Arriving at your retirement and winding up your 9-5 job forever is a big milestone for everyone but will it be a financially stress-free one for you? By committing to keep aside a small amount of your monthly salary in your savings account (or for your private pension), starting early on in your career, you could reach older age with fewer money worries.
There is a reason why retirement is called the golden phase of life. This is the time in your life when you will reap benefits in the form of interest on the money that you saved for investing for retirement during the early days of your career. With interests being paid out quarterly by your bank, you are all set to lead a life free of financial woes. But many people fail to understand the significance of saving money or planning their finances for the future.
Post retirement, there are chances that you will develop ailments and age-related diseases which will need to be tended to and treated. And taking care when you’re medically vulnerable requires external assistance.
On one hand, if you opt to move into a senior care facility, you will require adequate finance to support that decision. On the other hand, if you decide to stay at home with a few hands taking care of all your needs, you will still require money to live hassle-free. When you have people caring for you at home, you might have to rely on assistive technology devices to help make everyday life easier, medication and therapies for your health, and more.
Many fail to understand that retirement is a time when there are many unavoidable costs and they would have no salary to support themselves. So, if they become severely ill and require treatment or develop Dementia, the calls for assistance from caregivers at senior living facilities such as those at chelseaseniorliving.com/locations/new-jersey/bridgewater/ becomes necessary, and they would not have the funds to afford these. Ending up alone at the age of 60 and more with an ailment could make all those who are suffering feel miserable.
This is when they start feeling depressed, which again needs clinical attention (and money to pay for the cure). It must not be tough to understand that you can end up in a never-ending loop of financial struggle and health problems when you do not plan your finances in the early stage of your life.
However, a UK online investment company has conducted some research which indicates that a large percentage of the UK population (41% of women and 30% of men) saved nothing towards their retirement during Q3 2016. Browse the infographic below for more findings.