People have a tendency to focus on matters of the contemporary world. Especially in a college/university setting, students allocate a great deal of their time towards their academics; they plan particularly for the present and the near future.
Making preparations for the late future, specifically for something as far away as retirement, is something many people neglect, despite its importance. It does beg the question: how far does one plan for the future? The issues regarding to the private financial preparations for retirement were discussed in Thomas West’s presentation: Considerations for Financing Long Term Care In Retirement.
To some, granted many, financing is a subject that can be considered rather boring, tedious, and stressful. …show more content…
While one can take the appropriate steps to prepare for life in retirement, the future is not always predictable, even with the usage of statistics and probability (as seen in the simulated outcomes in the presentation). There still exist various unknowns, some of which can alter one’s life greatly. One of the issues brought up in Mr. West’s presentation was crisis events: unexpected events that have the potential to significantly affect one’s life, threatening goals and the status quo. Such events include death, disability, injury, chronic illness, and cognitive impairment. Health complications become increasingly prevalent as one ages later on in life. With this, the medical expenses begin to amass, taking a toll on one’s overall assets; especially since we have a privatized health care system. There is a possibility that we may encounter unfavorable events and situations in the future. Despite this, individuals can make the preparations needed to counteract, or at least alleviate, these …show more content…
The earlier one begins to plan for the future, the better their circumstances could be. For me, I have already started making some preparations for my own future, with regard to personal savings and investments. Financial planning for retirement is indeed a very time-consuming process as there are numerous variables to consider. Yet, Mr. West made compelling arguments in his presentation as to why one should consider planning for retirement early on in life. Making the preparations in advance can decrease the likelihood of encountering stress and problems in the future. It is never too early to prepare for the
Making preparations for the late future, specifically for something as far away as retirement, is something many people neglect, despite its importance. It does beg the question: how far does one plan for the future? The issues regarding to the private financial preparations for retirement were discussed in Thomas West’s presentation: Considerations for Financing Long Term Care In Retirement.
To some, granted many, financing is a subject that can be considered rather boring, tedious, and stressful. …show more content…
While one can take the appropriate steps to prepare for life in retirement, the future is not always predictable, even with the usage of statistics and probability (as seen in the simulated outcomes in the presentation). There still exist various unknowns, some of which can alter one’s life greatly. One of the issues brought up in Mr. West’s presentation was crisis events: unexpected events that have the potential to significantly affect one’s life, threatening goals and the status quo. Such events include death, disability, injury, chronic illness, and cognitive impairment. Health complications become increasingly prevalent as one ages later on in life. With this, the medical expenses begin to amass, taking a toll on one’s overall assets; especially since we have a privatized health care system. There is a possibility that we may encounter unfavorable events and situations in the future. Despite this, individuals can make the preparations needed to counteract, or at least alleviate, these …show more content…
The earlier one begins to plan for the future, the better their circumstances could be. For me, I have already started making some preparations for my own future, with regard to personal savings and investments. Financial planning for retirement is indeed a very time-consuming process as there are numerous variables to consider. Yet, Mr. West made compelling arguments in his presentation as to why one should consider planning for retirement early on in life. Making the preparations in advance can decrease the likelihood of encountering stress and problems in the future. It is never too early to prepare for the