Retirement Planning: Many times advertisements run on TV, have you planned for retirement. It will also be seen frequently on social media. Most people consider retirement planning as a task that they have to do after many years in the future. People’s view is that retirement is still years away. Therefore, most people leave it for further. It is a mistake. Let us know why one should not ignore retirement planning.
60’s not too old now
With the increase in medical care and research, the age of 60 is no longer considered old. In olden days, people who turn 60 years old considered themselves elder. Today 65 years old people are more active. People live after 90 years due to better health services and focus on lifestyle. That is, 30 years after retirement. Most people do not think of getting old at the age of 45. However, after 45 years, people have little time to plan for the post-retirement corpus. Hence one should start early for retirement.
You can’t run from illness
Diseases also increase with years in life. How many old people do you know who do not have any health-related problems. The way medical expenses are increasing, senior citizens can eliminate all their savings if they do not plan properly. Hence, retirement planning not only includes a good amount of savings, but it also has adequate health insurance, with a little cover for serious illnesses. Therefore, not only the corpus in retirement planning but also includes health emergency and health plan.
No need to depend on others
You have supported yourself and family for many years. Once there is no regular source of income, it can disturb. Suddenly becoming financially dependent may hurt you. With retirement planning, you will continue to receive money regularly.
Will meet the post-retirement goal
The goals of retirement have changed. Now people want to roam the whole world after retirement or start a new job. You can also afford the education of your grandson. Or they can leave the better property for them. With retirement planning, you will be able to fulfill all these dreams.