Retirement Planning: 6 Things to Consider
What to Plan For Retirement
Most of the people are not very excited when it comes to retirement planning because this crucial thing does not offer any incentive. But you should always remember that retirement planning is not only about money or getting additional benefits. In fact, it is also about how you can spend your life stress-free. While planning you should think about following:
- What are you going to do in your leisure time
- Where are you planning to travel
- How will you face unforeseen health issues
- How are you going to distribute all the money you have accumulated
- How will you continue earning money
Things to consider while planning for your retirement
Listed below are 6 important tips you should consider while planning for your retirement:
Plan your time: Post retirement people become tensed as they have no idea about what they will do due to lack of proper planning. It is very important to you invest your time in activities (be it job, business etc.) where you can spend 6-8 hours a day depending on the requirement and your time. Keeping yourself busy will clear your mind occupied and keep negative thoughts away from you. This thing applies not just to working people but also to home maker.
Think about contributing to the societies: Knowledge is power. And your tremendous experience can still be used in contributing to the society In fact, you can teach poor uneducated people, participate in activities specially planned for senior citizens etc. All these activities are not possible during your working career.
Re-live your interest: Spending time in your hobby is a wonderful activity and brings out creativity hidden in you. If you had any hobby in the past but couldn’t devote any time for it due to your busy life then post-retirement is a perfect time to do this. And even if you had no interest previously then also you can start a new one by joining hobby class. This way you will get connected to many like minded people and spend active time giving no space to negative thoughts popping in your brain.
Plan for Travel: Busy working life and other engagements does not allow many to travel at your favourite places. Post retirement is a perfect period during which you should explore new places. However it is important to keep funds ready for travelling as it requires good amount of money.
Pay attention to your health: The real benefit of health insurance comes into picture when you reach the age of 60. So if you have bought medical insurance policy at an early stage then you can stay stress-free as insurance company will bear most of the expenses in case of any medical emergency. This is because health problems increases with your age. However if you take insurance policy after your retirement then your premium would be high and in addition to this pre-existing diseases won’t be covered during the first four years of buying the policy. So make sure to buy health insurance policy at an early age to avoid future medical expenses emptying your life time savings.
Write your will: Writing your will according to your wish in order to distribute all your accumulated wealth to your family members is the most important thing to be planned well in advance before retirement. Not doing this invites many issues after your death such as relationship problems between the family members as they struggle to get their share. In addition to this, family members have to face many problems in order to prove that they are the legal heirs. This applies to banks, investment companies and other as they all demand different type of documents of relationship proof. In India, will can be written by any adult irrespective of what he/she does.
Bottom line is – you should work towards making your post-retirement life, exciting and tension-free at an early age. If your retirement planning is not proper then you may not be able to live your life smoothly. Implementing all of the above mentioned tips can help in making your retirement life successful.