6 surefire ways to plan your retirement

6 surefire ways to plan your retirement

The biggest question that any insurance or mutual fund agent will ask you is how much money do you need when you retire from work. That’s the only criteria, really. Here are some surefire ways to plan your retirement…

Don’t judge your present with your future
Today, your expenses will be far more because you have many more mouths to feed, including your own insatiable hunger for more creature comforts. However, as you grow older, you become more wiser and prefer to save rather than spend. You will travel, only if your health permits. You will never over eat as your body might not permit you. It’s just how we all age and we must accept that. Therefore, you can put a number to how much money you need to live off comfortably without a monthly income to help you.

Never retire
You should aim at never retiring from working. It pays to stay employed, so you are not at the mercy of your children or your own property’s rental income or bank deposits. If you are only spending and not earning, your savings will dwindle and cause a dent in your financial holdings. Therefore, try not to entirely retire from work. For example, you can be a consultant to a company, or a freelancer who can help people with your experience. Or better still, you can become an entrepreneur and continue to control your business operations until you die. That way, you will remain employed and fulfilled. Importantly, when you are active all your life, your mental faculties will stop the natural process of aging and you could live a longer and more fulfilling life.

Saving is earning
Saving is good, but don’t adopt this rule to the extreme. It’s wise to spend when you need to during functions, ceremonies, and to fulfil your lifestyle needs. Just overspend on anything or indulge in your fetishes for footwear, gadgets and so on. The savings you do during your productive years will help you during your less productive or non-productive days.

Don’t calculate for future inflation
When you do get down to estimating how much money you would need to create a nest egg that will help you during your retirement age, don’t factor in inflation first. Calculate how much money you need in today’s reality. And then, you can decide to add the inflation index for the overall figure.

Medical expenses
This is something that is beyond you and can happen suddenly during your retirement age. One way to ensure good health is always be at peace with yourself, stay calm and composed and always earn people’s blessings, goodwill and loyalty. With these in tow, you should be better off health wise than the average person your age. Avoid arguments, forgive and forget people who are not good to you and focus on our health. If this goes bad, you could be in a lot of stress, financially and physically. And the best way to fix a dent in your health and financial wellbeing is to take care of your health. Do more meditation and always spread cheer all around. Don’t strain yourself and talk to people you love and meet people you enjoy being with. And go to places that give you the utmost pleasure. It’s these little things in life that will keep you healthy, not money. However, your plan B is to always ensure that you have at least 20 lakhs in your fixed deposit accounts for immediate use in case of a medical emergency as you will not be insulated by medical insurance policies after a certain age. With life expectancy rates going up to 85, plan accordingly.

How to plan right away
Focus on your health right away while you are still in your 40s and 50s. And importantly, plan your afterlife right away too. Here is where SecureLifeVault can come in handy. This online digital locker that offers bank-level security can help you store all your crucial financial, medical and personal data in the cloud. If god forbid, anything happens to you, this data will reach the right recipients that you have identified in your lifetime. This is the first retirement plan you should adopt as we don’t know how long we will live. At least, we should ensure that our dependents are not left high and dry when we leave them without handing over all our worldly belongings.

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