Flipping a Switch: Lessons for Younger Adults

 In 2020, I wrote the book Flipping a Switch to describe 35 transitions experienced by older adults. The target audience was clearly the age 55+ set, but occasionally I am asked if younger adults can also benefit. My answer: an enthusiastic Yes!

Below are eight ways that Flipping a Switch content may be useful to younger readers:

 

Understanding Your Parents Time Horizon- An insightful chapter is Green Bananas, ROLE Calculations, and Lasts, which describes the changed time orientation of older adults who have lived more years than they have left to live. Understanding this mindset is critical.

 

Tax Diversification- Sprinkled throughout the book are references to required minimum distributions (RMDs) and their impact on older adults’ taxes. Younger adults are advised to save for retirement in a combination of tax-deferred, taxable, and tax-free accounts.

 

Savings Check-Ups- Chapter #1 describes “super saver” ants who accumulate large sums during their careers and have difficulty “spending down.” Young adult ants may want to do periodic savings reviews and enjoy bucket list experiences early in life if they can afford it.

 

Bridge Activities- Several chapters in Flipping a Switch talk about keeping busy and finding fulfillment in later life, including continued work in some capacity. Young adults can lay the groundwork for this with side hustle “bridge jobs” and/or volunteer activities.

 

Social Security Benefits- Younger adults can plan proactively to boost this important source of income in later life by limiting work history gaps and through side hustle income sources for government workers in jobs that do not participate in Social Security.

 

Family Story-Telling- In Flipping a Switch, older adults tasked with sharing family stories were advised to groom a “successor storyteller” to transfer stories, photos, and documents (e.g., Ancestry.com reports and birth/death certificates) to. Interested younger adults should step up.

 

Good Health- Good health is a constant theme as people gain about 2,500 “free” hours when they are no longer working: time for nutritious meal preparation, physical activity, etc. Young adults need to practice good health habits, also, to increase their likelihood of a healthy old age.

 

A Good Ending- The last chapter of Flipping a Switch describes things that older adults can do to assure a peaceful and orderly end to their life. Unfortunately, not all people make it to their golden years, so planning is important at any age. Key tasks include the preparation of legal documents (will, living will, durable power of attorney) and organizing financial records.

 

In summary, a book written for older adults has many useful insights for people in their 20s, 30s, and 40s. The overall message is that everyone has "switches to flip" and that planning ahead for future life transitions is useful. 

This post provides general personal finance or consumer decision-making information and does not address all the variables that apply to an individual’s unique situation. It does not endorse specific products or services and should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.