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When you live too long


With several 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.

Of course, 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, more. 

Two of the most common risks that you might be exposed yourself to are:

  • Outliving your Assets
  • Lack of Savings and Investments

To save 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 term stability.

Savings are 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.

You’ll be 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 your retirement

WRITTEN BY: BALAKARTHIGA.M



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