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Life after retirement should be income proof so that you have access to money
and lead a life that is stress. In short, it is essential to have a retirement
plan to secure your income at a time when you need to spend prudently on your
life.
For example, an individual who enjoys travelling may have plans to visit and
explore some of their favourite destinations post-retirement. For life gives you
a chance to do what you like- when you have time for it- necessarily after you
retire from your job. There is also a visible trend of people taking voluntary
retirement to invest time in a child’s education or do it purposefully to fulfil
their set personal goals.
Whatever be the reason, the ultimate objective should be to secure your
retirement. One way of doing this is to maintain the steady flow of monthly
income through an income-benefit term plan.
Before we begin discussion on some of the best solutions for income
management post-retirement, let us consider few examples of people who retired
early and decided to travel the world.
- Anita Dhake, a former Chicago Based Lawyer, took retirement from her 9 to 5
job in 2015 at the age of 33, only to travel the world. She visited almost
everywhere from Australia to Oslo, and she managed her travel expenses through
smart saving and investment, states a
media report
about her passion.
- Similarly, Ganapathy and his wife decided to take voluntary retirement from
their strenuous work as a consultant in 2012 and instead indulge in travelling,
which was always a high priority on their to-do list. Ganapathy was not keeping
well, so he had shifted to a consulting job in 2009. In 2012, he decided to do
what he enjoys the most, along with his wife.
Does Retirement Mean Any Different to You?
Individuals like Anita Dhake and Ganapathy were exceptions in pursuit of their
passion for travel, and it is nevertheless possible to turn your travel goals
into a living reality. However; the majority of us still do not have a
retirement plan and to most of us- retirement means no income at all.
Then, how did Anita and Ganapathy manage their expense? They too were salaried
employees before they took the plunge to retire and travel.
They did it through smart money management and setting their investment goals
upright from the time they started earning.
To further comprehend what (they) must have done, or how you and I can achieve
the same, let us put retirement planning in a fresh, new and a practical
perspective.
How Is Retirement Different Now?
There are many reasons to plan a retirement differently. However, before any
planning, there is always a personal reason to look at retirement the way it is
meant to be. The urban middle-class Indians are doing so because of reasons such
as an increase in life expectancy, significant income and as a result, the need
to go stress-free from an active corporate life by seeking early retirement.
How to Plan Your Life After Retirement?
To achieve more, you need to look at your retirement planning including
investment and budgeting more holistically.
Tips and Tricks for a Better Life:
- Earn, Earn and Earn. While you are doing a job, it is good to be ambitious and
turn your income goals into maximum personal profits.
- A single dependable way of growing your income should be through investment in
wealth management schemes. You can build your wealth by keeping your retirement
goals in mind so that you have enough money at the exact time when you need to
spend the most.
- Another workable option is an investment in a term plan. While such an
insurance plan gives you income protection against death, it also means an
income bonus for your family. A
term plan ensures that your family receives a lump sum amount (the total sum
insured + monthly income) in case of the unfortunate death of the insured. One
only needs to pay an annual premium X amount to get long-term monetary benefits
like term insurance of Rs 1 crore.
- A crucial step is to plan a budget. It is only you who can set the retirement
budget or retirement income standards right, in sync with your lifestyle
expectations. Therefore, you need to set the retirement budget right at the time
of earning to have a secured and happy retirement life.
Life expectancy has risen in India, 67.3 years in males and 69.6 years in
females respectively in 2011-2015 (as stated by Union ministry of health and
family welfare), it is time to think big on life and in specific, on retirement
planning.
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