Are your retirement plans realistic? It’s a good question to be asking yourself regardless of where you are in your career. One estimate suggests that a couple retiring in the US needs to budget at least $280,000 in today’s dollars for future medical expenses, and that’s excluding long term care. Unrealistic expectations around retirement are common, with another estimate suggesting that most of us are under-saving by nearly 20%.
A recent article from the BBC’s Generation Project highlights a number of areas where proactive planning can set retirees up on the road to success. The UK Pensions Regulator is working to persuade savers to consider long-term investment strategies designed to reflect increases in life expectancy. When it comes to managing retirement funds, well-informed and realistic expectation setting is key, whether you need to plan for a longer retirement, manage an income shortfall via downsizing, or factor in the type of indulgences you might hope to enjoy once you’ve retired.
If you’re checking up on news from home via the BBC, take a moment to visit the Generation Project, where you’ll find plenty of inspiration around financial matters that relate to daily life. We would echo the voices featured there in noting that seeking financial help early and often is the best thing one can do when navigating one’s future financial landscape.