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Read the following paragraphs to answer questions number 3-5
Baca Juga: Ini Nama Penerima Terbaru Dana PIP 2023, Kamu Termasuk? Telah Tersalurkan PIP ke 3,2 Juta Siswa SD
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You’ve been working and saving for decades for just this moment: retirement. Even though you may be ready to stop working full-time, now comes the hard part: letting yourself use your savings, since you no longer will be bringing in that paycheck, which until now has covered your monthly expenses. Making the psychological shift from saver to spender is no small effort for most people.
“Now you have this lump sum and have to draw it down. For some it’s almost physically painful,” said David John, a senior strategic policy advisor. Unpredictable factors like market performance, life expectancy and health issues make spending your money easier said than done. That’s why people may be hesitant to tap their savings because they think, “I have X dollars and it has to last me my whole life, but I have a very uncertain future. So, if I touch that I’m putting myself at risk.”
Research shows that among retirees with savings, many do not draw down very much, choosing instead to live off fixed sources of funds, such as Social Security or pensions or income from part-time work they take up. A study found that the vast majority of retirees in America still have at least 80 persen of their savings after two decades in retirement. No doubt this is partly because they are among the last generation of workers to benefit from corporate pensions.
The psychological reluctance to tap one’s savings is a factor for most people regardless of their financial condition. It may become more acute for soon-to-be retirees as they face inflation, unstable markets and a lack of pensions, John said. They’re trying to figure out who they are now that their primary career is over and figuring out what they can and can’t do financially
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It’s hard to manage your money well in retirement unless you’re realistic about what you have. The first thing to do is to make a budget and sketch out a plan to cover your expenses.
