What comes to your mind immediately when you think about the word “Retirement”?
Usually, people think about leisure, seven-day weekends, sleeping till noon, living by nature and having vacations
A happy retirement is no longer about resting and viewing the rest of the world. Retirement is a time when you can finally put the feet up and enjoy life without any stress and responsibilities and luxuriously live in a retirement home in Bangalore.
But, if you don’t plan your finances properly it will be difficult to live a comfortable life post-retirement and the dream of golden years can quickly disappear. Thankfully, few golden rules can help.
Here we have listed five such rules for getting your retirement planning on track.
Determine Your Retirement Corpus
While planning your retirement first you should visualize your lifestyle post-retirement. The process of visualization will help you to get a clear understanding of your questions related to expenses. Once you have clarified these questions, you will be able to figure out a rough estimation of the amount of money that you would need after retirement to live the life of your dreams in old age housing.
For example, if you need Rs. 20,000 per month for your expenses today, you would require around Rs. 1.14 Lakhs per month 30 years from now (considering a 6% rate of increase).
Hence, it is clever to estimate and know the adequate amount of funds needed for your retired life. Additionally, while estimating the said corpus, consider the amount you plan to spend on your children’s education, their marriage, your travel goals, and so ahead.
Be an Early Bird
Once after figuring out the amount of money, you will need to live a comfortable life post-retirement, you will realize that saving that much money is an impossible task to live in a retired home. So when you know that it’s a tough job, it is better to get started with your retirement planning as early as possible. Even a small amount of money saved now can go a long way at retirement time, all credits to the power of compounding. Yet, to get the most benefit, you must start saving early.
Let’s assume you are 25-years-old and can manage to put aside Rs. 5,000 a month into your retirement fund. Considering an average of 8 percent returns you will get above 1.06 Crores by age 60. But, if you wait until you reach 40 to start saving Rs. 5000 a month, you will only be up close to Rs. 32.73 Lakhs by age 60.
Choose Your Investment Avenue Wisely
Today, there are a various investment and debt-oriented business which can help you make a sizable corpus for building up your retirement home in Bangalore in your golden days. So, choose the product that matches your risk profile and can give you the aspired returns.
You can also invest in a guaranteed pension plan to build a retirement corpus by paying in small and regular installments. These manageable investment plans allow you to choose an investment theme. Aside from giving you the benefits at adulthood, secured pension plans are also provided you with a life cover. Furthermore, by these plans, you can receive a regular income after retiring.
Get Health Insurance That Suits Your Needs
As you reach old age, health issues start to increase. It means that medical bills will feed into your retirement savings. So, apart from establishing a retirement fund for a house for senior citizen, you should figure out ways to reduce your cost of living as you approach the age of retirement. In this scenario, health insurance can play a meaningful role. From the surplus of options available, you can choose a health insurance plan that suits your needs.
Re-Visualise and Re-plan
Finally, you must return your visualization of post-retirement life once every two to three years. This will help decide if your vision about your retired life has changed or not. And in case if it has changed, re-plan your retirement and adjust your investments with your present vision.
One of the greatest rewards of life is living in peace of mind in apartments for senior citizens. So, now that you know these five golden rules, start planning and financing for the life of your dreams post-retirement.
Manasum consists of 110 premium luxury retirement homes with world-class amenities for people who are willing to spend a peaceful life after retirement. It is a senior-friendly community and is the best place for independent seniors where care and compassion are provided in abundance. You can choose apartments available from 575 sq ft – 750 sq ft dimensions. All the units consist of 1Bath, Hall, and Kitchen (1BHK). By offering outstanding services Manasum cares for each and everyone’s needs. If you are planning to live a carefree life in old age housing after retirement then you should consider living in Manasum.