Retirement Planning

This is the age of inflation where the cost of living is rising day by day, where a middle-class person, struggles to fulfil all his responsibilities towards the family. This is the recent condition when you are young, working and capable enough. But have you thought of your life after retirement? 

Retirement is the second innings of life, where a person becomes old and free from most of his/her responsibilities. There is no office, no work, and no more liabilities. But is this true? There are so many things which you still need to do and manage even after getting retired. You children must be grown and have started earning their own livelihood, but about you and your partner. After retirement there is no source of income, that means what you have saved in your earning span is the only thing which is going to help you in your survival. 

What if you don’t have much savings? You will have to take help from your children and at that time you might feel yourself as a burden on your children. 

Your children love you, and they will never be burdened with you, but it’s your responsibility to ensure some important things before your retirement to live a happy & comfortable life ever after.

All this makes more important that you do your retirement planning properly. Do you think your contributions to the Employees’ Provident Fund (EPF) and the Employees’ Pension Scheme (EPS) is enough?  

While planning your retirement, you need to remember that retirement is a long phase of life, so it becomes all the more important to consider risks in the planning stage itself.

Here are the Top 5 ways to ensure you are Not a Burden to Your Children after your Retirement!

  • The Abode 

The first & the basic thing required to live a life after retirement is an abode. Many people have a transferable job or some get quarters from their employer, this is the reason many people ignoring buying their own home in their earning span. But an abode is important to live in after retirement. If you don’t have an abode after retirement you may end up by living with your children in their home. This may make you feel burdened our children and rule out living with them.

Finding a retirement home that will keep you safe and comfortable is important. 

So make sure you have your own home before you retire. It can be a flat in an apartment, a retirement villa or a small independent house depending on your affordability.

  • City of Residence

Where you are working now can be a metropolitan city, where the cost of living will be much higher, obviously. Before you retire, think twice is it important to live in the same place? If it is not much important try to shift to someplace where the cost of living is less and at the same time you can be around your loved ones. What can be a good option better than shifting to the countryside or to the native from where you belong? In the rush of fulfilling responsibilities and work, we often forget our social obligation and on the same hand peace vanishes from our life. So shifting to some small place or native will be good both economically and socially too.

  • Health Policies

The age at which retires or your life after that is most vulnerable to health issues and diseases as compared to your past life. If you don’t have enough money to fight these situations, it can prove to be a burden to your loved ones when they have their own family and responsibilities. Having health insurance is the only solution to avoid such a problem. You should also remember that after turning 60 the premium of health insurance increases and thus it may become difficult for you to afford that. Hence, you should also take health insurance as early as possible when the premiums are low.

  • Have Some Money to Travel

Your children may be living in another part of the world. What if when you want to meet them? Will you ask them to book your tickets? It is quite possible that you may feel bored by living in the same place and you need a break, you should have sufficient money at that time to go somewhere and have a change. Financing these by your children can feel you burden on them. So, it is important to save adequate money for these things as well in your working span only.

  • Investments

The investments you made in the past will be your asset for your future. So, invest in that way that you can use the returns in your lifetime only. First thing about your remaining life before you plan for a legacy for your loved ones. So in your earning span or when you are close to retirement, try to invest where you have returned in the near future. Money from your investment can help you a lot to live a comfortable life even after your retirement. FDs, RDs, savings accounts, mutual funds, and shares are some of the common investment options which can give you returns after your retirement.

Retirement is a beautiful phase of life. Try to enjoy it without worrying about anything. Ensuring the above-mentioned points will definitely help you to do so.