With changing generations, the concept of retirement has also changed in India. Most people consider retirement as just another phase of life. They focus on doing things that they didn’t consider before like travel, writing, or social work. However, to have your kind of life after retirement, it is important to have a plan in place. Retirement means that a fixed pension policy becomes your income, as your investments in a pension plan or your savings last only for a limited time.
In India, parents take several measures to invest in their children’s future. This may sometimes result in overlooking their own. What parents need here is strategic planning of their finances so that they can invest in their child’s future as well as look after their own retirement plans.
Plan smart for your retirement
One should make smart moves to have a fun retirement, without jeopardizing their own future or their children’s. The first thing to decide is whether you would want to live alone, with your children or in a shelter home after retirement.
Secondly, one needs to be sure of how they want to spend their retirement years. There are options like becoming a tutor, freelancer, consultant etc. It is upon you whether you want to travel the world, spend time with the family or pick up a hobby that can act as a side income and also keep you occupied at the same time.
The upside of retirement is that your expenses will decrease as you do not need to travel to work every day or keep updating your wardrobe. It is advisable to invest, because saving only gets one far enough. The key is not to spend out of budget that you have set for yourself, as the pension after retirement is limited.
Planning for health-related emergencies
With age, one’s immune system becomes more fragile. This is the reason that health insurance premium increases with your age. It is important to find an affordable health insurance plan that covers your needs efficiently. With inflation, the medical costs are increasing as well. Therefore, it is important to invest in a health-insurance plan.
Do not jeopardize your retirement
It is important to calculate all the factors and then choose a pension policy that best suits you. Everything that is a part of old age should be a factor in your balance sheet, which will let you know your exact target. Once you plan everything out, there is no way you will not meet your retirement target. Start investing, so that your pension after retirement is something you will never have to worry about.
There is no doubt, that your children will always stand by your side- be it financially or emotionally. However, it is always good to be independent at every stage of life. Financial freedom brings you better opportunities than dependence ever would. It is always better to be in control of your own life and live it the way you have planned since always.
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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