Everyone dreams of having a perfect retired life living in peace and bliss. Having a perfect retired life is possible with proper planning an a little focus on life post retirement a couple of years before one retires. So if you are retiring in the coming year, it is imperative that you start planning for your life post retirement this year end to make the most of the holiday season. The absence of any government backed social security program compared to some of the developed countries means that retirement needs to be well planned and executed to avoid any financial constraints in the old age. The fact that a mere 11% of India's working population has some form of social security planning for their old age, retirement planning holds a great significance. Here are some tips and recommendations that you can include in your retirement plans before you actually retire in the coming year.
Make a List of all Post Retirement Funds: The year end is the right time to make a list of all post retirement funds that you are likely to get in the next year. This may include money you may receive by your employers as retirement perks as well as the Employee provident fund and other financial assets that you may have developed over the years for your retirement. Once you have an idea about your income the next logical thing is to evaluate the possible expenditure post retirement. Depending o your social status you may want to invest some money in a retirement home or keep a chunk aside for medical insurance or possibly travel the world after being free from active work. Irrespective of your post retirement needs, having well planned retirement expenditure can underline the best way to tackle all post retirement expenses.
Explore Post Retirement Financial Planning: With your retirement time closing in, the end of the year is the perfect time to sit back and strategize your post retirement financial plans. This is especially significant if some of your post retirement investments are maturing in the next year. Depending on your personal needs, reinvesting the matured amount can be explored. One needs to however evaluate the risks of investing and plan to invest in assets that offer low risk and relatively better gains than just keeping the liquid money in a savings bank account.
Have a Provision for Medical