Tips-On-Financial-Planning-For-Retirement

Don’t wait for retirement to plan your retirement. Retirement planning is a long process and it is better to start when you are still young when your risk-taking capacity is high and there is more scope for a high-yielding return. Below are tips for a feasible retirement plan:

  1. Assess Your Income & Expenses: Build a contingency fund. This will be a helpful provision when you are not aware of the expenses you may face during retirement. This money will always be productive.
  2. Income On The First Day of Retirement: With options like, Senior Citizens’ Saving Scheme (SCSS), tax-free bonds, immediate annuities, Post Office Monthly Income Scheme, Bank Fixed Deposits, & mutual funds, retirees can easily & safely convert their savings into income. Preferred Stocks & Baby bonds are ideal holdings for a fixed income portfolio. If you are not looking at lumpsum investments from time to time, SIPs or Systematic Income Plans and other automated forms of savings are the way forward
  3. Health Care Plan: Before retiring if your employer assures you that you can continue using your health insurance, you don’t have to worry about a buying a health care plan, which is expensive and entails extensive health check-ups.
  4. Clear Debts: Pay off your debts before you retire, especially if you have the chance to do it at a lower interest rate.
  5. Plan Your Expenses: Converting savings into income is only possible with a good expenditure plan. “Don’t spend more than 5% of your savings each year to pay for your living expenses in retirement,” says Kunal Bajaj, CEO & Founder, Clearfunds.com.
  6. Take Advice Regularly: Never hesitate to consult a certified financial planner, they will make financial planning easier & safer for you.

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