When you are planning for possible retirement you have a lot of things to think about. There is the matter of financing your active retirement years, and there are particular expenses that could present themselves during your twilight years.
Accumulating the necessary resources can be challenging for many individuals, and Social Security income is quite limited. Sometimes there are no easy answers, and full retirement can be elusive.
Many people these days are deciding that they will continue to work even after they become eligible for a full Social Security benefit. This is often out of pure financial need, but you should definitely consider the possibility of future physical limitations if you are going forward with the expectation of working for the rest of your life.
Aging Takes Its Toll
When you are a younger adult and you see someone who is older than you having some type of difficulty getting around you may have a hard time truly empathizing with this individual. It seems like a condition that would never apply to you. In fact, this person that you see may have been an All-American football player in college. The woman across the street walking with a cane may have run twenty marathons. Aging takes its toll, and the older people that you run into who are experiencing physical limitations may well have been quite capable earlier on in their lives.
When you are evaluating your financial goals and your earning capabilities you should certainly take the possibility of diminished physical abilities into account.
Depending on what you do for a living there may come a time when you simply can no longer withstand the physical demands. It is important to be aware of this fact when you are budgeting for the latter stages of your life. We are not overstating the obvious here. Certainly, everyone understands the fact that you are probably not going to be able to lay bricks for 10 hours a day when you are 85. What we are referring to is some of the physical difficulties that may start to present themselves when you are in your 50s or 60s. The suggestion here is to be practical about what you may be able to expect as you start to get older.
If you want to, or need to, work well into your senior years you may want to aim toward acquiring a skill or developing a business that does not require a great deal of physical exertion. This is something to think about when you are considering the eventualities of aging.
To develop a comprehensive long-term financial plan you may want to discuss everything with a licensed retirement planning attorney. Should you be interested in doing so you can simply contact our firm to request a free consultation.