Seek professional help for retirement plans

While planning for retirement, a major chunk of attention needs to be given to the costs arising out of the health care. Generally, when we mean the health care costs, we tend to zero-in on the treatment costs, but it’s the maintenance costs like the nurse/ attendant, disability aids, etc, that need to be factored in as well

I was watching the ‘weather versus climate change’ episode of Cosmos: A Spacetime Odyssey on Nat Geo and realized that we might be really miscalculating a very important ingredient in the retirement planning. As Niel Tyson, the host of this series, takes through the great lengths our ancestors and the earlier civilizations sacrificed for our betterment and it could be now our turn to ensure that we do for the generations to come, I realized that the we might be in for a different lifestyle changes from now to the time we (this generation) retire.

These choices would come at a higher price than what we currently could estimate. As the disruptive technologies take over the renewable energy space, how we live would vastly be different from today and this could not only help the longevity of this planet but altogether increase our costs of upkeep. We know that now living long is turning out to be a reality than before and so one has to be prepared for this possibility. So, while planning for retirement, we tend to see the current lifestyle costs and estimate an inflationary adjustment over it. I guess we need to relook at the way we approach this technique.

Whenever we mention about retirement, we consider life without work or minimal professional life and major leisure activities. Some even have a bucket list of travel, adventure, fun and spending most time with the loved ones if possible with grandchildren. This is what is most desired and anticipated for. Ideally, such a positive vision of the future is required and needed. For this to happen, we’ll need to ensure our aging bodies to be in condition.

All the while, when planning for the retirement, the other factor we mostly undermine is the quality of life we would lead. Our bodies would become frail and survival wouldn’t be an issue but to keep continuing at a comfortable life comes with costs. I presume we’ll literally be able to find cure to the existing diseases but at a cost and face challenges from innumerable newer ones. So, while planning for retirement, a major chunk of attention needs to be given to the costs arising out of the health care.

Generally, when we mean the health care costs, we tend to zero-in on the treatment costs but it’s the maintenance costs like the nurse/attendant, disability aids, etc. When imagined about illnesses, we tend to see ourselves in hospitals, a stay and if required a surgery. A post-op recovery and again back to life. But, with age the recovery could be prolonged and at times may not be permanent, leading to disabilities. This is where we’ll need these assistance services and tools which are expensive even on today’s costs.

By mentioning things of this sort, I’m not picturing a post-retirement life as bleak and scary. It’s just that one has to be prepared for such events and provision these kinds of needs so that there is no surprise at a later time. So, a comprehensive retirement planning not only just meets the said goals but is active and agile to the various regulatory, environmental, legal and economical variations that were to happen. This, hence, needs a professional help and seek advice not just for planning but also to continue during the retirement for a fulfilling and enjoyable retirement.