Have you heard this famous saying, “Never get so busy making a living that you forget to make a life.” Yes…work life was tough and boring. But good news….You’re retired now. No more rushing to office….Say goodbye to late nights at office…..You’re the boss. You had planned for retirement on the day 1 of your working life. Now, you have enough money to enjoy a retired life….or so you think. But retirement planning does not end with retirement. There are also things to be done, once you retire.
Life expectancy has increased with rapid progress in medical technology. You could live for twenty or even thirty years after retirement. But, you got to live your life after retirement with pride. No going with a begging bowl to children, relatives and friends. Want to retire with pride? Just get in touch with IndianMoney.com. IndianMoney.com offers genuine, unbiased, free on-call financial advice, to ensure that you make wise financial decisions. IndianMoney.com is the pioneer in the Financial Education space. To avail free financial advice/education from IndianMoney.com, all you need to do is, just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website.
You have worked hard all your life. It’s been a tough journey. You have the money and some assets. These assets are the fruit of your hard work. Your money and assets must go to your loved ones, after your demise….Not to some stranger. If you die intestate (without making a Will), your property will be distributed as per the laws of the country.
Will is a document, where you state how you wish to distribute your assets and property, among your heirs (loved ones). Appoint an executor who will see that your assets are distributed, as per your wish. Ideally, a Will should be made, when you are working and have assets to distribute to your loved ones. But never mind….It’s still not too late to make a Will. If you really love your family and don’t want them to fight over your money and assets after your demise, you need to make a Will.
So get down to business:
You have worked hard to earn money and build assets. Your assets may be a car or a house. The proof of ownership of your assets….Well, the documents that show you as the owner of the asset. Imagine what would happen if you lose your life insurance policy papers? Your family would not even know, you had availed life insurance. I don’t have to say what would happen if you lose the title deed and sale deed of your house? Store all important documents like life insurance policy papers, share certificates, mutual fund receipts, bank account details, documents of your home and other important financial documents very carefully, after making a list of them. Give the list of these documents and a copy of the important certificates, to your lawyer or financial planner.
SEE ALSO: Types of Retirement Plans
Get rid of debt
Heard this famous saying by Henry Shaw, “Debt is like any other trap, easy enough to get into, but hard enough to get out of.” If you want to enjoy retirement, first get rid of the heavy chains of debt. The ideal scenario….Pay back all debt before you retire. What if you are not able to pay back loans or credit card dues, before you retire? Simple…take the next best option. Pay back all debt once you retire. You might get money such as gratuity, on retirement from your Company. For those who don’t know, gratuity is paid to you by your employer for services rendered. Gratuity is paid after you complete five or more years, with the Company. What should you do with all this money? Should you invest it or should you repay your debts? There is no investment you can make, which gives you returns, more than the interest you pay on debt. Just use this money to pay back all loans and credit card dues. Simply retire debt…before debt retires you. Once your debt is paid back, you can consider making an investment, in any financial product you choose.
Can there be retirement without money? I guess you know the answer to this one. Would your children, friends and relatives respect you, if you went to them with a begging bowl in retirement? Now consider this….You offer to pay the school fees of your grand children. You gift a child insurance plan to your nephew’s son. You gift a car to your son on his wedding anniversary…Truly, strength respects strength. Why does your family respect you? Simple….you have the money to stand on your own feet, even in retirement and you can even gift your children and grand children at this age. You earn the respect of your children, relatives and friends.
Finally….Make sure you stay financially strong in retirement, with a very good health insurance plan for yourself and spouse. Your health insurance plan should have guaranteed lifetime renewability. Your insurer cannot deny you health insurance, as long as you pay the premiums, no matter what your age. Medical costs are very high in elderly years and you might find availing health insurance, quite difficult after retirement. If you don’t have a health insurance plan, financial freedom in retirement could be a pipe dream.
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