Most people no longer work when they retire, except for those who have plans to start their own business after retirement. No longer work means no steady income that you can rely on every month.
Various retirement concerns may emerge. But, you don't need to worry. In this article, Jago will discuss the top 3 retirement concerns and what to do about them.
Top 3 Retirement Concerns and What to Do About Them
1. Not having enough retirement savings
There are many reasons that make people worry about whether they have enough retirement savings. For example, if an emergency occurs and the savings must be used to cover it. Or, if it turns out that they live longer than expected. The retirement savings are only enough to cover the retirees until they reach 75 years old, when in fact they live to 90 years.
So, what's the solution? If you've been diligently saving for retirement, you might want to consider rebudgeting. You can start setting aside more money for retirement. Analyze your expenses first. Who knows, there may be non-priority expenses that can be reduced or minimized.
To make it easier and more practical to monitor and analyze expenses, you can use the Jago application to help you. In the Jago application, there is the Spend Analysis feature. Each expense will be grouped into its own category and you can see where you have been spending too much money.
You can also consider setting aside money to save as an emergency fund. This emergency fund will be very useful for any time you experience unexpected events that require quite a lot of money, without having to “disturb” the funds used for daily needs.
2. Soaring health care costs
In general, diseases begin to appear when we enter old age. Treating a disease may require a lot of money.
As we all know, health care costs will be more expensive over time. And, most people worry that their retirement savings will not be enough if they get sick.
As Jago said in point 1, to cover emergency events, such as a disease, you can consistently save for an emergency fund from a young age. In addition, you can also consider the option of buying health insurances.
3. There are still outstanding debts
Having debt at any age contributes to an uneasy life. However, debt that has not been paid off when you are already retired is a big concern because there is no income anymore. Then, how to pay off debt?
So that you can live your retirement with peace of mind and free from debts, you can start paying off debts while you are still working and have an income.
You can list all debts and make sure nothing is missed. Then, you can use the Plan Ahead and automatic transfer features in the Jago application so you don't forget to pay your debts.
What do you think, Jagoans? The top retirement concerns can be overcome with the solutions that Jago has provided above.
Download the Jago application now so you can manage your finances, save money and monitor expenses easily and practically.
