BETTER PREPARED THAN SORRY: AVOID THESE RETIREMENT TRAPS
Better Prepared Than Sorry: Avoid These Retirement Traps
Almost every individual included in the workforce, especially those who have been working for quite some time, is looking forward to retirement. The fantasy of being able to enjoy your hard earned money and finally settling during old age can be satisfying. However, while many think they already got their daily expenses and occasional wants covered with their plans, there are still several unforeseen circumstance that can wreck your savings if you face it financially unprepared. Before happily sinking into the enjoyment of doing your favorite activities and living the good life, make sure your cash is sufficient had unexpected incidents take place. This is especially true because there are a number of individuals who have encountered a sudden wipeout of their accounts due to sudden events.
Whether you like it or not, there a many cases wherein a marriage ends up in a divorce. This occurrence will be especially hard for retirees than for the young ones, particularly in cases when neither of the couple has a part time job to access a steady stream of income and benefits. This is why advisors often require a prenuptial agreement especially for remarriages since studies have shown that these are more prone to splits, rather than first ones. It is also crucial for retirees to realize that in the event of a second or third divorce, he may end up with only a fraction of his funds, because it will be divided into even more parts.
Although this problem is usually associated with a younger population, it can also happen to those who think they are already settled in life. Even more surprising, despite it being quite a headache, it is actually beneficial for retirees, since the federal law exempts their accounts from creditors. This will enable them to keep at least their homes during cases like this.
Diminished value of savings
Remember, having an ample amount of saved money does not necessarily mean this is what you will be able to enjoy in the near future, specifically when you put them in high-risk investments. Even those who who stayed in safe grounds are not immune to market fluctuations. In cases of mutual funds, you can write off your losses by using them to compensate for capital gains.
A good portion of surveyed retirees disclosed they have experienced a family emergency at one time. Whether or not this may require you to spend a lot, it is always better to have something to take out of your wallet had these events arise.
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