Читать книгу Finances After 55 - Sylvia Lim - Страница 10

There’s no doubt that the key to ensuring you have choice in retirement is financial security, and to achieve financial security, you must stay on top of your financial plan. The main objective of retirement planning is the preservation of your standard of living and the minimization of your chances of running out of money. You may also have other objectives, such as pursuing a hobby or interest, planning for long-term care in your advanced years, and preserving your capital to leave to your heirs.

If you are single, it’s important that you start planning now, no matter what your age. The fact is, you have only yourself to rely on. You must realistically budget for your retirement years. Many single seniors are women who are barely making ends meet. Starting to plan as early as possible is crucial for your well-being in retirement.

If you are part of a couple, your finances may be in better shape. You will likely be receiving two income streams while sharing expenses for one household. However, it is incumbent on both of you to communicate your retirement needs and goals to one another. Documenting these wishes can help you avoid misunderstandings later. And even if you are part of a couple now, consider planning also for the eventuality of being single. Undoubtedly, it will happen to either you or your partner at some time.

Regardless of your marital status, planning is crucial to your financial and lifestyle success. Planning must be ongoing for the rest of your life. Retirees need an evolving and flexible money plan. Your needs, spending, and resources change as you age. Your plan must take into account all aspects of your retirement living. For these reasons, planning needs are best examined by breaking down retirement into three distinct phases — active, semi-active, and passive.