What People in Their 70s and 80s Wish They Could Have Told Their Mid-50s Selves
You can't go back and tell your college-aged self to load up on Berkshire Hathaway stock. But I do know from experience that wishing you were a little wiser when you were younger doesn't go away as you age. I regularly have conversations with folks in their 70s and 80s who look back not on their 20s or 30s, but on their more recent preretirement years with some couldas, wouldas, and shouldas. Taking heed of this valuable advice in your 50s or 60s might not be the same as receiving guidance from your future self … but it's close!
1. Take care of your body now.
When it comes to longevity, figures around lifespan tend to get the most attention. But your health span can be a lot more fragile and have consequences that affect you both in the short term and the long term. You also, arguably, have more control over your health span. None of us can predict or prevent accidents. But the daily habits that build into a good wellness routine could potentially add years to your life.
In addition to regular exercise and healthy eating, get into a regular routine with your doctors. Understanding where you're at with your health and what your specific needs are will ease your transition into Medicare at age 65.
2. Invest in meaningful relationships.
While you're working, there may be weeks or even months where you're spending more time with coworkers than you are with your friends and family. You might not realize just how much you've missed or how much you've been taking your loved ones for granted until you retire. Instead of squeezing friends and family in around work, set some nonnegotiable work-life boundaries. Put ballet recitals, soccer games, and family vacations into your 2025 calendar before anything else. Volunteer at your kid's school, meet your best friend for a cup of coffee and have regular date nights with your spouse. In the decades ahead, these are the people you're going to rely on, and the people who will make your golden years more fulfilling.
3. Live in the present.
You can always earn more money. Time, on the other hand, is a non-renewable resource, and none of us know how much of it we actually have. As important as it is to learn from the past and prepare for the future, neither should come at the expense of appreciating what you have right now. In addition to making those relationship investments, make some investments in daily gratitude and mindfulness. Incorporate prayer, meditation, or journaling into your daily routine. Think about your values, and ask yourself, "How can I spend more time putting those values into action every day?" Small moments of bliss, like sending handwritten birthday cards or taking your daughter or granddaughter for ice cream to celebrate her report card, can keep your challenges in perspective and make every day just a little more special.
4. Retire TO something, not just FROM work.
Whether you love your job or can't wait to stop working, viewing retirement as a beginning instead of an end can make the transition a more positive experience. Take a blank calendar, divide each day into thirds, and see how many Mornings, Afternoons, and Evenings you can fill with activities you enjoy: hobbies, sports, exercise, volunteering, part-time work, learning. Also think about long-term projects you'd like to work towards, like starting your own company, home renovations, and big family vacations. This is your chance to design a whole new schedule for yourself centered on the things you enjoy doing and the people you care about the most.
5. Take risks and try new things.
Your new schedule should also include some flexibility and room for experimentation. Maybe you'll discover that you're just a weekend golfer after all, or that you don't really enjoy fixing up things around the house. Some older seniors will tell you that these frustrations made them feel like they were "failing" at retirement, when they should have just been more open to trying new things, especially early in retirement when they were able-bodied enough to travel more and do more physical activities. Seniors who also kept up to date with technological innovations have moved comfortably from email and cell phones to video chat, online learning, wearable fitness trackers, and even AI, helping them to keep learning, moving, and connecting throughout retirement.
6. Let go of what you can't control.
Worrying about things we can't change won't, in the end, change anything except our emotional and physical health. Study after study has found strong links between stress and depression, anxiety, poor sleep, and even heart trouble. Instead, try to break down things that are bothering you into manageable parts. For example, there's nothing you can do about the ups and downs of the financial markets. But if you're really worried about your household finances, you can economize your monthly budget, pay down debts, and work with a financial advisor who can help you stay on track towards long-term financial goals.
7. Focus your legacy on what truly matters.
Legacy planning often becomes a larger piece of our financial thinking as we age. Every year, as part of our comprehensive planning process, Keen Wealth helps folks review their estate documents and make sure their assets and wishes are protected.
But many older seniors also tell my team that they want to pass on more than just their possessions. They want to preserve the wisdom and values that they've accumulated over their lives. And while they wish they'd started journaling or making video or audio recordings sooner, they're enthusiastic about making these records now and even incorporating those lessons and values into establishing family trusts and charitable organizations.
It might be too late to correct certain regrets. But it’s never too late to learn, grow, and do better. And it’s also never too late to start your financial planning or improve on your existing plan. Starting 2025 with a meeting at Keen Wealth is a strong investment that you can make today in your future self.
About Bill
Bill Keen is a financial advisor with over 30 years of industry experience. As the founder and CEO of Keen Wealth Advisors, a registered investment advisory firm, he focuses on providing personalized retirement planning designed to help people thrive before and during their retirement years. With a passion for educating others, Bill regularly blogs about retirement planning, hosts the podcast Keen on Retirement, and has contributed to Forbes, U.S. News and World Report, Reuters, Wall Street Journal’s Market Watch, Yahoo Finance, and other publications. Based in Overland Park, Kansas, Bill and his team work with clients throughout the greater Kansas City area and across the nation. To learn more, connect with him on LinkedIn or visit www.keenwealthadvisors.com.
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