I wrote the original version of this over 12 years ago. Back then I was in my early 50s, living a bon vivant life. I am now a Senior, and my body is falling apart. I am now at “retirement age”.
A solemn commiseration to all my readers who have birthdays in December and January. No! A single gift for Christmas and my birthday is NOT okay.
Estimated reading time: 4 minutes
Happy Freaking Financial Birthday
A list of some things to think about on your birthday. With a tip of the hat for those turning 65!
- Is your Will and Power of Attorney in place and up to date? If you are my age, you’d better have that done. If you did it a while ago, it might be time to review. Who controls your future medical decisions? Is it your son whom you called a lazy pillock? Might want to change that (or apologize).
- It is time to make a Doctor’s appointment if you are over 30. Don’t wait until you think you need little blue pills to see your Doctor. The most important thing for your retirement is to be alive for it. You may need to look for a Family Doctor first. If you haven’t seen a Doctor and you are my age, this could be problematic. Do not end up a victim of VOMIT (i.e. Victim of Medical Imaging Technology). If you look at someone my age, you are bound to find SOMETHING!
- Insurance: this topic has a bunch of exciting sub-topics:
- Life insurance, is your premium due for the year? If you turn 55, your Term Life Insurance rates will change. You can get them back to a lower rate by undergoing a medical checkup, provided you pass it. Do you still need insurance? Why do you have insurance?
- Does car insurance need to be renewed, or is it time to shop around to get a cheaper policy?
- Disability insurance? If you are retired, you don’t need that anymore.
- Did you get your car registration renewed? It might be free in Ontario, but you still need to go through the renewal process. Has your actual driver’s license expired? How about your OHIP card? Many things expire on your actual birthday.
- Have you checked the batteries on your smoke or Carbon Monoxide detector? Carbon Monoxide detector on every level of the house?
- You could always restart your New Year’s Resolutions. You most likely abandoned them by your birthday. It’s a lot harder for me since my birthday is in January.
- How about your deadbeat friends who come over and drink your beer? Get them to buy you a drink (or 12)!
- Guilt, have you called your kids the day after your birthday? Did you remind them that it would have been nice to get a call saying Happy Birthday? Guilty kids are less likely to bother you about getting more money from you.
- A life plan or a raison d’être for your life? It’s a deep subject, but your birthday would be an excellent time to consider. If you have a plan, does it make any sense any more? Having climbing Everest on your list after age 65 is a bit, um, optimistic?
- Assuming all of your documentation is in order, without checking is a dangerous game to play.
Just a few simple ideas for those with a birthday coming up.
Birthdays are a dychotomy. They arrive quietly, usually with cake, and then sit there judging you. They’re one of the few socially acceptable moments to pause. You can ask uncomfortable questions about health and money. It’s also a time to consider whether the plan you thought you had still makes sense.
What changes as you age isn’t just your balance sheet it is your tolerance for uncertainty. Things you ignored in your 40s start feeling louder in your 50s and unavoidable by your 60s. Paperwork becomes important. Doctors become necessary. Expiry dates become personal.
A birthday isn’t about celebration alone. It’s also a checkpoint. And like all good places for inner reflection, it’s mildly irritating but can be useful.
The biggest regret you end up with isn’t investment returns, it is procrastination. Birthdays are one of the few moments people naturally pause. Using them as a planning checkpoint isn’t morbid; it’s efficient.
More Birthday Ideas
- Ensuring Your Financial Security This Birthday and Beyond Raise a slice to yourself. Get all the info you need on selecting the best birthday cake and can you afford the life insurance premiums?
- Financial Things to Do On Your Birthday gives you a similar list.
- Birthday things to remember has some different ideas for you.
- Random Thoughts: Happy Birthday to Me!
- On Turning 50 outlines some of the angst of getting older
- Now I'm Fifty Five and getting older
- Financial Things to do on your birthday?
