How to Plan Your Retirement: 10 Things to Keep in Mind
By Priyanka Roshan | July 9, 2024
Retirement planning involves several key considerations to ensure financial security and a comfortable lifestyle during your senior years. Here are essential aspects to keep in mind:
(Image: Canva)
1. Financial Goals
Define your retirement income needs based on expected expenses like living costs, healthcare, hobbies, and travel.
(Image: Canva)
2. savings & investments
Start saving early and contribute regularly to funds like EPF, PPF, or NPS. Diversify investments for balanced risk and returns.
(Image: Canva)
3. healthcare cost
Plan for post-retirement healthcare with options like health insurance and schemes such as CGHS or state-specific plans.
(Image: Canva)
4. tax planning
Optimize investments with tax-efficient options like ELSS and Senior Citizen Savings Scheme (SCSS).
(Image: Canva)
5. social security benefits
Explore schemes like APY and PMVVY for additional financial support.
(Image: Canva)
6. inflation & cost of living
Factor in inflation to maintain purchasing power.
(Image: Canva)
7. property & real estate
Address housing needs and consider property investments or downsizing.
(Image: Canva)
8. legal & estate planning
Organize wills, nominations, and legal documents for asset protection and smooth estate transfer.
(Image: Canva)
9. retirement communities
Consider communities for social interaction and tailored amenities.
(Image: Canva)
10. financial advisors
Consult certified planners for personalized retirement plans aligned with your goals.