An article on finances for seniors that comes out of India's Financial Express frames the idea of retirement as a sort of "second inning" for their lives. The idea is that they have done so well in the first inning of the game of life that they can relax a little and take a breather during this second inning. Unfortunately, it's increasingly common for seniors to enter this second inning in a position that requires them to continue to run at a full pace because they haven't established financial stability during the first inning of their lives.
The article points to three different simple goals that seniors are trying to achieve for this second inning of life:
- Financial security. Seniors want to know that their money isn't going to disappear day by day.
- Steady stream of income. In order to achieve financial stability, they need to have income instead of just relying on savings.
- Emergency funds to deal with medical conditions associated with aging.
The reverse home mortgage may be a way of meeting all three of these "second inning" goals.
Question of the Day: Does it make sense to frame the idea of retirement as a sort of "second inning" in life?
