Post Retirement Investment Strategies

Mr. and Mrs. Innani after a year of retirement were shocked to see a notice of not filling the tax sheet on time. The duo was under the impression that once you are retired and you are not earning, you do not need to pay tax. Are you the one under the same impression?

Then, let’s dive in to see what investment strategies could help you to enjoy your retirement peacefully.

How much corpus do I need to retire peacefully?

Retirement planning is a complex process because of uncertainty associated with the factors that impact it. For instance, job security, growth of economy, inflation, returns from investments, and rising medical expenses are some of the factors that impact financial planning for retirement.

The golden rule of retirement planning is that there is never enough. You have to incur medical expenses, face the rising inflation, and many other uncertainties that require money.

Pros and Cons for using insurance for Retirement

Retirement planning is the important task of deciding how you will live once you retire. It involves the consideration of a number of factors .A few are mentioned below:

a) At what age you plan to retire.
b) How much money you will need to cover living expenses.
c) The things you plan to do once you have retired.
d) Where your money will come from?

5 Questions To Ask Your Life Insurance Advisor Before You Buy (BusinessWorld)

Has your Advisor evaluated the need for this particular policy in light of your existing policies? Be sure to check that your Advisor isn’t just ‘selling’ you a policy blindly.

If only we had a rupee for every time someone bought a Life Insurance policy without fully understanding its features, we’d surely be millionaires by now! The next time you decide to add to your Life Insurance portfolio, make sure you ask your Advisor these 5 questions before you sign above the dotted line.

Investing Mistakes to avoid pre and post retirement

Financial security and freedom in retirement does not just happen. It takes a lot of planning, money and commitment.
Ways to Prepare for Retirement

Start saving, keep saving, and stick to goals

The sooner a person starts saving, the more time the money has to grow. Saving for retirement should be a priority. And it is never too early or too late to start saving.

Knowing one’s retirement needs

Retirement is expensive. Experts estimate that a person earning a lesser income needs at

least 70 percent of the pre retirement income and one earning a higher income needs at least 90 percent or more – to maintain one’s standard of living when he/she stops working. It is better to take charge of the financial future beforehand. The key to a secure retirement is to plan ahead.