WHAT YOU SHOULD CONSIDER BEFORE RETIRING

Before any person goes to retirement there are many questions that one must ask his/herself and some of these questions are,

1. Will they be able to generate the income they need to sustain themselves through retirement?

2. Can they be confident with the financial systems supporting their retirement?

3. Will the funds be resilient through short-term disruptions?

4. Do they have access to the healthcare needed to address The physical challenges of aging?

5. What will their quality life be like during this vulnerable point of life?

Here is what every person must consider before going to retirement.

1. Finances in retirement

This point addresses old age dependency, banks and non-performing loans, inflation, interest rates, tax pressure, governance and government indebtedness. These are the biggest external pressure that can impact an individual’s finances. In the recent researches on retirement finances in retirement is a particularly important index as it reflects the strength of a country’s financial system and the ability of the government to provide for its citizens in retirement.

2. Material well being

This point measures how well retirees can support themselves in retirement and it looks at income equality, income per capita and unemployment.

3. Quality of life

  These point answers factors such as happiness, sanitation, biodiversity and habitat and environmental factors. And these factors are crucial to any retiree or anyone who is about or planning to retire.

4. Health

Health reflect physical wellness and the associated medical costs. This point is specifically based on life expectancy, individual health expenditure and government insured health expenditure.

NOTE THAT: The higher a country’s health expenditure per person the higher its life expectancy is expected to be.