People live longer than ever before and retired people make up an ever increasing percentage of the population. Sadly, many of them struggle to survive financially. Inadequate planning, runaway inflation and poor returns on investments are just some of the reasons why so many elderly people battle. Long cherished dreams for their old age have to be abandoned and numerous retired people have to depend upon some form of assistance. With proper planning and expert retirement advice Dublin retirees can live fulfilling and satisfying lives.
The main reason for struggling after retirement is a lack of planning from a young age. Far too many young people think that they have lots of time and they rather spend their money in the here and now. By the time they start thinking about the matter they often find that they are financially committed to the extent that they cannot invest much in a plan for their old age.
Financial advisors will take many different factors into account when drawing up a pension plan. This plan needs to be changed as circumstances change. Young people, for example, need more ready cash to pay for the education of their children but as they grow older they can set aside more money for the pension plan. Other factors such as inflation and the state of the markets must also be kept into account.
A pension plan should be managed conservatively and should contain several components in order to make sure that one single catastrophe does not devastate the entire fund. Most plans will feature a balanced mix of investments, savings, bonds and real estate. Investing large sums in unproven schemes should never be considered regardless of how big the promised returns are. Many people have lost everything in this manner.
It is also very important to plan for unexpected huge expenses. As one grows older the chances of contracting a dread disease increase and treatment may seriously erode the funds saved for old age. It may become necessary to hire a caregiver, another huge cost factor. That is why it is so vital to invest in specially designed insurance policies that will cover the cost of major emergencies.
It is not just financial matters that should receive attention when planning for old age. Many retired people move from their familiar surroundings to locations far away from their family and friends. Social experts warn that this can easily be a big mistake. In most cases it is better to remain in the place where friends of long standing live and where newly retired people have been part of the community for a long time.
A lot of people become restless and bored once they retire. That is why it is also important to set goals and to make plans in advance. Retirement should be that time of life when it is finally possible to fulfill those dreams of traveling, learning a new hobby or spending more time with loved ones. Becoming involved in community work can also be extremely rewarding.
Everyone hopes to have a secure, happy and trouble free retirement. This is only possible if plans have been in place for a long time to make provision for financial security. Nobody wants to spend the last years of their lives constantly worrying about survival or utterly depending upon help from others.
The main reason for struggling after retirement is a lack of planning from a young age. Far too many young people think that they have lots of time and they rather spend their money in the here and now. By the time they start thinking about the matter they often find that they are financially committed to the extent that they cannot invest much in a plan for their old age.
Financial advisors will take many different factors into account when drawing up a pension plan. This plan needs to be changed as circumstances change. Young people, for example, need more ready cash to pay for the education of their children but as they grow older they can set aside more money for the pension plan. Other factors such as inflation and the state of the markets must also be kept into account.
A pension plan should be managed conservatively and should contain several components in order to make sure that one single catastrophe does not devastate the entire fund. Most plans will feature a balanced mix of investments, savings, bonds and real estate. Investing large sums in unproven schemes should never be considered regardless of how big the promised returns are. Many people have lost everything in this manner.
It is also very important to plan for unexpected huge expenses. As one grows older the chances of contracting a dread disease increase and treatment may seriously erode the funds saved for old age. It may become necessary to hire a caregiver, another huge cost factor. That is why it is so vital to invest in specially designed insurance policies that will cover the cost of major emergencies.
It is not just financial matters that should receive attention when planning for old age. Many retired people move from their familiar surroundings to locations far away from their family and friends. Social experts warn that this can easily be a big mistake. In most cases it is better to remain in the place where friends of long standing live and where newly retired people have been part of the community for a long time.
A lot of people become restless and bored once they retire. That is why it is also important to set goals and to make plans in advance. Retirement should be that time of life when it is finally possible to fulfill those dreams of traveling, learning a new hobby or spending more time with loved ones. Becoming involved in community work can also be extremely rewarding.
Everyone hopes to have a secure, happy and trouble free retirement. This is only possible if plans have been in place for a long time to make provision for financial security. Nobody wants to spend the last years of their lives constantly worrying about survival or utterly depending upon help from others.
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Find out how to get the free retirement advice Dublin locals rely on by touring our web pages now. To learn more about our options in financial planning, go to http://www.bluewaterfp.ie/personal-finance/retirement-advice today.
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