Reasons why you might hate retirement

Many financial planners recommend starting retirement planning in the early years of your job. However, a large pool of people enters these golden years financially unprepared. On top of it, many people run after acquiring financial independence, retire early (FIRE) lifestyle. But a comfortable retirement, although looks easy but is not that simple to achieve. There are several factors that you need to take care of before entering into your retirement period, which, if not handled properly, may leave you with a bitter aftertaste. Here is a snapshot of a few important factors that may make your retirement period quite difficult:

Not enough retirement corpus
As I said earlier, many people start their retirement without any proper financial planning in place, which, eventually, leads to lower-than-required retirement corpus. No matter how much you save for retirement during your working years, without a plan, it would never be enough. Till you reach your retirement, even the prices of basic needs would have inflated to a particular level. Now, this might worry you, as there are high chances of you outliving your retirement corpus. Also, this is one of the main reasons why one should start planning early for retirement.

Noting meaningful to do
Until your retirement, you are surrounded by responsibilities for which you work and earn, making your day-to-day activities meaningful. However, nothing of this sort happens once you enter your retirement phase and it is quite obvious for you to be frustrated when you have nothing meaningful to do. This, however, may ruin your personal life. Hence, you should make sure that you are occupied in some form or other even in your retirement phase. You may pick up a part-time job or pursue any of your hobbies, which earlier you could not due to time crunch. As it is important to plan for how much you would need in retirement to survive, it is also important to figure out how you are going to spend your time during this phase of your life. Always remember, you need to keep yourself engaged during retirement.

Healthcare cost
As you grow old, it is natural for your body to start showing signs of aging. In such time, you need to seek medical assistance, for which, you need to incur the cost. This cost might be huge, depending upon the problem, intensity, and complexity. In retirement, even health insurance is expensive and with a lot of exclusions and waiting periods. Hence, along with planning for your retirement corpus, it is imperative to plan for medical costs as well. You can also include medical costs while calculating the requirement of retirement corpus.