I Retired at 70: 6 Things I’m Doing Now After Donald Trump’s Win
Written by
Laura Beck
Edited by
Jenna Klaverweiden
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After teaching high school Spanish for 38 years in Phoenix, Fernanda R. thought she had her retirement all figured out — but she’s learning that all of her beliefs aren’t 100% correct. Now 72, she’s making adjustments to her financial strategy based on potential policy changes ahead.
Here are six things one retiree is doing after President-elect Donald Trump’s win.
Also see five ways Trump’s first and second terms could be different for retirees.
Staying on Top of Social Security’s Future
Fernanda is watching Social Security like a hawk. She isn’t sure what’s coming with the new administration and whether it’ll speed up the demise of the social safety net.
During her monthly financial review at the local credit union, Fernanda couldn’t stop asking questions about Social Security’s future. “My advisor kept telling me to breathe,” she said. “But when you live on a fixed income, you learn to plan ahead.”
Starting a Side Business at 72
Fernanda didn’t expect to be working in retirement. But last month, she started offering online Spanish tutoring through her neighborhood Facebook group.
“It’s four hours a week and isn’t a huge windfall, but you know what? It’s something,” she explained. “Plus, I love it … I even have a few friends who take the class!”
Building an Emergency Fund Again
After spending years building up her retirement savings, Fernanda found herself starting a new emergency fund.
“My daughter thought I was crazy,” she said, pointing to her dedicated high-yield savings account. “But with all the talk about program changes, I sleep better knowing I have extra savings. Also, my daughter thinks I’m crazy no matter what I do!”
Getting More Involved in Community Support
Fernanda joined a local senior advocacy group that meets monthly at her neighborhood library. “We share budgeting tips, clip coupons together and keep each other informed about policy changes,” she said.
Fernanda said that the group has been “a real godsend,” and she encouraged others to share information (and help!) with their peers.
Making Healthcare Decisions Now
Instead of waiting, Fernanda scheduled several medical procedures she’d been postponing.
“I don’t know what Medicare changes might come,” she explained. “So I’m taking care of everything I can while I know exactly what my coverage includes.”
Living With Purpose, Not Panic
Despite her precautions, Fernanda tries to remain optimistic and not panic.
“People ask if I’m scared about the future,” she said. “I tell them I’m not scared — I’m prepared. There’s a big difference.”
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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