What can be the negative consequence for an elderly person, if he/she is not adopting investment plans?
The biggest blunder that you can do in life is not to opt for regular investments. Once, you will retire from the professional life and you will majorly finance your expenses from the lifetime savings, without adequate investments, it might become impossible to carry on these unavoidable expenses. This is the most stringent curse that you can ever give to yourself. Here come the threats that you will find during the elderly ages, if you don’t adopt an adequate and regular investment regime.
It will become impossible to finance your unavoidable expenses
While planning your retirement and planning the regular cash inflows during the retired age, keep into account the rising cost of the goods and services that you regularly avail. It is for the ever rising rate of inflation that the cost of a good or a service enhance many times over its prevailing cost, and thus, your lifetime savings will not suffice to cover all of your expenses at the retired life. So, if you are not taking up regular investment plans during the active years, you will not enjoy a secured financial life during the retired life.
You will have to be financially dependent on others
The biggest curse that you can find during the retied life is financially dependent on others. If you are not starting investments at the right age, you will not be able to secure your financial conditions, and hence, you will not be able to finance all of your needs from your lifetime savings. So, the day you start earning, you should go about suitable investment options that, with time, we grow to a major portfolio to secure you financially during the retired life.
You will have to compromise with the quality of the life during the elderly life
The elderly phase will make you more vulnerable to catch various health issues, and considering the rising cost for Marketplace health insurance 2020
and Healthcare, you will be exposed for higher expenses to avail adequate care. Likewise, the elderly phase is the time to accomplish various aspirations that you have to swallow during the active years in your life. Now, if you are not financially secure and healthy, you will not be able to finance these needs. So, you have to compromise with the quality of life. The only way to escape such distresses conditions is a regular investment regime from younger age that will contribute for the consolidation and development of your lifetime savings.