In the third phase of life, many people face challenges in various aspects, including finances. Retirement brings about a significant shift in social connections and daily routines, which can be difficult to navigate. Additionally, financial concerns become more pressing as individuals must consider how to effectively manage their savings and investments. Questions arise, such as how much of their accumulated retirement funds should be spent annually and whether investing in stocks is still a viable option. Furthermore, there is the issue of what happens to one’s wealth in the event of needing long-term care. These are all important considerations that the NZZ explores in their new series, “Finanzen im Alter” (Finances in Old Age). The series delves into these questions and more, providing valuable insights and guidance for individuals entering retirement. It is crucial to plan and make informed decisions regarding spending down savings, even though it may be uncomfortable to confront the idea of mortality. A detailed financial plan covering several decades is necessary to ensure a comfortable retirement. Many retirees may be hesitant to spend their savings, either due to an inability to enjoy their money or a desire to preserve their wealth. However, it is important to strike a balance and learn how to effectively spend money to maintain a fulfilling and enjoyable retirement. Ultimately, the uncertainty of life’s duration emphasizes the importance of cherishing each day and treating oneself to the pleasures that life has to offer. By being prepared for the changes that come with retirement and managing finances wisely, individuals can navigate the third phase of life with confidence and peace of mind.

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