breakthroughs in the medical industry, we often tend to underestimate how long
we’d live. The average life expectancy has gone from 90 to 100 for our
generation and can even shoot up higher for our children.
It is advised
that you always have a financial planner who looks into securing your wealth in
those thin years – because let’s admit it, an 80 year old, with a depleted
retirement fund isn’t a pretty picture.
living too long might mean that you get to hang out with your loved ones a lot
longer, and also make sure that you strike off more things from your bucket
list – but it also means you’ll have to bear the financial burden of it all,
Two of the most
common risks that you might be exposed yourself to are:
- Outliving your Assets
- Lack of Savings and Investments
adequately, your options are to work beyond the traditional retirement age,
save more now or some combination of the two – this also helps you achieve long
absolutely essential. Failing to save enough may put you in a situation where
you work longer than you want to, live on less than you planned or go into
debt trying to sustain your standard of living.
Also make sure
that you lead a debt free life in your active years so that they don’t come
burdening down on you in the later years.
For most people,
the question they frequently fail to answer in their lives is if their
retirement plan covers them long enough.
disappointed to find that the eggs in your retirement basket aren’t enough to
last you in the long run.
Two of the most
common problems people face is that they either die too soon or live too long.
While the former can be sudden and devastating, the latter can be tackled if
one has got a cleverly planned financial service to last him.
READ ALSO: Planning
WRITTEN BY: BALAKARTHIGA.M