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When retirement plans go awry

For many of us, unexpected events can happen along the way and no matter how much you plan, there are certain incidences that cannot be avoided. Your house might not sell in time, family responsibilities might require your help, or emergency expenditures could come up, resulting in unexpected consequences that can get in the way of your retirement plans. According to Alexander Forbes’ research conducted pre-COVID-19 lockdown, 85% of the chosen research group that retired between 1992 and 2018 were not adequately prepared for retirement.

Before you find yourself having to adapt to unexpected circumstances, here are some things to consider.

Create a solid foundation

Build an authentic support system to get you through difficult times, as it can be beneficial to your overall health and wellness, especially during retirement. Being surrounded by friends and family not only creates a support structure, but also assists in elevating your mood, prevents depression and avoids the feeling of being lonely. Keeping in contact with family and friends will give you someone to talk to, generate solutions of overcoming the situation and in finding additional supplementation in your retirement years.

Side ventures

Starting a sideline business can be tough. Although you did not have enough time or could not put in the effort in your before, your retirement can be the perfect time to kick this off the ground and generate a supplementary income. Additionally, you can use this time to teach yourself a skill that can eventually assist you in that venture.

Keep working

Stay in your job if your place of employment or industry allows you to. Often, if you are in a particular career, you may still be able to do this beyond the expected employment retirement age. If your place of employment does not permit this, you can consider freelancing and working independently to keep generate an income.

Seek professional help

Professional advice is always a top solution. Sometimes circumstances can become overwhelming and you could feel like you do not have the right circle to assist you. Counselling during this time could help you find out what options you have. With so many solutions being offered out there, you might be aware of what is available or even know of certain solutions that are available to you.

Your retirement years need not be a stressful stage of your life, especially when things don’t go to plan. By surrounding yourself with a positive environment and great minds that think alike can contribute to a healthy mental state and lifestyle.



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