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Published on October 29, 2018

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

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David Carpenter

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

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Last Updated on March 12, 2019

Feeling Stuck in Life? How to Never Get Stuck Again

Feeling Stuck in Life? How to Never Get Stuck Again

The statistics are dismal. A recent study has found that 69% of people feel trapped in the same old routine, and only 3 out of 10 people are happy with their lives.[1] People are feeling stuck.

Some are feeling stuck in their careers, feeling like they’re too far along one path to make a change. Some are feeling stuck in their personal lives. The toll of the daily grind sucks most of their time and energy. So their relationships, self-care, and personal goals get lost in the shuffle of the treadmill existence.

When people come across these challenges of feeling stuck, the feeling sometimes doesn’t go away. It often intensifies as time goes on. As the stuck feeling intensifies, some people choose to settle. Subconsciously, without even realizing it, they end up pushing their dreams and goals further and further down.

Others, if the feeling of being stuck intensifies to an unbearable point, choose to make changes. They may choose to pivot in their careers, even after years at a successful job. They may end up making big changes in their relationships, or start putting their fitness at a higher priority. They may make drastic changes to finally feel free. These changes can be incredibly difficult to make, especially if a person has lived many years in a certain lifestyle.

Feeling stuck is NOT fun. I’ve been there. I get it.

Why Are You Feeling Stuck?

People feel stuck once in a while. There are many causes of feeling stuck. Many people work toward goals that don’t actually align with who they are at the core or what they truly desire. I call these “False Objectives”.

Living a life of False Objectives can cause people to feel very stuck and frustrated. People can build lives that are very “successful” according to society; but if you’ve built your life based on False Objectives, you’re not going to feel fulfilled. You’ll end up feeling stuck.

Another cause of feeling stuck is not knowing who you are. If you don’t understand how you’re innately wired – your strengths, your gifts, your talents, your passions – it’s tough to make decisions that enable you to maximize those. It’s tough to reach your full potential if you don’t know who you are.

You can feel stuck if you’re doing work that doesn’t allow you to maximize your innate strengths. If you’re doing work that doesn’t bring out the best in who you are at the core, you’ll likely feel some dissatisfaction and you won’t reach your full potential.

Other people feel stuck because they haven’t surrounded themselves with mentors or peers who have achieved what they want to achieve. They stay in certain routines while craving to do life differently. As Jim Rohn says,

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“You are the average of the 5 people you spend the most time with.”

If your goal is to run a marathon and you’re spending most evenings and weekends drinking beer with your coworkers, you’re probably not going to run that marathon. If your goal is to live a location-independent lifestyle and work anytime from anywhere, but everyone in your social circle is at traditional jobs; it’ll be tough to break free from the 9-5 mentality.

How Feeling Stuck Screws You up Secretly

Feeling stuck screws up people’s lives. The consequences of feeling stuck can range from mild to severe. People may feel a mild discontentment with life and end up succumbing to the idea that life is “okay,” and settle. (Nancy’s story will resonate with you.) They may never reach their full potential, their highest levels of happiness and satisfaction. And they may not make the impact on the world that they could make, and have a looming sense that there could be “more” to life.

Often, though, the feeling of being stuck comes with much larger consequences. Feeling stuck can hinder career growth and contribute to disrupted marriages. It can lead to huge midlife crises.

The feeling can (and frequently does) increase as the years go on, leading to significant regrets about unfulfilled dreams. In fact, the number one regret of the dying, according to Bronnie Ware, a palliative care nurse, is, “I wish I’d had the courage to live a life true to myself, not the life others expected of me.” She writes:[2]

“This was the most common regret of all. When people realize that their life is almost over and look back clearly on it, it is easy to see how many dreams have gone unfulfilled. Many people had not honored even a half of their dreams, and had to die knowing that it was due to choices they had made, or not made.”

    How to Approach Life Differently

    Thankfully, some highly effective strategies can prevent you from feeling stuck. Using these strategies can help you avoid significant problems in your life. It’s different than conventional living, and it works.

    Commonly, people live with many set routines. While certain routines are helpful, becoming stuck in the daily grind routine can get frustrating. Many people eat roughly the same foods each week, go to the same place each day, talk to the same people, keep the same commitments, and end up living life on autopilot.

    It’s tough to feel like you’re progressing forward when each day is spent doing the same uninspiring routine. In order to avoid feeling stuck, it’s important to live intentionally. It’s crucial to live in the driver’s seat of your life and get out of autopilot mode.

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    First, ditch the False Objectives. Just because everyone in your family are doctors doesn’t mean that’s the best path for you. Just because all your friends are married with a big house, a white picket fence, and 2 kids doesn’t mean that’s the best path for you. Just because everyone you know works 9-5 doesn’t mean that’s the best path for you. It’s not easy to design your life intentionally, but it’s critical in order to avoid feeling stuck.

    Remember, the majority of people feel stuck. So, if you’re doing things like the majority of people, you’ll likely feel stuck, too. You’ll need to think differently and create your life differently.

    Two Questions to Ask Yourself Every Day

    In order to intentionally design your life, avoid falling prey to False Objectives, and prevent feeling stuck, there are questions to ask yourself every day. These questions can help you stay focused on what matters most to you, help you avoid feeling stuck and frustrated, and create the best life possible.

    1. Why am I going to do what I’m going to do today?

    If you’re showing up to work each day and giving your years to your job, it’s important that your “why” is deeper than “to pay the bills.” Knowing why you’re doing what you’re doing can help you make choices that inspire and motivate you.

    By asking yourself why you’re going to do what you’re going to do today, you will be living intentionally. In today’s incredibly busy, easily distracted world, living intentionally and focusing every day on what matters most is unique.

    When you choose to ask yourself why you’re doing what you’re doing every day, it will help you stay focused on what’s truly important to you. This can prevent you from getting stuck.

    2. What would future want me to do today?

    Imagine yourself, in the future, as the best version of you. What would that version of you want you to do today? Making decisions from the viewpoint of the future you can help you move forward and prevent the stuck and frustrated feeling.

    When you make decisions from the viewpoint of future you, you will develop perseverance and reap the benefits of delayed gratification. Today’s society is very focused on instant gratification, but a lot of great things in life take time and effort. Learning to take small steps forward by making decisions from the future you’s standpoint can help you progress toward your biggest goals and dreams.

    How to Get Unstuck

    After asking yourself the two questions, work on the plan to get unstuck. I’ve personally tried these strategies and they work for me.

    1. Choose goals you truly desire to accomplish

    This might sound obvious but we all get sucked into False Objectives at times. When you’re setting goals in your career and your personal life, make sure they are goals that matter to you.

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    Working hard toward big achievements that don’t align with your values, priorities, and who you are at the core is a fast-track toward feeling stuck.

    Learn about your strengths, your gifts, and your passions. Choose goals that align with who you are at the core, and work toward goals that align with your inner strengths and gifts. This will help you maximize your potential and minimize the stuck and frustrated feelings.

    2. Watch your mindset

    Often, we think we’re stuck, but the problem is our mindset. Being mindful of our mindset and self-talk is important to living a life of freedom and fulfillment. Work on rephrasing your self-talk in order to improve your mindset.

    For example, if you tell yourself, “I could never start a business,” rephrase it to, “I don’t know how to start a business YET, but I can learn.” If you find yourself saying, “I don’t have enough money to travel,” tell yourself, “I don’t have the money right now, but I can make a plan to save money to travel. Rephrasing your self-talk can help you see opportunities and possibilities instead of feeling stuck.

    Occasionally, even the most driven people have days where they feel unmotivated. Check out this article for tips to get motivated when you feel like doing nothing:

    What Motivates You And How to Always Stay Motivated

    Those tips can help you break free from the rut.

    3. Get out of your comfort zone and add some excitement to your day

    Shaking up your daily routine and adding some excitement to your days can help you get unstuck.

    While breaking out of your daily routine can be uncomfortable, it can be a great way to invigorate your life. You can start by getting out of your comfort zone in small ways. Here are 10 ways to step out of your comfort zone and overcome your fear. As Brian Tracy says,

    “Move out of your comfort zone. You can only grow if you are willing to feel awkward and uncomfortable when you try something new.”

    Getting out of your comfort zone and experiencing growth can help you to continue to move forward and prevent you from getting stuck.

    4. Surround yourself with people who have done what you aspire to do

    It’s easy to get stuck if you’re trying to accomplish something and you’re struggling to believe it’s possible to accomplish it.

    Instead of letting yourself be isolated and stuck, commit to learning from people who have done what you aspire to do. This can help you believe it’s possible to achieve the same goals. It can also help you to be inspired to progress forward instead of staying in stuck-land.

    You can seek out a mentor, or even read inspiring books or listen to motivating podcasts by the people who have achieved your biggest goals and dreams.

    Final Thoughts

    It’s frustrating to feel stuck. But you don’t need to stay stuck if you know the right ways to break free from the rut.

    Practice living intentionally by asking yourself the 2 critical questions:

    • Why am I going to do what I’m going to do today?
    • What would future want me to do today?

    When you constantly reflect about what you truly want and whether you’re doing the things that lead you to what you desire, you’ll feel less stuck gradually.

    Featured photo credit: Krists Luhaers via unsplash.com

    Reference

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