If you are over the age of 60, then there are some things that you should stop doing if you want to enjoy your retirement years as much as you possibly can.

Because after working with hundreds of people in their 60s and beyond, these lessons that they taught me are things that I hope all of you can take with you to create the best possible future for yourselves.

This is another episode of Ready for Retirement.

I'm your host, James Cannell, and I'm here to teach you how to get the most of the life

with your money.

And now, on the episode.

The first thing that you should stop doing if you're 60 or above is you should stop saving.

Now, this might sound a little bit absurd, but let's take a look at it a little bit deeper.

The reason that we save money today is so that we or someone we love can enjoy that money in the future.

We don't spend it today so that we can spend more money in the future.

It's as simple as that.

We save today for future consumption.

But what happens once we've saved enough to fully support that future consumption that we already desire.

Once we've already done that, is there really a need to continue saving? Now, this isn't to say

that you shouldn't want your portfolio to continue growing once you're 60 and above, but what it is

saying is that you can start to let your money work harder for you instead of having to do all

the legwork yourself. Let's take a look at a very simple example

using some nice round numbers. Let's assume that you make $100,000 per year. And of that $100,000,

you're investing 10% of your income. So you're investing $10,000 per year. And we're going to make

the assumption that that money grows at 8% per year. Now, what if we assume that you've done that from age 23 until age 60?

$100,000 per year the entire time, just to use a nice round number, $10,000 invested,

growing at 8% every single year.

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