Retirement planning could be the trickiest of all goals. This is because the distribution phase lasts anywhere between 10-30 years. In this phase everything – be it interest rates, policy changes, taxation, governments, lifestyle, (sometimes) even goals – can change. That is why retirement requires careful analysis and planning.
Every working individual wants to spend his retirement life with dignity. If you are also about to reach your retirement or you are in the retirement period, you may be looking for a way to fund your lifestyle without depending on anyone. One of the effective ways to earn a regular income for pensioners is a Reverse Mortgage.
Retirement is the phase of life when you start living for yourself after you are done with all your responsibilities. This is also that phase of one’s life where the income reduces and the expenses increase and the time when your savings will help you. We all know the importance of saving enough for our post-retirement years. However, many of us delay, sometimes till it is too late. Procrastination is a big reason for this, while some people delay saving due to the daunting task of selecting the right product.
There are quite a few options solely meant to take care of one’s post-retirement needs. Each of these products have their own unique features that one should be aware of. Some of the investment options – pre and post retirement options which may come handy are being discussed here.
Everyone works hard and relentlessly with a dream of having to let go everything one day and retire peacefully. You achieve your goals, reach new highs every day, battle your competition, shoulder your responsibilities and walk down towards that elusive “retirement” day. What is also unavoidable is the reality that one day your monthly salary will stop. Therefore, one should start actively investing for retirement as soon as the first salary comes. The average earning years of a person is around 30 years. If life expectancy is assumed as 80-90 years, the length of retired life also becomes 20-30 years.
Planning for retirement is a must these days. Increased mortality rates can be tough due to changing inflation, life styles, and medical advancement. Investors need to decide on the right product while choosing the investments options for retirement.
From the bitterness of disease man learns the sweetness of health ” a Catalan proverb.
Health is now a growing concern and matter of interest for all . Wellness is an industry and many young people opt for a balanced diet and regular exercise rather than lead a sedentary lifestyle . A fit body is no longer a matter or fashion or fame but a matter of lifestyle. Awareness among the younger generation is growing and this is a big leap from ‘couch potato’ lifestyle to a ‘millet friendly organic food ‘ lifestyle.
Previously, senior citizen care in India was confined to old age homes. More so these were meant for the poor and run on charity. But now with the majority of young educated people moving to the foreign countries, many parents from the middle-class and upper middle-class sections find themselves rather alone in their old age with no one to take care of them during a medical emergency.
Retirement is not an overriding priority for many people, especially the younger generation. However, as many people take up jobs at the private sector where there is no guarantee of any retirement income, it is essential for them to give a serious thought to the retirement planning goal.
Healthcare costs form a major part of the expenses for a person. They are additional expenses that rise with age. Medical inflation is said to be 25% per annum against normal inflation of 6-8% per annum.Only the salaried class in India t have social security benefits. Most indians do not have a well planned social security, pension or long term health-care plan in place, unlike most of the other developed countries And unless one works in a public sector organisation, a person cannot depend on the employer for lifelong health care benefits. In fact, the group insurance also ceases on retirement, from company benefits.