Do You Have A Written Financial Plan?

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1. Have you estimated your annual expenses in retirement? Yes, she has. Her concern however, is for the unforeseen expenses that are hard to estimate. One never knows what health issues will come up and how much they will cost. 2. How confident are you that you’ll be able to cover essential expenses when your paychecks stop coming in? She has been retired for 3 years now and so far has been able to cover essential expenses. 3. Do you have a written financial plan? She has savings with a financial planner and they meet several times a year to keep each other updated. They go over their investments and he decides if they need to be adjusted in any way as far as their financial standings and my living expenses. 4. Many people forget to account for inflation. Have you accounted for it? Her financial planner takes inflation into consideration. It is a great concern of mine. When her country spends more money than it can take in, it will at some point, greatly affect her as well. Sometimes, she feels helpless when she see her leaders being so flamboyant and careless with her money. They forget that they are working for us. Their large debt will surely lead to inflated money. But how does one really know how much that will be in one’s lifetime?! She and her husband also feel it is important to have stock on hand – dry goods as well as food. They try to keep this stock rotated and updated. It may be more valuable than money at some point either as something to barter with or just the fact that they have food in the cupboard and don’t have to buy at inflated prices. She knows this may be way off from the expected response as most of these questions seem to deal with money and finance, but if money isn’t worth anythi... ... middle of paper ... you learned & found valuable from the interviewee. Through my friend’s mother-in-law she gives me a lot to think about my future life. There are many parts to get sympathy. I knew that many people have not saved enough for their retirement. She said it does make a person a bit anxious to hand in their retirement notice and to realize that this means less guaranteed income per month. Although many people put some money aside for their retirement, we can face up to an unexpected difficulty such as accident and disease. I agree her greatest desire is to provide for herself so that she is never a liability to her children or grandchildren. I also learned about as people grow older, family is a more important their life. She always has hoped to maintain good relationships with her family members. I think family that makes elderly people life happier later life.

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