A recent report has shown how the plans of many people who retire are being disrupted by unexpected events, with some factors more common than others. Many people who are nearing retirement make plans to do the things that they never got to do while working but no matter how carefully they plan some are finding it impossible to enjoy their retirement in the way they wanted to because of changes in their situations.
The report comes from an expert who has helped many executives plan for their retirement over the years. She said that many of her executives had spent years planning out their retirement but that even the best laid plans had been disrupted by events and unexpected issues that had arisen close to or just after retirement.
Some common issues affecting those retiring
According to the wealth expert, there are a number of very common factors that tend to affect the plans of those retiring or recently retired. She said that she had picked up on these trends over a period of years while working with clients who want to plan for a relaxing and enjoyable retirement with adequate funding and exciting plans.
One of these major problems is deteriorating health of parents. When people retire and still have their parents around, they are often at an age where their health can suffer considerably. This can result in problems for one or both of the retiree’s parents which in turn can have an effect on the ability and desire for those retiring to continue with their own retirement plans, particularly when it comes to plans such as travelling the world where it would involve being away from their families for long periods of time.
Another major factor highlighted by the industry expert was unused vacation homes. When people retire, many plan to spend time in vacation homes that they have invested in often with family members such as their children. However, by the time most people retire their kids are grown up and decide to move away, which results in retirees spending more time visiting their kids in whichever destination they have moved to than using the retirement home.
Finally, another common problem is where an adult child finds themselves in financial trouble, leaving the retired parents to help them out. This can eat into retirement savings and can make it very difficult for some to continue with their plans.