At first glance, long life sounds almost as good as eternal one. Almost everybody strives to live for as long as he or she can by pulling a healthy lifestyle. We all want to enjoy the blessing of life to the fullest, to experience as many things as possible, and to cherish the time that we can spend with our loved ones. Sounds great as great can be, doesn’t it?
The irony is, longevity has actually its clearly defined risks to people in terms of financial support. The average life expectancy differs from community to community, yet if you take 70 as a global mean, some conclusions can be drawn to understand the big picture.
Imagine, you turn, let us say, 50 years old. Which technically means that, according to statistics, you have around ten more years to live and prosper. You have been working hard your whole life, and you are now retired with a certain amount of retirement benefits being transferred to your bank account every month. Typically, that amount barely covers half of all your expenses. Yet, it does not seem to bother you, as long as you have got enough funds on your savings account balance to support yourself for a good decade of years (unless you happen to be ridiculously rich). What happens, if you outlive an expected period? Exclude any extra cash that you might have otherwise earned — the chances are, you will not be able to work at that age. Would you still have enough money to cover your needs when you are seventy, eighty, or ninety years old? The truth is, the majority of people are to answer “no.”
In any of those scenarios, planning is the key. First of all, working for as long as you can and not retiring could be a way to combat one’s financial instability. However, in many cases, a person’s physical conditions do not allow him or her to keep a job. Which is why planning your golden years carefully and thoroughly is one of the most important steps that you need to take before it is too late. Nowadays there is a wide range of companies that are willing to assist anyone with his or her financial retirement plan. This includes the calculation of life expectancy, analysis of existing funds and strategy for a financial flow for the following years. In that way, you are prepared for what is to happen and backed up in case something goes not as planned.
At first glance, long life sounds almost as good as eternal one. Almost everybody strives to live for as long as he or she can by pulling a healthy lifestyle. We all want to enjoy the blessing of life to the fullest, to experience as many things as possible, and to cherish the time that we can spend with our loved ones.