Independent Living Post-retirement

By: Ajeet Khurana

We all dream dreams of retirement. It really would be wonderful to have a house by the seashore and be able to watch the waves lap the shore. It would be fantastic to be able to spend all your time with your grandchildren and not have to worry about office work. Best of all, there would not be any of the tensions that had accompanied us for most of our adult lives.

However, do not start believing in the illusion of your own making that retirement heralds the beginning of a life in which worries are lacking. That belief would really be far from the truth. Instead, your monetary problems intensify to a great extent and add to your other woes once you turn sixty and retirement becomes a fact of life. What may have seemed like a good pension plan when you were forty may seem like a bad bargain twenty years later.

It is for such reasons that various finance companies have created a lot of plans for senior citizens. Invest in a plan such as this while retirement is distant, and you will end up paying premiums that are relatively low. Moreover, if you do some thorough research about those later years, and take into account factors such as inflation and medical bills, you should be left with a great pension. With that you should be able to live very comfortably in the years of your old age.

If it so happens that you have already retired and you wish you had a bigger pension, do not get your blood pressure up. There are other methods that can help you make the most of your finances. In fact, just the other day, I stumbled upon an essay about a type of mortgage that was specifically for senior citizens who owned property. They could mortgage their house to a bank or financial institution and see to their daily living the money that accrued from it. In the meantime, the original owners could stay on in the house they had mortgaged. Married folk could choose to borrow jointly. The bank would reclaim its loaned amount on the death of the owner by selling the house. Any amount over and above the loan amount would go to the heirs of the borrowers.

Reverse mortgages do make for a great deal for retired persons. There is no need that they feel dependent on their family and friends for their daily needs. The ability to hold on to one's pride in one's old age is a blessing. It is a good thing that nowadays we can continue to be independent in our later years.

Retirement
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