Stop Believing These Retirement Myths Right Now!
Retirement is something most of us look forward to as it’s the perfect time in our lives, where we finally get to stop working hard and just enjoy life. We don’t have to force ourselves to wake up early in the morning or stay up late to work. When we finally retire, we get to enjoy leisure and don’t have to worry about making more money to pay our bills and responsibilities. What a lovely scene that would be, right? However, not every one of us can avail a worry-free retirement.
There are some elder people who get trapped in myths that disable them from preparing for their future and retirement. As a result, they become financially strained and they find themselves working hard even at an old age. Unable to enjoy life, they’re not financially prepared for the retirement. Paired with financial planning and risk management, we believe that you can break this vicious cycle so let us debunk some of the retirement myths and have a worry-free and enjoyable retirement life in the near future.
You’ll Earn a Stable Income Until The Day Of Your Retirement
Do you remember the day you first got hired and you started working your job? You were so happy back then because you finally had a source of income to support your needs, pay your bills, as well as your responsibilities. You think that as long as you keep working and have some savings on the side, you’ll be able to accumulate enough money until the day you retire. Well, it turns out that’s not the case. In reality, you may never know what life will throw at you. For one, even if you have a stable job right now, there’s no telling that it’ll be your only job for a lifetime, or let’s say in the next couple of years.
It may happen that you’ll lose your job after a year or two, or you got sick and that will force you to be on leave. Or maybe you’ll move to another country. Whatever challenges the future may bring, you need to be prepared even for the worst case scenario. We encourage you to not just save but build your wealth. Try to apply for an insurance and investment plans in order to prepare for your future. Also, build your emergency fund so that you can access these funds should emergency cases happen. This will help protect the savings that you prepared for your future retirement.
You Can Assess The Fund You Need In Order to Retire
Did you notice that when you get an insurance or an investment, they give you an estimate and calculation of how much money you need when you retire? That will then be the basis of your premium payments. While this estimation fund is beneficial for you when you retire, you shouldn’t rely on it too much. It is still It is still recommended to have your own separate savings to have more money and funding. Why? It’s because these premium amounts may not be enough as the years pass by. Remember that inflation increases every year that diminishes your purchasing power.
For example, the $100,000 you have right now may only have the purchasing power of $10,000 by the year 2050 or so. Aside from that, you also need to prepare for your healthcare. Health care is so expensive to afford nowadays, and because of new diseases diagnosed every single day, undergoing such treatments will cost you dearly. That’s why you need to overestimate your future costs and funding to prepare for these setbacks. If you can, have your healthcare incorporated into your insurance plan too so that you won’t have to worry about your health care.
You Will Retire at 65 And Can Live Longer Than 90
Oh, how great it would be to live that long, right? However, the unfortunate truth is that our lifespan decreases as years pass by. Not to mention that the emergence of processed foods makes us sicker and sicker every minute. Our foods nowadays are loaded with chemicals and hormone growth heavily that deteriorates our health. Paired it with an unhealthy lifestyle like not exercising and our life is doomed. The statement above can only be true if you’re being careful with your body. That’s why we recommend that aside from preparing your future, stay healthy as possible to ensure living a longer life. You want to enjoy and reap what you sow when the time comes, right?
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