In an earlier article entitled, “Retirement, Financial Risks and Negative Interest Rates”, I identified and discussed the key financial risks that every retiree must understand and consider in developing a retirement plan. Based upon my own experience and from my observation of others, there is another risk that some retirees must address, which is seldom identified or even discussed.

Frugality is considered by many to be a valuable financial habit and some consider it to be a significant contributor to the establishment of wealth. By definition “frugality” refers to the quality or state of being frugal; the prudent and careful management of material and resources, especially money. Those who consider themselves to be frugal are economical in the consumption of consumable resources such as food, time or money and avoid waste, lavishness or extravagance. READ ON

Emotional intelligence as a field of academic research has been around for several decades but has only recently become a popular topic among corporate executives as they search for new ways to improve talent/recruitment within their organization. The topic first gained notoriety following the publication of the book in 1995 entitled “Emotional Intelligence” by Daniel Goleman. Based upon subsequent research and numerous empirical studies, it has been determined that having a high EI is essential in achieving success not only in business but in life itself and that it may be just as important as having a high IQ.

According to Goleman, there are five key elements to Emotional Intelligence:

• Self-awareness.
• Self-regulation.
• Motivation.
• Empathy.
• Social skills.

“Grumpy Old Men”

It is not uncommon these days to discover that there is a general negative perception of seniors and the aging process. Many younger people when thinking about aging associate it with physical decline and diminished cognitive skills. Many seniors are stereotyped as being unhappy and isolated and lacking in motivation. Seniors are often portrayed as “grumpy old men”.

To the contrary, recent studies have demonstrated that as we get older, our emotional intelligence improves significantly and seniors are more focused on positive outcomes as opposed to having negative feelings. They have a tendency to value relationships and work harder at maintaining existing relationships and fostering new ones. They generally have a more positive outlook and a greater sense of optimism, all of which is somewhat surprising to many observers. Studies have found that there is a correlation between aging and an increase in emotional intelligence.READ ON

In an earlier article entitled, “Retirement, Financial Risks and Negative Interest Rates”, I identified and discussed several key retirement risks that everyone contemplating retirement should know and understand. In doing so, I encouraged those entering this next phase of life to develop not just a retirement plan but rather a retirement strategy. Understanding the difference between a plan and a strategy in this context may mean the difference between a successful retirement and a failed one. READ ON

My grandfather was 93 years of age when he was struck down and killed instantly by a car while crossing the street at night in front of his house. He had lived independently for years after my grandmother passed away. He was never sick a day in his life and continued to have all of his faculties. He allegedly had been playing “crokinole” with a little old lady across the street, just before the accident. 

When I tell this story, most people react by saying “ Oh, how sad!” My response over the years has consistently been the same, “I think we all wish we could be so lucky.”  

My wife recently returned from visiting my mother-in-law who has an advanced form of dementia and who resides in a dementia unit in an adult seniors care facility. Apart from her mental state, and being wheelchair bound, she is otherwise in good health. She is currently the same age as my grandfather, when he passed away. After a particularly frustrating visit, my wife remarked, “I think she has lived too long”.  She was not being disingenuous but rather it was a thoughtful statement made by someone who is as committed, understanding, loving, caring and compassionate as any daughter could be in the circumstances. 

At first blush, I was taken aback and somewhat surprised by the remark, as my wife loves her mother dearly. Upon reflection, however, I decided to explore the context of that statement more closely and what follows is the result of that enquiry, which some may find provocative. 

For others, I hope it is at least informative and offers some food for thought!READ ON