Tweaking my finances, work and life as I go from the 'go-go' years to the 'slow-go' years

Staying as healthy as possible is critically important as you age.

Tom Hanks, LaToya Jackson, Bill Maher, Christine Lagarde, Geena Davis, Chris Isaak, Kenny G and I have something in common: We're among the 4.21 million Americans turning 70 this year.

Age is just a number, of course. But this milestone (millstone?) has led me to contemplate the new chapter of my life and take steps, or prepare to, regarding my finances, work and life priorities.

The years from 70 to 79 are often overlooked by aging experts, retirement analysts and the rest of us. More attention is typically focused on either our 60s, when many Americans leave full-time jobs and claim Social Security, or our 80s, when health woes often increase.

But Paul Irving, the 74-year-old former chairman of the Milken Institute Center for the Future of Aging, calls the 70s "a really interesting interstitial period that we haven't talked about enough." He sees it as "a period where we have reaped the benefits of the first shift and see up ahead - not very far ahead - the risks of the next stage."

Since turning 70, Irving has had a clearer recognition "that there was less time ahead than there was behind and a greater sense of urgency - with both happiness and sadness - associated with that."

Viewed through the lens of retirement, age 70 is close to the end of what financial planner and author Michael K. Stein famously called the "go-go years," edging toward the "slow-go years" of our late 70s. Those are followed, naturally, by the "no-go" years.

In his recent Humans vs Retirement Substack column, "Your 12 Good Years," British retirement coach and financial planner Dan Haylett wrote: "By your mid-70s and into your 80s, things shift. Not dramatically. Not all at once. But gradually, consistently, undeniably."

Make the first 10 to 12 years of retirement "the richest, fullest, most intentional years of your life," he advised.

I'm four years into retirement, and trying.

How old I'm feeling

My son, Aaron, recently asked me how old I felt physically and mentally. I replied that I feel 75 physically, due to my chronic kidney disease and diabetes. But I feel 65 mentally, since my writing, podcasting, volunteering and grandparenting keep me engaged and help me feel younger.

Ken Dychtwald, the 76-year-old co-founder and CEO of the AgeWave consulting and research firm, said one challenge as you turn the corner into your 70s is asking yourself: "Is this an ascent or a descent?" He had to convince himself this stage would be an ascent.

It sure has been: Since turning 70, Dychtwald has published three books, given 250 keynote addresses (during COVID), offered a Microsoft $(MSFT)$ webinar to 10,000 participants, been a consulting producer for the documentary, "Aging in America: Survive or Thrive," and received the American Society on Aging's 2023 President Award.

But "there's some really scary stuff that goes on in your 70s," he said. "I think of it as dodgeball." When he was approaching 70, friends started getting very sick and dying.

"You see people you care about and have always admired starting to get damaged and broken," Dychtwald said. "More than any other time in my life, I feel a shortage of close friends."

New money issues

Housing is the biggest expense for people in their 70s, according to the U.S. Bureau of Labor Statistics - and lately, it's been taking a bigger slice out of my wallet. That's because, in March, my wife and I bought an L.A. condo where we'll move after downsizing and selling our New Jersey house to be closer to our two grown sons, daughter-in-law and grandchildren.

Getting rid of stuff is something we do nearly every week, through donating, trashing and shredding. It seems endless.

We're currently facing a few new housing expenses: California property taxes plus the condo's monthly homeowners association and utility bills. And we're dreading the coming costs to move our cars and some furnishings to the West Coast.

To pay for the condo, we sold a chunk of investments, but we expect to plow money from our home sale back into our portfolio. We also hope to earn a little money selling some furniture and household items we won't take to California.

Taxes are on my mind these days, in bad ways and good.

At 73, I'll need to start taking annual required minimum distributions, or RMDs, from my IRA and 401(k) accounts. They'll be included in my taxable income, which could raise my tax bill. My financial adviser and I have plans to discuss preparing for this eventuality.

On the flipside, when I turn 701/2 in late January, I'll be able to save on taxes through qualified charitable distributions, or QCDs. They're direct transfers from IRAs to charities, up to $111,000 annually. These transfers will lower my adjusted gross income, which might prevent me from owing the steep Medicare surcharge known as IRMAA and cut taxes on my Social Security benefits.

Once I hit 73, the QCDs will help satisfy my RMDs - keeping my taxable income lower, too.

Work and volunteering

As a huge proponent of unretirement, I'm excited to continue working part time at 70 by writing for a variety of outlets. But I'm starting to get choosier, turning down some potential assignments and not pursuing others.

Dychtwald told me he's focusing on projects and activities that, in some ways, will be the most important of his career. He also now does about half of his work for free.

"I'm not thinking about work in terms of money the way I did when I was younger," he said. "I feel like I've reached a stage where I've got quite a lot of money saved. My wife, Maddy, and I are in good shape. We're thankful for that."

I'm still volunteering regularly, virtually and in person. I'm on the board of the American Society of Journalists and Authors nonprofit, which includes some mentoring.

Irving and Dychtwald also mentor quite a bit. "There is a time for us to lift up younger people and create space for them to lead," Irving said. Dychtwald currently mentors about 10 people.

I also volunteer most weekends at Furniture Assist, a local charity that helps provide home furnishings and clothing to people who are financially struggling. I expect to keep volunteering at the same pace while living in New Jersey. Once my wife and I move, I'll reassess my plans.

In his excellent new book, "More Rules for Aging," Roger Rosenblatt, 85, writes: "Old as you are, you have plenty of time to do something. Do something."

Makes sense to me.

Taking care of my health

Turning 70 has only reinforced my view that staying as healthy as possible is critically important. So, I'm working out twice a week when possible, watching my weight and glucose numbers, and trying to eat as wisely as I can.

Not only is doing all this good for me physically, but it restrains my out-of-pocket medical costs and makes me better able to play with my grandkids. Did you know that providing some childcare has been shown to reduce mortality for grandparents by 37%?

Like many others my age, I'm worrying more about the possibility of having Alzheimer's, as my mother did, and the prospect of needing long-term care, as she and my dad did.

The odds of these maladies rise dramatically in your 80s, but serious health challenges are not uncommon in your 70s, as I sadly saw with my late sister earlier this year.

It's why my wife and I bought long-term-care policies when we were in our 50s. Lowering my risk for dementia is another reason why I'm managing my health.

Life priorities

Fortunately, I'm healthy enough to travel - one of my greatest joys in this chapter of life. And I'm far from alone among people my age: A recent AARP survey said 61% of people age 70-plus plan on traveling in 2026.

I'm not sure I'll spend the $7,749 traveling this year that people 70 and older told AARP they would, on average. But the quarterly trips to LA to see our kids and grandkids do add up.

I'm hoping my wife and I will keep taking annual vacations to places we haven't been, if our health allows. Maybe we'll sign up for something like the enticing, easygoing Dolce Tempo trips for older travelers from tour operator Backroads.

At 70, growing priorities for me - quite literally - are my grandchildren. My wife and I plan to spend more time this year criss-crossing the country to be with them. We can't wait to live nearby them soon.

On my to-do list is something I've been meaning to get around to for a while: having "the talk" with my grown sons. I'm referring, of course, to conversations about the type of care I might need one day and how to pay for it, as well as information about my estate plans, financial advisers, investments and insurance.

"Make sure you have a will. Make sure the people closest to you know what your wishes are with regard to dying," Helen Hirsh Spence, the 77-year-old co-author of "ReSet: Making the Most of the Rest of Your Life," told me. "My husband and I went away with our two children and we all sat down and discussed it."

Tidbits from the titans

Let me conclude with a few gems from the experts I spoke to about life in your 70s.

Irving calls this decade a time to continue to contribute, and he's living that credo. "I'm mindful of my capabilities and I'm still, from the neck up, pretty good," he said. "I'm focused on doing things that matter. I know I don't have a lot of time to waste."

Hirsh Spence said: "In the work I've been doing about making the most of the rest of your life, I've realized a lot of people don't want, or care, to. They've given up because of their age. That shocks me." Don't be like them, she said.