Alterations to Budget When Retired Due to Sickness Essay Example

Not everyone retires by choice. Occasionally people are forced to give up work due to sickness or physical problems that inhibit them from their careers, or economic concerns such as layoffs. Your conditions will transform during retirement, and your cash will need to get used to those changes. You may be forced to make alterations to your investment plan, budget, and lifestyle. This essay seeks to discuss on how the experiences of retirees survive the first year.

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A married couple, who are both 65 years, will divide over an estimated $275,000 in their lifetime on medical bills, according to Fidelity Investment's "2017 Retiree Health Care Cost Estimate. Including Medicare premiums, co-payments, deductibles and out-of-pocket expenditures for prescription drugs. However, it's possible that this couple will pay more than $275,000 because Fidelity's evaluation does not include items like eye exams and glasses, hearing aids, dental care, and long-term care. And if one retires earlier than 65 years, the number will be considerably higher.

Archie Hood retired from his photography job in the year 2005. He parted ways with his wife Six months into his retirement. Hood taught photography at a college and secured a second job. When he closed up his shop and went home, he realized he made a mistake realized he loved wine. He then went out got a job at the winery then left for school in the evening. He did courses on wine for two years. He now works for Rief Estate Winery, where he trains the staff because he likes sharing his passion with people. His experience was stressful because he had to sell his house.

Sandy K., 60 years old, is a retiree from the bank and her husband, John, 63 years, taught mathematics for ten years. In her first year of retirement, she sold her house and relocated down to a condo. They went to New York for a week. She claims to be good at budgeting, and they bought a new car which fit into their budget. They got trips on good discounts and went on offseason.

Edward T., 60 worked as a manager of an importing company, but he had to stop due to disability. He had dystonia a neurological disorder that affects muscles. In his first year of retirement, he stayed home, since then things got different, he started managing his mother`s money. He had to sell some of his investments to have surgery for his condition.

Bellow suggestions on what to do if you planned to work until 68 or 70 years then you suddenly become unemployed at 58 or 60:

Look for a new job. It is not fun looking for a job after 50 years, this is depressing but one ought to deal with it bearing in mind that he or she has vital assets like experience, maturity, and contacts. One has to swallow pride because he or she will be competing with younger people who are faster and have enough knowledge of technology. You may be forced to take a new job with less salary.

Conclusion

In conclusion a company called Oscar, which provides services in New York and New Jersey currently, is trying to restore the health protection business model. People are supposed to use an app to describe their symptoms then click to dialog with a doctor about them, and check on all your appointments, prescriptions, and medical records in a timeline. The company also pays you some cash to maintain fitness and work towards objectives. Users can quickly get quotes for health cover.

References

Kelly Greene. "How to Survive the First Year". Article 19. The Wall Street Journal Atlanta Bureau, Dow Jones and Company (2003)