Why Do So Many People Struggle Financially After Retirement?

[Suba]

Everyone will eventually reach retirement, a time when they will no longer be actively working, especially those in physically demanding jobs. Although many companies, both private and government, prepare their employees through various training programs for retirement, we still often encounter retirees struggling financially to meet their needs. Many retirees even have to sell their homes and move to smaller, more remote areas, sell their vehicles, and so on. To prevent and anticipate undesirable financial situations, we need to understand some of the reasons why many people struggle financially after retirement. What are your reasons?

 

[bestwriter]

One needs to plan for retirement from the time one receives their first salary We both planned and are repeating the benefits

No doubt the company where my husband worked takes care of the medical expenses which is a big boon

 

[Nomad]

One main reasons is they don't have a lot of savings. When you are old, you usually have higher expenses due to your medical bills.

 

[eLdavis]

For most of them it might be due to poor planning, while in other cases it's possible something unexpected came up that they had to deal with financially.

 

[Springtime]

In most cases, they have not planned for retirement or they do not have enough money to save for retirement.

 

[mrki444]

Retirement can't cover your month expenses. If with regular salary somebody complain about expenses, retirement will definitely not be enough. It is mostly 30% of you average salary during life.

 

[aninditasen]

Everyone will eventually reach retirement, a time when they will no longer be actively working, especially those in physically demanding jobs. Although many companies, both private and government, prepare their employees through various training programs for retirement, we still often encounter retirees struggling financially to meet their needs. Many retirees even have to sell their homes and move to smaller, more remote areas, sell their vehicles, and so on. To prevent and anticipate undesirable financial situations, we need to understand some of the reasons why many people struggle financially after retirement. What are your reasons?

Retirement isn't luxurious for everyone. Those who can save well in addition to their pension live a comfortable one. Those retired people who live alone need a secure house which is expensive.

 

[Sanjeev]

Because people don't plan for the retirement. And most of the money they earn spend on the education and settling their kids. I am also on the verge of retirement. I have only 9 years left for my retirement from job and I am scared because I may have financial insecurity after the retirement.

 

[King Belieal]

Most people always think that retirement is still many years away when they start working and even as the years pass. They fail to plan for retirement.

 

[mrki444]

Many people don't think they will wait retirement. They think they will die before retirement so they spend all money.

 

[Starmix]

It's a case to case issue. Some who retire struggling might be all throughout their lives bread winners and or having a married child living with them and relying on their financial support, which seems wrong. They may end up relying only on their small pension. Some parents tolerated the wrong habits of their children despite mature or married.

 

[Fidelia]

Some people actually do plan their retirement but for some, sickness related to old age renders those plans useless.

 

[Starmix]

If there's no retirement pension, most probably that person will be in extreme financial struggle. There are people who never care to save and invest while they were young. They like to enjoy now and never think if they suffer later.

 

[Augusta]

They are on a fixed income and the money they are spending is coming from their own pocket.

 

[eLdavis]

Many people don't think they will wait retirement. They think they will die before retirement so they spend all money.

That's weird, why would they think of dying before retirement? Which means they don't want to live a long life.