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The Importance of Achieving Financial Independence During Retirement

Leaving your job for the solitude of a private life is one of the unavoidable circumstances that you have to face when you reach a certain age. When you get to this point, it is important to have sufficient funds set aside for your personal necessities.

Here are a few reasons that make financial independence important in retirement:

Be debt-free

In order for you to enjoy what you have worked hard for, you must settle all your liabilities before leaving employment for good. You do not want to spend all your retirement pay and pension paying off your loans, right?

Cover health expenses

When you are unemployed, you do not have the benefit of having a company-sponsored medical insurance policy. So, it is important that you have enough saved up to pay for any health-related expenditures. With the staggering prices of medications, treatments, and hospital fees nowadays, it is only right that you set aside enough cash for the inevitable.

Fund hobbies and interests

You would probably want to invest your time in activities you never had the chance to do when you were still employed. This is why it is necessary to have a healthy cash resource to draw from to finance these recreations.

If you would like assistance in planning your finances, get in touch with us.