Planning for the known is possible, but full preparation for the unknown and unexpected is challenging and at many times, impossible. From illness to major home or automotive repairs, unforeseen costs can negatively impact the limited income of a retiree. When the unexpected illness of death of a partner creates a chasm in retirement plans, the surviving partner must re-strategize and prepare both mentally and financially for their future.
Major repairs to the home or vehicles are stressful enough when pre-retirees are still working. Yet, due to the full income of employment, these expenses can be managed and the repairs completed. However, when one is on the verge of leaving a career and the comfort of a steady, reliable paycheck, unexpected costs cause increased stress when the same amount is now expected out of a much stricter budget.
According to the Employee Benefit Research Institute, 49% of American workers plan to delay retirement due to a feeling of being unable to afford retirement.
They lack confidence in the size of their retirement fund and its ability to take care of most expected retirement costs, let alone the unexpected costs which are sure to arise in the future.
Finding a professional financial advisor is one step towards a secure retirement. These individuals will help pre-retirees to develop a plan for what they envision their retirement to look like as well as find a way to prepare for unplanned occurrences.
Together with the pre-retirees, the advisor will implement steps to increase health care coverage and increase savings goals from the six months of living expenses recommended for employed workers to 12 to 18 months.
For those able and willing, they can facilitate the creation of a separate fund for family trips, destination weddings, and other family fun events.
https://www.bestliferates.org/
http://www.wunrn.com
https://www.bestliferates.org/
http://www.wunrn.com
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