So you have a great job with awesome benefits and even a retirement plan in place, nothing can get in the way of your golden years, right? Think again friends, there are unfortunately, too many ways life can get in the way of your well thought out retirement plans. Take a deep breath, and read on to learn more about these retirement interruptions.
Young people sometimes do not think ahead to the possibility of coming down with a serious illness or being involved in a life altering accident. The medical bills alone can blow your chances of having a nice retirement account. Then, if you happen to need ongoing medical care like physical therapy and medicines for the rest of your life, then that adds up quick. There may not be a way to guarantee this will never happen to you, or someone in your family, but you can soften the blow by investing in good medical insurance. It is well worth it to have it, and not need it, than need it and not have it.
If you are lucky enough to own your own home, then you already know that it can be expensive for maintenance and general upkeep. What happens if you need a new roof or have to completely redo your plumbing system? A hole in your pocketbook is what happens. Other major repairs can include removal of tree roots (this can be an ongoing problem depending on where you live), remodeling an older home and replacing windows. There are of course, other major repairs and concerns when it comes to owning a home. Homeowners insurance helps curb some of that expense.
Loss of job
This can really hurt your retirement plans if you lose all of your benefits along with your job. It can be an especially bad blow if you were with the company for many years. This is one main reason why it is wise to have a savings account that you only put money into. It is a given that you will get another job, it just may not happen as soon as you would like, or you may not end up with the same benefits at your new job. It is always best to plan ahead for this and all types of emergencies.
No one can predict when mother nature will deliver a devastating blow like a tornado, or hurricane. If you are faced with this misfortune, it can be very emotionally and financially draining on your resources. While you cannot put a price on emotional loss, you can unfortunately put a price on getting another place to live and everything that goes into it. This type of disaster can affect anyone at any time. Some people actually invest in a second property, and this can come in handy during a terrible time like a natural disaster.
This is certainly not a complete list, however it gives you a good idea of the things that can really hurt your retirement. The best thing you can do to avoid some of these terrible blows is by planning ahead and having insurance.