11 March 2022
Many people spend their lifetimes dreaming of retirement. They plan how to spend every inch of that extra free time coming their way. Maybe they have holidays booked, courses they have signed up for or a tee at the golf club with their name on it.
Then there are the unfortunate few, struck down with a case of Retire-Ophobia, who are dreading the day they say goodbye to work.
Their reservations are understandable. The greatest retirement fear of all is running out of money and with the majority of retirees having no plan in place, outliving your savings is a very real possibility.
Living your financial lives month to month is possible when you have the potential to earn more. But retirement is different. You now need to make a fixed set of resources last for an unknown period of time.
Then there are the additional considerations; what if I need long term care? How much do I currently have saved? And what kind of life could that provide for me?
When we retire, everything we know about managing our own finances gets turned upside down. We are now tasked with simply spending. It's no wonder some of us have big fears.
Which is why retirement is the time to have the most detailed financial plan possible, put together under expert advice. A good retirement plan is flexible and will be able to adapt in different scenarios.
Like any fear, the best thing to do with Retire-Ophobia is to tackle it head on.
When it comes to planning your retirement, it's never too early to get started, and with a financial landscape growing in uncertainty, now is the time to ensure you have all the advice you really need.
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