Searching for investment solutions
By investing a certain amount in the various investment products available on the market, you can anticipate that they may pay off in the long run. Once you've learned about the investment options available to you on the basis of your investment profile, you can create a balanced investment portfolio, spreading your funds and seeking to generate an income to cover retirement expenses.
Paying off debt
If it's possible, then settling an old debt on time or limiting new borrowing will prevent a reduction in retirement income, which in any case is limited, so you don't have to use it to pay off such needs and obligations.
Calculating future living expenses
Many people look forward to retirement in order to move back to where they grew up. If this is a village in regional Greece, then the cost of living is likely to be lower than in a large city.
Providing for health expenditure
As the years go by, the need for medical and health care increases. To manage these costs, you could consider getting a health insurance plan that will cover at least part of such expenses.
No matter how many years you have until retirement, it's never "too early or too late" to make a plan. By carefully planning your moves and setting realistic goals, you can enjoy the retirement years of your dreams. Without cutting corners.
Sources: Consumer Trends Report, EIOPA: https://www.eiopa.europa.eu/system/files/2023-01/eiopa-consumer-trends-report-2022.pdf
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