ranjan

The idea of a period of non-working rest at the end of life dates back to 1880s when Germany introduced a Govt. funded old-age pension scheme for their citizens aged 70 and above. Before it, there was no agreement that working life would come to an end while person is alive. As long as one is living, he is expected to work.  It is to be noted that lowest age of retirement is 52 in Turkey and highest 67 in Norway, Belgium and 64.3 in European Union, women are expected to live four years more than male counterparts in retirement. Change is for sure hard for everyone and the effect of shift from working to non working is huge.The fear of retirement is outliving the savings. For many people who know how to manage steady flow of income, the transition certainly create anxiety and worries. Most people are nervous about retirement since they donot have a financial plan which includes inflation, good or bad markets and lot of 'ifs'.  Five common retirement risk factors are -  1. Health