TOP 5

RETIREMENT
CONCERNS

AND HOW TO DEAL WITH THEM

Retirement is a milestone which is celebrated and lived with fulfilment. Conversely, a recent survey says that 55% of senior citizen stated they had not saved adequately for their retirement.

Here are the top five issues that can stir up anxiety in those nearing retirement or those who have already retired.

NO MORE SALARY

Even if you have carefully budgeted and saved money, there will be some fear looming over you due to the transition from a monthly pay cheque to drawing money from your retirement pot.

INSUFFICIENT SAVINGS

This is especially true if you have not properly factored in inflation. Even if you have, the rate of inflation could have outstripped the interest earned on savings.

OUTLIVING YOUR SAVINGS

With many individuals living up to 80-90 years and even beyond, retirees are concerned they will outlive the money they have accumulated.

MEDICAL WOES

With age comes an increased need for medical attention. Neither hospitalisation nor OPD care comes cheap, so being able to afford good quality healthcare becomes a concern. Medical insurance isn’t affordable either if you are above a certain age.

FEAR OF THE UNKNOWN

Before retirement, life is like a treadmill and you rarely have time to ponder the unexpected. Make time to plan and prepare for every eventuality early on, whether it is depleted finances or ill-health.

Banish those blues

Instead of brooding when it’s too late, prepare early.

Opt for medical insurance policies that are specifically created for senior citizens.

Choose risk-free investment options (some banks offer 0.5% additional interest on deposits for senior citizens)

Get a second income (like a reverse mortgage, small business or second home)