Do you have a tidy nest egg set aside which you can fall back on soon as you approach retirement age?
Whether we like it or not, we have to accept the fact that we do get older, physically and mentally and there will come a time when we have to sit back and get used to the routine of not needing to go to the office for yet another 9-5 day.It takes getting used to but it is an unavoidable fact that all will eventually have to face.
That will be when the state of your financial situation will be crucial to determine how you will be able to spend your time.
Wherever you are at this point in time, planning ahead financially will be a wise move to consider if you wish to avoid the anguish or frustration of having to spend your golden years in perpetual worry on how you may feed yourselves or having a permanent sense of security knowing you already own the roof over your heads.
The quality of you and your family’s lives corresponds to the state of your bank accounts. There are so many financial issues to address as you carry on with the daily grind of live and living. If you are a family person with children, then the constant worry will be about their needs as they grow up.
Education has become expensive in these modern times. And even more so if you have children who are smart enough for you to feel that they will definitely be able to further on their education to the higher levels. That means that you must start planning to finance their eventual college tuition fees. Which of course by that time, they would have grown up and you would have grown older and will have to rely on your pension and savings to get by.
Therefore, if you have some additional funds to draw from at this time, it will really be able to ease or remove unnecessary financial burdens and worries.
That is mainly a reason why so many people, as soon as they start a family,they will start to shop around for life insurance policies or investment packages or start fixed savings accounts that can address the long term financial planning that will pay off when the need arises.
Many insurance companies recognized this niche of financing college education and have designed policies for that exact purpose. It may be a good idea to have a conversation with your insurance agent to see what the options are in terms of your children’s future education plans.
Or start as early as possible and set up a savings account in your child’s name depositing whatever you can spare often for them to use when they are of age. Planning early can avert the financial dilemma unless you are one who can afford your kid a silver spoon as soon as they were born.