Post-Retirement Life May Get Tough Without Proper Planning

The idea of retirement sounds exciting for the individuals as it is time for them to explore their other facet, but most of the time, these individuals skip to keep their finances in place for lack of understanding of the retirement needs in their lives. Resultantly, most of the individuals hit a rough patch during their ageing years. Bringing out this point, the author of ‘Grow a Pair’, Larry Winget discussed the impact of insufficient retirement planning during an interview on Fox Business.

US Dollar Bill Currency Money

No Clue Of Cost

Winget said: ” First of all, we are a self-indulgent society, who always wants to take care of the immediate instead of think about the future. So very few people are willing to sacrifice their current lives in favor saving for retirement.”

Also, Winget added that the real problem is that most people do not have clue about how much money retirement will cost them. For those people, Winget suggests that there are several calculators available online that could give a reasonable idea about the retirement corpus they might need in future. Winget also highlighted that while saving for retirement, people can face lots of unexpected events like the possibility of kids moving with you.

Open Communication

Addressing the dilemma of those who have already retired and are looking for ways to cope up with their retirement, Winget suggests that irrespective of how huge the current savings are, retired individuals would need to adjust to their lifestyle habits in order to maintain their living. Winget suggests, “You probably have to downsize, you have to eat out a whole lot less often, you probably have to drive a smaller car, cut back on your vacations, you really need to look at how you are spending your money.” At the same time, Winget stressed on the importance of an open and honest communication, when it comes to finances. He said that talking and disclosing details of finances among couples would do away with the unnecessary imbalances in spending and will help to keep the retirees in synchronization.

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Countries with the Highest Suicide Rates

The 10 Most Technologically Advanced Countries in the World

The 10 Safest Countries in the World to Live in Peace

The 10 Top Selling Smartphones in the World 2014

The 12 Biggest Shopping Centers in the World

The 10 Friendliest Countries in the World

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!