Most people who have done their retirement planning may have to change their retirement plan after they read this article. After you retire, you could face health problems or your investments could go wrong. In this article, we have discusses a few challenges you could face after you retire. Lower Purchasing Power Since the prices of most commodities are rising, it will erode the purchasing power of the money you have saved for your retirement. Most pre-retirees and retirees are worried that raising inflation will erode the value of their savings. One of the ways of dealing with this problem is by delaying your Social Security claim. When you delay your Social Security benefit, the value of your benefit will increase which will help you deal with inflated prices of commodities. You can also deal with this problem by investing in real estate, stock market or by doing part-time jobs after retirement. Rising Healthcare Cost Most pre-retirees and retirees are worried that they will not have money to pay for the rising healthcare cost. Retirees plan to deal with this problem by following healthy lifestyle habits and by purchasing retiree health plan that is offered by their employer. However, a majority of retirees have not saved money to meet large healthcare expenses. Also, only 25 percent of retirees have taken long-term insurance plans that will take care of their healthcare needs. Limited Savings When saving for retirement, people must make sure they save money that will last for the rest of their life. Most pre-retirees are worried that their savings will get depleted quickly and they will not be able to meet their expenses. Most married retirees are also worried about the financial future of their spouse and their children after their death. To avoid this problem, people must consult an independent financial advisor who will plan the amount they will spend and where the money will come from. Some of the methods they are likely to suggest include elimination of loans and credit cards, cutting down on expenses and investments in stocks and bonds. Losses on Investments Losses in the stock market can be devastating for people who depend on them after their retirement. Most people are approaching their retirement age are worried that their investments in stocks will lose value after they retire. Hiring an independent financial advisor will help in reducing your investment risk. Most financial advisors will suggest investment products that can get you risk-free guaranteed income after you retire. When making investments in stock market, make sure you save extra cash so you don?t have to sell stocks at low prices. Living Longer Most people find it difficult to plan their retirement because they don?t know how many retirement years they should save for. Most working people are unable to plan for their retirement because they don?t know how long they are likely to live. If you approach an independent financial advisor, they will recommend plans that will provide you steady income even if you live until 100. Forced into Retirement Even though most working people don?t plan to retire before age 65, many workers are forced to retire early due to disability, health problems or job loss. These unplanned retirements can weaken your financial security and savings. Therefore, it is important that you keep your resume ready in case you have to find a new job in your final years of employment. To work with an independent financial advisor that understands the new economic paradigm and can help you, contact Global Planning, Inc. at http://www.globalplanning.com/Our_Process/Independent_Financial_Advisor.
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