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:

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1. Financial Goals

Define your retirement income needs based on expected expenses like living costs, healthcare, hobbies, and travel.

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2. savings & investments

Start saving early and contribute regularly to funds like EPF, PPF, or NPS. Diversify investments for balanced risk and returns.

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3. healthcare cost

Plan for post-retirement healthcare with options like health insurance and schemes such as CGHS or state-specific plans.

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4. tax planning

Optimize investments with tax-efficient options like ELSS and Senior Citizen Savings Scheme (SCSS).

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5. social security benefits

Explore schemes like APY and PMVVY for additional financial support.

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6. inflation & cost of living

Factor in inflation to maintain purchasing power.

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7. property & real estate

Address housing needs and consider property investments or downsizing.

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8. legal & estate planning

Organize wills, nominations, and legal documents for asset protection and smooth estate transfer.

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9. retirement communities

Consider communities for social interaction and tailored amenities.

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10. financial advisors

Consult certified planners for personalized retirement plans aligned with your goals.

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