Due to improvements in living condition and medical advancement, the average age has been rising throughout the world. The retirement age has not changed by much in the last fifty years however. This makes it very important to ensure that you have enough finances to live comfortably after you retire.
According to the Australian Institute of Health and Welfare the life expectancy of average Australian is close to 82.9 years. The age of retirement is 65 years. This means you should save enough money to be able to live 17 years comfortably and with peace of mind at the time of retirement.
Your Medical Coverage
People become more vulnerable to disease as they get older. At age 70 and above you are more likely to develop physical disorders and psychological illnesses than at 40. This means you should account for the extra medical and health bills in your retirement plan as well as your normal expenses.
While it is possible to lower some of your bills by choosing a healthy lifestyle it is still no guarantee that you won’t develop problems. Some people manage to stay fit with regular exercise, a balanced diet and no bad habits such as smoking or drinking.
But we also have examples of people with a very healthy lifestyle developing problems as they approach their twilight years. With all things considered, it is better to have a proper medical coverage and insurance in place to guard against unforeseen circumstances.
Live Life the Way You Want
A lot of people with good financial sense put money into a retirement plan that is aimed at making their lives easier after they retire. It gives them a lot of freedom and options to do what they want after a lifetime of work.
Many people choose to travel the world and see as many places as they want. Many choose to get a bigger house and live a lavish lifestyle. Some even choose to settle in the countryside and be close to nature.
Regardless of your plans, financial security is one thing that you will certainly need to achieve your dreams and goals.
The insurance experts at https://www.freedominsurance.com.au/ can help you choose funeral and life insurance plan that gives you the financial freedom and security to pursue your dreams with ease of mind after retirement. They have a variety of retirement options to choose from. You can get in touch with an expert advisor for a customized retirement plan according to your needs or get a quick quote for a coverage plan.
Your Options for Retirement
With continuing advancements expected in medical science it is possible that you may live well past the age of 100. That means you could expect to spend as many years in retirement as you may spend in active employment.
This is why it is prudent to have an active plan for your retirement. There are three ways you can go about planning for retirement.
- Start saving money and investing it in a pension fund.
- Set up an insurance plan with old age coverage.
- Plan for your own business or income generating stream after you retire.
While all three options are viable, getting insured is probably the safest and most reliable way to get a steady income.