Brace Yourself! These Four Terrible Things Might Happen To You Post-Retirement
Creating a retirement plan is not as simple as it seems. A detailed calculation about life after retirement is mandatory if you want to live the rest of your life peacefully. However, there are some major catastrophes that you might encounter. Stocks might fall and inflation might soar higher at a rate you never saw coming. Natural catastrophes such as high tides or a cyclone might ravage your dream beach house, or you might even tear a ligament and fail to move around properly for some time. But, these are just things that might happen, and it will be better for you if you’re well aware of these as you’re planning your retirement so you’ll be better equipped in handling these situations instead of succumbing to physical, mental, or financial stress. Here are some examples of unforeseen crisis that may happen during retirement and ways on how you can deal with them.
Your Spouse Might Pass Away
Death is inevitable. You can’t deny that either you or your spouse may pass away before the other. The death of a spouse is indeed heart-wrenching. With that being said, if proper planning is not carried out well before time, a financial setback can be well on the cards, especially if the deceased was the breadwinner in the family. So what can you do in case this happens? Make sure to share your retirement plans with your spouse, and if necessary, use a retirement planner to make things more organized. Appointing a financial advisor is also a good idea as they can give advice on how you can accentuate your wealth. You can reap good dividends if you know when and how to start Social Security.
A Medical Emergency May Crop Up
As you grow older, health issues are more likely to creep in. Some issues are quite disturbing, while others can be quite grave and alter the course of your life. Age-related problems may plague your life, and irrespective of how hard you try, you can’t overlook that. There are a few things that you need to do to ward off a health crisis or at least prepare for it. A good workout and a healthy diet are the keys to good health. As far as Medicare is concerned, you are not eligible for it until you turn 65. You can save quite a good sum if you opt for a good supplemental plan. This allows you to kick in an amount for the medical expenses that might crop up in the future.
You May Fall Prey To A Financial Scam
According to a survey conducted a few years back, one in five Americans over the age of 65 has fallen prey to financial fraud while a study has estimated that financial exploitation has set seniors back by approximately $3 billion a year. Don’t be a victim of the IRS phone scam where they ask you to send an amount or to share personal information. Remember that the IRS would never contact you over the phone or via email. As you grow older, it is always advisable to involve adult children or some of your loved ones in your financial planning. Give them access to your financial affairs if you think you are unable to manage them on your own.
You May Be Forced To Retire Early
Companies often downsize their workforce and hand over a pink slip to their employees according to their needs. This is a pretty common situation where employees, who are on the verge of retirement, find themselves in recent times. A survey conducted in 2016 revealed that more than 45% of retirees left their jobs earlier than they had actually planned, owing to health issues or in that case, a company downsizing. Another research claimed that a number of workers take up a retirement five to six years earlier than they had initially anticipated. So, if you are young, remember that you need to save diligently. Make proper investments in order to be financially stable and overcome any unforeseen situation in case you are forced to retire early.
Planning beforehand is a must if you want to sail through troubled waters — life can throw difficult challenges your way sometimes. Be prepared in order to avoid any financial hassles in the future. Sketch out a blueprint on how you are going to shape out your future because it’s entirely in your hands.
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