Retirement confidence is at an all-time low with employees working later into their life in the hope that they don’t outlive their savings. A recent Australian report found that 51% of retirees expected to outlive their savings. Because of stats like these, people are aiming to work longer and harder to ensure a comfortable retirement, however this isn’t always the reality. A 2015 study from the Employee Benefit Research Institute found that in 2013, 47% of workers were forced to retire earlier than planned.
Forced early retirement can be more common than you might think. There are many factors which can contribute to an early retirement, among other reasons these include, job loss, loss of stamina or poor health. So, what should you do? Whether as an employee faced with early retirement, or a carer who knows someone forced into an earlier retirement? Here’s our best financial steps you should consider taking:
Assess your cash flow and income:
Your first step is to not panic! All too often people think cancelling their gym membership will help them. This small weekly or monthly fee won’t see the quality of your retirement improve drastically and going to the gym is great for your health.
Instead, what you should do is list your monthly income and expenses. Consider what benefits you can receive now that you are a retiree. Look at your health, car, life, and other insurance plans and see where you can make some savings. You may also qualify for involuntary unemployment cover. Track all your monthly expenses and know how much money you need exactly for one month. From there you can estimate how long the money you have saved will last.
Create a retirement plan:
A retirement plan is something you should be working on before you are retired, but if an early retirement has come suddenly and you find yourself without one, it’s not too late to set one in motion. You can base your plan around either retirement goals or create a cash-flow plan.
A cash-flow plan is based around investments, income and expenses, and making assumptions about inflation and how you will be able to spend throughout your retirement.
A goal based plan lets you plan major events, trips and really anything you want to achieve during your retirement. This is a good system as you can prioritise what you want to do, understand the associated costs and foresee what and how much you will be able to do.
Look for alternative ways to create income:
If you find yourself in need some extra income, or you just want to use your time to cover some expenses so you can take that retirement holiday a little sooner, there are several options you could consider.
A popular approach with some retirees is to begin trading. In recent years trading on the Forex market has become a largely successful approach to profitable trading. Of course, this takes some time to learn as there are certain strategies which must be used.
Other options include finding part time work. Maybe you love gardening, use the forced retirement as a time to pursue any careers you might be passionate about, even if they aren’t as serious as your previous full-time career.
Consult with a professional:
Retirement can be difficult to plan for, even at the best of times. Unexpected things can happen and you want to ensure you have enough money to live out your retirement comfortably and even enjoy it.
Meeting with a financial adviser can help you take specific steps towards a better retirement. They can help create budgets, suggest where to invest your money and build a financial plan that suits your specific situation.
Also think about your pension and how you want to receive it. The rate will change depending on your status, so it’s important to ensure you understand what you are eligible for.
The key to overcoming a forced early retirement and the associated financial challenges is planning. These steps are a great start to planning your retirement and can help you to achieve any retirement goals you have in mind.
Alana Downer is a financial blogger and a part of the team behind Learn to Trade, a source of educational information for traders and investors. Having been always interested in achieving financial freedom, Alana might often be found sharing her strategies online with all those who wish to earn money on the side and become financially independent.
Alzheimer’s disease is a progressive illness of the brain that gradually destroys a person’s cognitive capabilities and, eventually, interferes with the performance of basic daily self-care functions. People in the latter stages of Alzheimer’s tend to experience incontinence, which is loss of control of either the bladder or bowels, or both. However, not everyone who has the disease will become incontinent.
The relationship between Alzheimer’s disease and incontinence is complex. Alzheimer’s may cause incontinence by taking away a person’s ability to recognize the need to go to the bathroom. However, Alzheimer’s also can be an indirect cause, by posing issues of mobility or confusion that may prevent the Alzheimer’s sufferer from reaching a bathroom in time. Furthermore, a person with Alzheimer’s can have incontinence issues arising from medical causes that might be independent of Alzheimer’s, such as a urinary tract infection, weak pelvic muscles, an enlarged prostate gland, or the side effects of certain medicines, to cite just a few. The Alzheimer’s Association offers a more comprehensive discussion of the possible causes of incontinence among persons with Alzheimer’s here.
When an Alzheimer’s patient begins to experience incontinence, the most important step to take is to consult his or her doctor for an evaluation of the cause. If the incontinence is a result of a problem unrelated to Alzheimer’s, it may be possible to address the issue with medical intervention. If a medication is contributing to incontinence, as might be the case, for example, with some anti-anxiety drugs and sleep aids that relax the bladder muscles, a substitute medicine might be available. In all cases, however, here are some actions that a caregiver or the incontinence sufferer should consider taking to reduce the potential incidence of incontinence:
Reduce consumption of diuretic liquids. Caffeine is a diuretic, which means it stimulates urination. Consumption of liquids that contain caffeine, such as most coffees, teas and colas, should be restricted or perhaps avoided entirely, especially close to bedtime. Alcohol also has a diuretic effect. However, medical authorities warn against restricting the intake of water. Staying properly hydrated is extremely important.
Simplify bathroom access. Whether from the Alzheimer’s patient’s bed or from the easy chair where he or she watches TV, make the route to the bathroom simple and free of obstruction. Be sure no furniture blocks any portion of the journey, and no area rugs pose any hazards. Avoid clutter in the bathroom itself. Keep the route(s) illuminated with low-wattage nightlights after dark. It also may be advisable to keep the bathroom light on all night.
Avoid cumbersome clothing. Clothing should be loose fitting and allow quick access to underwear, which should easily slip on and off. Keep in mind that a late-stage Alzheimer’s patient is likely to have poor coordination and can easily get confused by such items as buttons and clasps.
Make bathroom breaks routine. Encourage frequent trips to the bathroom, even when the need is not urgent. It will help reduce “emergency” situations.
Maintain dignity. Even the mere prospect of incontinence can create a trying experience for both Alzheimer’s patient and caregiver. When assisting the patient, allow him or her the greatest amount of privacy or autonomy that is practical in any given situation. If a loss of control should occur, avoid overreaction and do not use words that are shaming, scolding or condescending. Instead, use matter-of-fact language and try to convey a sense of “accidents will happen.” Try to minimize his or her embarrassment and maintain dignity.
In addition, there are several products available that make it possible for those with incontinence to experience a higher quality of life, such as washable panties and briefs that control leakage and eliminate odor. Also, waterproof underpads and bed pads are available to protect chairs, wheelchairs, mattresses, and bedding.
Eric I. Mitchnick, MD, FACS is a Board Certified Urologist at Advanced Urology Centers of New York in Northport and Port Jefferson Station, NY. He serves as Chair of the Credentialing Committee and Surgical Performance Review Committee at Huntington Hospital. In addition, he is a fellow of the American College of Surgeons, a member of the New York chapter of the American Urological Association, and the President of the Board of Integrated Medical Foundation, an organization that promotes awareness and early detection of prostate cancer.
Dr. Mitchnick received his Bachelor of Arts degree, majoring in Natural Sciences, from Johns Hopkins University, and his MD degree from SUNY Health Science Center. He completed his four years of residency training at Beth Israel Medical Center in New York, N.Y, from 1989 – 1993. Read more about Dr. Mitchnick’s expertise and practice at http://www.aucofny.com/eric-i-mitchnick-md-facs/.
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Sleeping and eating are both critical elements of recovery, but not necessarily in quick succession. Many healthcare providers will encourage putting away all food at 8pm because eating causes the body to go into an arousal state and devote energy to digestion, when ideally it should be settling down for sleep. If you’re starving or hypoglycemic, a small snack is acceptable before bed to avoid mid-night awakenings, but otherwise it’s best to avoid food and drink right before lights-out. Try to plan out your eating patterns so that your last meal falls well before you fall asleep.
In fact, planning out the foods you eat throughout the entire day is not a bad idea either in terms of assuring a good night’s sleep. Certain dietary options have been linked to decreased sleep quality and can have effects on the body that last well into the night:
For more information, check out our tips for high-quality sleep at https://twodreams.com/holistic-health/sleep-hygiene
Megan Crants is a staff writer at Two Dreams (www.twodreams.com) and can be reached via email at firstname.lastname@example.org.