you.

    You have an idea of what your dream life looks like and you have an idea of the effort it is going to take to make it happen. However, you do not really know how realistic your expectations are until you experience it.

    Final Thoughts

    There is a lot of work that goes into living your dream life, but you will find it well worth your time.

    Most people regret the things they did not do more than anything they have ever done. Therefore, do not settle for a life that is less than your dream life. Pursue your dream life with effort and resolve.

    More About Living Your Dream Life

    Featured photo credit: Cristina Gottardi via unsplash.com

    Reference

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