Private Financial Preparations For Retirement Essay
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. However, it is a subject that plays a pivotal role in our lives. Later on in life, people will need to be more knowledgeable and aware of their personal finances as they leave the workforce and enter retirement. When people reach that stage in life, they will be unable to earn income and will have to rely on certain programs and their personal savings to pay for essential and lifestyle expenses. As such, people will have to pay out of pocket for several goods/services, particularly for long term care facilities.
People should expect and prepare for a long retirement. We need to plan out our savings accordingly: how much of our income will go towards our retirement fund as well as how much we will withdraw after starting…