Expect The Unexpected: Three Essential Considerations For Your Retirement Planning

Monday, August 26, 2019

Some of us are excited about retirement. Others can’t bear to think of the day when we have nothing pressing to do. However active you intend to be once you retire, most of us hope to stop work voluntarily, rather than out of necessity, and we want to live comfortably.

But how can you know what will happen all those years in the future? These considerations will help you stay on track to retiring in your own time and in your own way, and avoid being taken by surprise by the challenges ahead.

Image Source: Pexels CC0 Licence

Provide for your Loved Ones

Planning adequately for retirement means thinking beyond, as well. Dying is not anyone’s favorite topic, but unless you give careful consideration to the possibility that you could pass away without any warning, you run the risk of leaving your partner—and children, if you have them—unsupported once you are gone. If you have worked hard to provide for your dependents in this life, you will want them to continue feeling supported once you are gone. Hiring an estate planning attorney is a great way to ensure that your loved ones enjoy the security they deserve once you’re no longer here to care for them.

Image Source: Pexels CC0 Licence

Expect The Economy to Change

However diligently you plan for your retirement one day, it’s vital to remember that the economy of today will not be the economy you retire in. Things will change. One of the major challenges of planning for retirement is the fact that you are saving for an economic landscape that you can’t even imagine from where you stand today. The best way to pre-empt change is to always expect the unexpected, and try to be flexible with your needs. Try not to get too attached to a certain standard of living that you perhaps don’t even need. Adjust your lifestyle by taking advantage of old school ways to save money, so that you don’t need a lot to be happy. Don’t put all your eggs in one basket. Diversify your investments. The more diverse your savings and investments, the more prepared you—and your wallet—will be for unforeseen economic events.

Don’t Plan Too Exactly

Planning for retirement is a must. But don’t plan too exactly. Many people, when planning their retirement, plan down to the year when they will retire. But if you base your calculations on having X number of years to work, your plans will be thrown off by a few years on either side.  
These days, many would-be retirees are staying in work for longer periods than originally intended to because they don’t have the money to quit work. Having sufficient retirement savings is the key to retiring when you want to. Less than 30% of workers between 50 and 80 years old are on track to saving enough funds to retire at the age that they intended to. With this in mind, it’s best not to plan your retirement budget too exactly. Make sure your plan has a little give, so you can take life as it comes.

While retirement brings much to look forward to, those years bring high costs that you may not have fully taken into account. If you’re planning your retirement, these considerations will help you understand if you’re on track to thrive in your later years, whatever life throws at you.


  1. That is an amazing post. I am so far from retiring since I more or less just started working but it is never too late to start saving for rainy days or retirement.

    Janja |

  2. These are great points! I particularly love the part about not being too attached to your way of life so you're more flexible about changes. That's a very valuable point that people in any age group should practice. Great post!

  3. This is something many older Indian parents should have seen! So much goes wrong with how death is handled in Indian culture and the amount of people who aren't prepared is horrifying. I am reading this carefully for being better prepared myself too! There's nothing to suggest it's too soon to learn right things!
    Great post girl!😊

  4. Great post — I really need to get my sh*t together with regards to my pension (excuse the swearing) and had it all sorted at one point but have not been good at all over the last few years.


Powered by Blogger.
Theme Designed By Hello Manhattan
The One Income Dollar. All rights reserved.