Be it the lack of planning, inflation eating through your savings before you know it, cutting down on funds or the general feeling of “being a fish out of water”, retirement is a bittersweet utopia for every worker. However, you might be surprised to learn that things aren’t as dark as you may think if you have planned well beforehand. Keep reading to note the top 5 things that you need to consider while making your permanent leave plans.
Retirement! The very term that is dreaded by tons of workers for a fair number of reasons. Not only is retirement an anticipated end to a productive working life but also a beginning to a somewhat unanticipated quiescence. Some people find it extremely hard to keep themselves occupied once they have left the chair.
No matter how much one dislikes getting up in the morning and rushing for work, retirement feels surprisingly worse. There are some who miss the discipline while some miss the interaction with office colleagues or business partners. However, a common monster that is dreaded by one and all is the inflation that bites into your sleep post-retirement. Don’t fret! Your funds are nothing to be worried about if you have planned your retirement program. In this article, you will learn about the five things that need to be on your plan list before you retire.
- Be Systematic with SIPs: SIP stands for Systematic Investment Plan. This plan allows investors to entrust a fixed amount of money regularly in a scheme of ‘mutual fund’, being mostly an equal mutual scheme. Being a part of this scheme helps impart financial discipline by obliging a regular investment. Plus, there is no relation of SIPs with market mood or indexes.
- Be Relaxed with Pension Funds: A pension fund, also referred to as a superannuation fund is any plan, scheme or fund which somehow provides an income after retirement. It helps to continue financial stability even after retiring and prevents the uncertainty that might hit some. Another benefit of a pension fund is the allowance of accessing a lump sum amount during some emergency.
- Be Secure with Real Estate: Real estate is any property with a fixed track of land and buildings in and around it accompanied by other natural immovable resources such as minerals, field crops and water. It has a certain amount of interest vested in it. Real estates can either be residential or non-residential. Usually, it’s common practice to hire a real estate broker to provide you with dedicated marketing support and sales in return for a commission.
- Be ‘long-lived’ with Insurance: Although it’s never possible to compensate for the loss of a dear family member, it’s a wise decision to insure yourself. The least your insurance company can do is provide your family with financial security while dealing with terrible loss. Insurance is done by a bond in which the investor has to pay premiums at fixed gaps, like monthly, quarterly or yearly. In return, your company will pay a fixed sum should the inevitable happen. Insurance can be in terms of health, life or even your commodities.
- Be Passionate with Lumpsum Mutual Funds: Mutual funds are typical investment vehicles which are fueled by investors’ money being pooled together. Investment is usually made in stocks, money market instruments, bonds and assets. Mutual funds are party riskier Retirement Plans than the above options because it depends on market mood. However, they also have the potential to give you healthy returns.
By now, you must be through with the various plans that are available to you as a retired person. They not only enhance security but also saves you all the extra stress. So hurry up and plan your retirement well in advance!