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Retirement is considered to be one of the most important life events that we will experience. The ability to enjoy it comfortably requires years of persistence with retirement planning. With some research, an investment plan, and dedicated commitment, you can build a successful nest egg. Here are some key things to consider to ultimately execute and enjoy comfort in your golden years. Government Programs An initial key topic that should be addressed is the uncertainty of the prospects of government-sponsored retirement, namely social security and pension benefits. There are fewer working-age people remaining in the population to contribute to these government-sponsored social security systems. For example, a 2005 study reported that there were 35.3 million workers paying into the system in 1940, with only 222,000 beneficiaries (a ratio of 159 to 1). The number of workers increased to 154.3 million in 2003, with 46.8 million beneficiaries (a ratio of 3.3 to 1). With advances in health care, people are now living longer than ever before. Combined with an increase in the number of retired citizens, substantial strains are being put on the system. This could cause the government to place a hold on benefits or allot them for the poorest. Unforeseen Medical Expenses The intention of social security programs is to provide you with the bare minimum standard of living for your old age. Planning done solely on funds you do not control is probably not the best option. With a lack of personal savings to enhance your retirement funds, you will find it virtually impossible to enjoy anything above the bare minimum standards of living. This situation can quickly escalate if your health suddenly takes a turn for the worse. By nature, with old age comes increased medical issues, thus an increase in healthcare expenses. Living in comfort while covering the costs of medical bills can be much too large a burden to bear. To counteract this, you should consider securing medical and long-term care insurance to finance any unforeseen needs that may arise. Estate Plans An additional factor to contemplate when doing your retirement planning is the fact that you may desire to leave part of your savings to family and loved ones. By contribution to their education or by passing on portions of your assets such as real estate, this adds additional costs and planning to your financial future. Without proper planning, you could find yourself being forced to liquidate your assets just to cover expenses and get by in your older years. Not only could this prevent you from leaving a financial legacy to your family, but it could also make you a financial burden on your family. Life always seems to throw us a curve ball when we least expect it. Unanticipated health issues and financial needs from your dependents combined with the insecurity of social security can leave you living uncomfortably during a period intended to be enjoyed. Retirement planning can ensure a secure nest egg to help you cope with whatever comes your way. When it's time for retirement planning, residents of Syracuse, NY go to http://www.highpointadv.com/retirement-planning.php.
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