During the young age, retirement seems to be a distant thing to worry about for many. However, according to Jeffrey Small Arbor Financial, people who want to lead a comfortable, independent, and dignified life beyond their retirement age, must participate in proper financial planning. Jeffrey has presented more than five hundred public seminars over the years that have been focused on educating the local retirement and pre-retirement community on a range of monetary issues. He has been working with retirees and their families for almost 30 years. Jeffrey additionally is licensed with the Florida Department of Financial Services, and also a Certified Senior Advisor through the Society of Certified Senior Advisors.
No matter what an ideal retirement phase looks like for a person, they would require money to accomplish their goals and objectives. Jeffrey Small Arbor Financial points out that retirement planning largely involves finding ways to ensure a steady stream of money after retirement. It can include setting aside funds, making smart investments, reducing expenses, and more. The retirement strategy chosen by a person shall depend on their financial goals, income, and age.
Old age can be quite expensive. Even though the frivolous expenses incurred by people might reduce with age, their medical bills are likely to rise. Owing to these issues, a lot of people worry about not having enough money to sustain future expenses. To reduce these worries, creating a good retirement plan is necessary that helps people to ensure their financial stability in their old age without depending on others.
Here are a few points that underline the need for retirement planning, as per Jeffrey Small Arbor Financial:
- Stress-free life: This is among the prime outcomes of retirement planning. Having a proper financial plan in place for the retirement period can go a long way in enabling people to lead a life that is stress free and peaceful. By having investments that allow them to earn regular income during retirement, people don’t have to worry about meeting their expenses. Retirement should be the time when people truly relax and reap the benefits of all the hard work put in through the years. This can be made possible only after proper planning and strategizing.
- Rising costs: All investors, including the ones planning for their retirement, must need to take rising costs into consideration. If one is unable to keep up with rising costs, they may have to compromise on their standard of living. Moreover, investing in retirement will also help in earning inflation-beating returns, which cannot be acquired by simply storing in money in the savings account.
- Medical emergencies: It is a widely known fact that people are more likely to suffer from medical issues during their old age. Healthcare inflation additionally is growing at an alarming rate. Without having adequate funds, it may become impossible for people to acquire the needed medical treatment and care at their old age. To meet these expenses, retirement planning is a must.
People should ideally seek professional assistance when creating a financial plan for their retirement.