Three Steps to Prepare For Unplanned Economic and Social Unrest in Your Retirement Future
Alternate views of the future of the world’s economic problems are in constant conflict. On one hand you have the perennial optimists who expect a hero on a white horse to ride in and solve all their problems. On the other hand, you have the perennial pessimists who believe the world is ending tomorrow, if not sooner. Somewhere in between, there is room for an approach that recognizes the negatives as warning signs requiring preventive action but not desperation.
There is no one answer but there are at least three steps that you can take immediately to take personal responsibility for your financial future. In most cases, these measured steps should be taken in a sovereign jurisdiction other than in your home country.
Retirement Fund
Diversification is the key here. You do not just want to do more of what you are already doing. If you are to survive the upcoming expected economic crisis, you need to protect your savings, seek alternate sources of income, and diversify your sovereign risk by considering expatriate living.
Protect your savings by opening a foreign bank account. It is not enough to just have a retirement account. Some countries have already raided their citizens’ funds, basically confiscating the future security of their retirees. As we in the United States are well aware, new governmental regulations can occur overnight that could do the same for us. There are already moves to put state retirement funds under federal control. Even if you can not fully fund a foreign account, having one available gives you a secure place to place funds that might otherwise be in danger.
Look for alternate sources of income. The present high rate of unemployment in the U.S. in early 2011 indicates to us that no source of employment is completely secure. Be creative. The traditional job market is rapidly changing and you and I must learn to change with it. Analyze your strengths and weaknesses. Start looking more at where the jobs are going to be. Don’t limit yourself to your country alone. Even with a declining world economy, there are still areas of the world that are growing economically. And an internet-based business can be run from anywhere in the world.
Consider lifestyle changes both at home and abroad. Lifestyle changes may be required if your income is suddenly lost, there are major changes in food and gas prices, or healthcare costs become excessive; all possibilities in our present economy. You can look both at additional geographical regions in your own country or you can take the ultimate step and move abroad. There are numerous possibilities abroad that fits varying lifestyles at a cost considerably less than in the United States, Canada, and many European Union countries.
There is nothing wrong in looking at the future with an optimistic approach. But taking a positive proactive approach now to safeguard against events that could reasonably be expected to occur in the future is more likely to assure you of the positive future you are expecting. Takes steps now to prepare for your future in order to keep the expected from becoming the unexpected.
Three Steps to Prepare For Unplanned Economic and Social Unrest in Your Retirement Future
Dr. Lamar Ross, a cultural anthropologist by training, has a special interest in training individuals for expatriate living and providing information on unique travel destinations. He is an author, educator, photographer, internet entrepreneur, and international traveler. He has lived in the United States, Mexico, Puerto Rico, and India and has traveled extensively in 29 different countries.
He presently splits his time between the U.S. and the Republic of Panama. He speaks both English and Spanish fluently and has a basic ability in several other languages. For more information on expatriate living, check out the blog Expatriate Traveler Notes. Check out also his Everything Travel Blog
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Tags: Economic, Future, Future Unrest, Prepare, Retirement, Social, Unplanned, Unplanned Social, Unrest
