When we say we wish to retire now then it may not necessarily mean complete retirement from work. Many of us may want to reduce the hectic work schedule we are following for so many years. In fact it is always difficult for any of us to suddenly rest at home from the next day when till previous day maximum time has been spent at office. And so retirement eventually means living a life of your choice.
Although we all aim for a stress free retirement at a certain age but much rest on our financial situations. At times we may be forced to continue working and delay our retirement if we are unable to fulfill all our commitments. Similarly there will be many other situations which needs to be addressed if you plan to retire as you desire.
Below are some of the issues which are common at retirement and should be taken in consideration when you are planning for your retirement:
Expenses
Your expenses will increase as you reach your retirement age. Whether you continue with your job or can retire for wishful working will rest on how long your accumulated corpus will sustain . If you have been planning your retirement then you will be able to evaluate this concern in your reviews. But if you are close to your retirement and have missed planning for it then you will have to find ways and means to meet the shortfall. Delay in retirement will be one of them. Whatever be the situation this concern needs to be addressed well before you retire.
Liabilities
Many a times your liabilities extend to post retirement. The situation arises either when the late birth of child extends the education or marriage goal beyond your expected retirement or due to financial situations you have delayed accumulating assets like house. If you have availed loan for any of these purposes then there is higher probability that the repayment will extend beyond your retirement. If you have any fixed income coming like pension etc… then it may ease your situation but otherwise you have to plan for reducing your liabilities.
Social Life
A Social life matters very much in your post retirement life. When you are not in work or have more time to spend then engaging socially helps you in many ways. At large it keeps up the relationships going especially in situations when you have lived in a city for long time say 30-35 years. There will be a higher probability that your colleagues will also be reaching their retirement. It also helps you in identifying new opportunities which you have desired to pursue after retirement. All the more your good social life support your children in many ways . This if you are near retirement a careful thought should be given on how you will utilize your time socially .
Health Issues
One of the major issues which most of us have to address post retirement is health. As you move higher in the age some or other health issues started popping up. Many a times it requires long medication or surgeries to make your living more comfortable. When you are thinking about retirement then this concern will revolves in your mind seeing your parents going through the same phase. It thus becomes a necessity that you address this issue and take measures early in life. The more good health you keep the less concern you can be while in retirement. Include such expenses while planning for your retirement expenses.
Staying Alone
Most of the parents stay alone while their children are settled abroad. For them security and care at very old age is a huge concern. Absence of a society and security measures poses a biggest threat from burglars as we have seen in recent times. If you are retiring and such situation emerges then moving to a more secure location may not be a bad proposition. In fact moving close to your relatives can be one of the considerations especially if you belong to a small town.
Income From Assets
It’s necessary that the assets you have accumulated generate enough income. With reals estate showing a huge attraction most of us build a good fortune through this asset class. But if this fortune is not generating income for your needs that it is of little use it for you. Many a times emotional attachment hails our decision to resent from selling such assets. This can be dangerous if you reach a situation when your net worth is huge but you are not able to fulfill your requirements. Thus when you are approaching near retirement you need to evaluate the actual usability of your assets and see how income will be generated from them and act accordingly.
What After You?
The last consideration which will always be in your mind when you are in your post retirement life is distribution of assets after you. Many cases of disputes among family members arise because the deceased have not written any Will for a proper distribution. Real estate is always the main center of such disputes because creating a division is lot more difficult in it. There are also situations when after the deceased the spouse is not treated well. To avoid this situation also a proper Will which takes care of her requirement is necessary. Also if you are in business you have to decide the structure through which your family will derive the benefits .
There may be many more concern which may emerge post-retirement. It’s wiser to identify and address them with proper measures so that you do not have to face difficulties in later years of life.
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