Retirement occurs when we leave the workforce and lose

It is estimated that only one in three people have planned their retirement . Also that seven out of ten will need long-term care services at some point during that period, said Carlos López, Popular's retirement planning specialist . So some people left their health to chance. This need not be so.

“In Puerto Rico it was typically customary to start planning for retirement a year before retirement. The reality we face today is very different; which requires discipline and a long-term change of mindset to prepare properly. For this reason, at Popular several years ago we launched multiple educational efforts to support Puerto Ricans to be better advised and to make better financial decisions. That is our north, to promote the social and economic well-being of our society ”, mentioned Juan Guerrero, executive vice president of Financial Services and Insurance at Banco Popular.

We have only one chance to plan our retreat . You have to balance that planning with other priorities, commitments and aspirations, such as buying a property, studying for your children or traveling the world. "It falls to us to establish a strategy for retirement with time," said López.

The earlier the better!

Retirement occurs when we leave the workforce and lose our main source of income: salary. For example, if the person's retirement expectation is around 65 and life expectancy is 85, we are talking about 20 years without that money. Thus, planning for retirement involves thinking about how we replace that income . It also involves considering:

• How to maintain your lifestyle? (but without your salary)

• How to calculate inflation? (since the cost of goods and services will be higher tomorrow than today)

• How to ensure that your needs are covered? (from leisure options to medical care)

• How to achieve all that for two decades without running out of assets?

According to López, studies suggest that retirement planning should begin at age 30, however, he urged that it begin as soon as the person begins to generate income .

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