PLAN YOUR RETIREMENT
Build a stable stack of funds to help you retire in peace.
Once you’re close to retirement or have already retired, your life becomes different. Certain changes define life after retirement. Some of the positive changes are that you get are plenty of free time, and the option to relax and enjoy a life of leisure.
HOW TO GET STARTED
Want to understand how "finally" to get started? Absorb in the pool of knowledge to get a head start.
How Can You Use a Systematic Withdrawal Plan After Retirement?
Wondering how you can generate a regular income to fund your expenses after retirement?
Benefits of delayed retirement on health and mortality
Your 20s are a decisive phase of life that helps pave the way to a future where you achieve key goals and fulfil all your dreams. To carve out this path, it is important to take some of the most crucial decisions at this stage. Therefore, it becomes even more prudent to set some financial goals to better plan for the future.
How to Manage Your Retirement Income
In this special phase of your life, managing your expenses is a major priority.
How to Save Up for Travel in Retirement
After retirement, your salary income will stop, but your lifestyle should not be diminished. The goal of financial planning through your life is to have sufficient funds to continue and even improve your lifestyle post-retirement. Ideally, you want to be able to live some of the dreams you couldn’t afford when you were younger – and seeing the world is foremost among them.
How To Choose Fulfilling Pursuits After Retirement
Retirement is the time to stop settling for less and start pursuing your passions. Freed from most responsibilities, this phase of life is the best time to relax , fulfil one’s personal goals and tick off that bucket list!
5 ways to fund your dream family vacation after retirement
Retirement begins a new chapter of your financial planning journey. In this phase, your personal finance goals shift towards sustaining the flow of income and ensuring your funds don’t get depleted while managing your expenses. Good investment planning will help ensure that you don’t fall short of funds for your endeavours.
However, retired life isn’t just about meeting your expenses, it’s also about enjoying your leisure time and doing what you enjoy. If a dream family vacation is on your bucket list, here are five steps to make it happen:
SECURE YOUR FUTURE
Secure your future as you prepare the next leg. Take the right steps to ensure a stable innings.
An easy and smart guide to managing your household expenses effectively
As you enter retirement, you will have plenty of time to plan your finances carefully.
If you have already met all your personal finance goals and your dreams, you may start thinking about others in the family. Many people want to make provisions for their grandchildren as part of their goal planning. They either want to leave their wealth to them, or want to pursue financial planning to provide better financial security for their grandchildren.
This goes beyond just offering cash gifts for birthdays or engaging in estate planning. It involves assistance like funding their college fees, helping them pay their EMI or helping them get started with investment planning .
Here are 7 ways you can secure your grandchildren’s financial future:
Shield yourself and your loved ones with robust insurance planning
Is insurance for senior citizens worth it?
Insurers offer a plethora of products and understanding the nuances and features of each policy/plan can be a daunting task.
As you cross the milestone of retirement, you can begin to enjoy the fruits of your financial planning – but the planning doesn’t end here. New responsibilities and tasks emerge as you begin to build your legacy and the future of your family, by drafting a will and pursuing estate planning. This is a continuation of your goal-based financial planning journey, designed to ensure your post-retirement personal finances are secured.
Save & Invest
Save and invest for your secure future
Whether it’s your office desk, wardrobe or portfolio, decluttering helps you organize things in a better way. When it comes to our finances, we may have invested in a variety of products through different intermediaries like banks, MFDs, insurance agents and opened multiple bank accounts. Keeping track of everything may become a challenge.
Here are a few benefits of consolidating your portfolio.
Sometimes, simplicity is better. When you keep all or most of your investments in one place, you just need to remember one username and password, and one customer support contact.
You can also save time and paper by reducing the number of individual statements you get, whether electronically or by mail.
Retirement marks a new chapter of your financial journey, as the financial and investment planning goals
of a lifetime come to fruition. Yet many retirees still have a nagging fear that they might run out of money, since their steady salary income stops while their expenses endure. There may be concerns over EMIs, loan payments, how to manage household and essential expenses, medical expenses etc.
Asset rebalancing is a key part of investing. It’s important to review and update your investment portfolio regularly, because your financial goals and financial situation will change with age. In your 60s, your investment horizon and risk tolerance are very different from what they were in your 20s.
This has a significant effect in the case of equities and fixed income investments. Younger investors with a larger investment horizon are usually encouraged to invest more of their portfolio in equity mutual funds / direct equity. The opposite is true for older investors with a smaller horizon, for whom fixed income vehicles like PPF and bonds may be more suitable. Let’s take a look at why this is so:
Retirement comes with plenty of free time, and the option to relax and enjoy a life of leisure. But some people also struggle with the boredom and lack of purpose. Moreover, your financial planning doesn’t stop upon retirement. There are newer goal planning considerations in store. You need to pursue the right personal finance and investment planning to protect your retirement corpus from inflation and taxes. You’ll continue to manage expenses such as household expenses, lifestyle expenses, emergency medical expenses etc. You’ll have to maintain adequate life and health insurance to protect your retirement corpus from unforeseen events.
Launched in 2004, Senior Citizens Savings Scheme Account (SCSS) was launched with the primary goal of providing senior citizens in India with a regular income once they reach the age of 60.
Inheritance is a symbol of lineage in all societies. If you have assets to leave to your children, it is best to leave it in a way that minimizes disagreements.
After spending the majority of our adult life in employment, it can be a bit overwhelming to switch to being dependent on passive income. But with strong financial and investment planning, retirement can be a genuinely fulfilling experience. You can reorient your personal finance goals to help you pursue your dreams and passions – travel, a new hobby etc.
Most people prepare for retirement by saving and investing throughout their working life. During retirement, your financial goals and approach to financial planning will undergo a change, as your priorities shift to maintaining your lifestyle and securing your legacy. At the same time, it’s important to continue with your investments even during the retirement phase of life.
Let’s take a look at the six key investment options available to you in retirement:
As you approach retirement, you enter a new phase of financial planning, guided by new goals, anxieties and ambitions. The rise in life expectancy has made it even more important to plan well for retirement, so that you have enough money to lead a long, comfortable retired life.
CALCULATE FINANCIAL GOALS
Plan and achieve your goals with the help of these calculators
Goal SIP Calculator
We help you plan for your life goals, with great ease!
Calculate how much you need for a comfortable retirement
In PGIM India podcast series, we bring you insights on money management and personal finance to help you make smart investment decisions
INTERESTING SECTIONS THAT YOU MAY WANT TO EXPLORE
The following sections may interest you, and you may want to explore them more in detail
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