Earlier generations of Indians viewed retirement as a post-60 phase of life, where one stopped working after the legal permissible age for working had elapsed. Today, however, the concept of retirement has changed to the extent that many people are choosing to retire in their late 40s. With so much of the world to see and so much left to still accomplish, they are opting for a life away from the daily competitive struggle of making an income.
But retirement – whether early or after the age of 60 years – requires careful planning while you are still in your 20s and 30s. You cannot leave it for later – planning for it from today will give you the rich, stress-free retirement you seek. Do these 3 important things –
1 Buy a good retirement plan – today.
The dream of a golden retirement can be rudely shattered if one fails to take adequate steps towards realising that dream. If you are overwhelmed about how to start planning for the distant future, take the most logical step by buying a retirement plan. A good retirement plan from a leading insurance provider offers lifelong income after you retire, to take care of your household and personal needs. The best retirement plans today offer up to 7 annuity options to suit your unique circumstances in the future. You can also opt for a higher purchase price to get more annuity pay-outs. Meanwhile, the plan pays back the premium you paid, after your demise.
2 Take the plunge – but settle the essentials first.
While most people say that retirement is a time to ‘change the game’ and to do the things you never tried before. You can certainly take your first skydiving lesson, or become a professional marathoner competing around the world, or even go bungee jumping. But do settle some important issues before you (literally) take the plunge: for instance, making your will, settling bequests among your kin, repaying unpaid loans, investing in a second property for your retirement years, etc. Life is uncertain, and if you are abruptly absent in the future, these unsettled issues might trouble the family. Also, you will enjoy your retirement years much more when you have no pending financial matters to settle.
3 Save money for yourself and your spouse.
Apart from buying a good retirement plan, you must also ensure that you have savings in the bank for use after you retire from work. Your savings fund can help you tide over future medical procedures, or take that dream vacation you always wanted, or even pay for your child’s wedding. If nothing else, it can help finance the daily household expenses. A large savings corpus is a must – it provides the psychological benefit of security for the future, when most other things seem uncertain!