Managing the Financial Crunch After Retirement
Retirement can bring an unexpected financial shock, particularly for people who have spent decades enjoying the benefits of a senior professional position. During their working years, many executives and government officials receive a regular salary, spacious accommodation, an official vehicle, domestic assistance, travel allowances and other facilities. These benefits become part of their everyday lifestyle. Then comes retirement day. The salary stops. The official car must be returned. The spacious accommodation may have to be vacated. Household assistance and travel expenses become personal responsibilities. For those without a pension, or with a pension insufficient to maintain their previous lifestyle, the adjustment can be particularly difficult. Retirement does not necessarily arrive after every major family responsibility has been completed. Children may still be pursuing expensive professional degrees in India or abroad. A son or daughter's wedding may require substant...