Prepare to Live Independently after Retirement


As the retirement age approaches, most of the people start worried about being dependent on their loved ones. However, being old does not mean being dependent on someone. The research reveals that 90% do not want their children to take care of them as a burden. It is good that most people are looking forward to living their life independently as long as possible although there is issue with social care.

More than 60% of the retired prefer care from experts, however, 48% of people are unable to access the care they need. Government-provided care options are more affordable, but eventually many people have started putting them off because packages do not include necessary services. People who have good income sources including pension prefer taking out loans in Ireland, but it again puts additional burden on their pockets.

According to the government, the onus of taking care of the older is upon children, but studies have revealed that around 45% of people do not have time to take care of them and 50% of people have no enough money to contribute to their care programmes.

If you also do not want to have your children to take care of you in your old age, you should create a plan to ensure that you live your lifestyle the way you want. Here are the three aspects you need to focus on to create it.


It is important that you take into account the potential cost of care in later life beforehand so that you will have set aside enough money by then. You should have an account for retirement funds. Regular contribution of even a small chunk of money to this account will help you a lot in your old age. It cannot be dipped into before it gets mature.

The cost of care is soaring and therefore you must know that you know about your affordability when it comes to subscribe for caring services. The Health Service Executive provides a wide range of care services to people across Ireland. Support is also available from other agencies like the Department of Social Protection, Local Authorities and Voluntary Organisations. Before paying, you must consider benefits and the standard of service.

Since the concept of pension freedom has been introduced, you can access your entire pension at the age of 55 and use funds for any purpose. This allows you to create constant flow of income to support your lifestyle.

Sometimes, you may need an expensive treatment and you fall short of cash, doorstep loans in Ireland are also a great option. In case your credit rating is bad, you should prefer loans with no credit check to have lower chances of rejection.

Support to make a decision

Making a sound financial decision has always been daunting. Once you have acted upon it, you cannot come back. It is better if you take into account all aspects of your situation. Take the help from financial advisors in Ireland. They will not only help you guide how you should invest your money but also keep you from signing into deals that are fraudulent. Do enough research to make sure that you choose a reliable financial advisor.  

Have a back-up plan

Life is unpredictable. It can throw you a curve ball. Factors such as illness and accident can affect the level of care you need. It means your retirement plan should aim at long-term care. Pension and other retirement benefits may not be enough for your care. Therefore, you should arrange other sources to arrange add up to retirement funds.

Life expectancy can be short and hence it is possible that you become unable to use a large amount of your funds. You should plan how you would like your money to be used after your demise. Whether you will want to give it to charity or distribute it among your family members, make sure that you decision is in writing.

The bottom line

You can live your life independently after retirement provided you carefully manage your finances to get enough care. Start putting aside money for your retirement as soon as possible so that you do not feel strapped when you need care from specialists.

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