“Don’t simply Retire from something.
HAVE Something to Retire to” – Harry Emerson.
Financial Planning For Retirement
Retirement is a life to sit back and relax and do the things you never got the chance to do. It seems it’s a long way to go but time just files. Retirement Planning at the right time will make you financially independent even when your income stops and live life as you have always been living.
Why Retirement Financial Planning is Important?
- Your Income stops generating then.
- You don’t want to become LIABILITY to your future generations. If you remember, Amitabh Bachchan featuring ‘Bhaghban‘ Hindi film, you will understand this better.
- To live the retirement lifestyle the way you want.
- To follow your dream, hobby, passion, go on vacation, pilgrimage, hangout with Friends, Relatives or Go to clubs/Groups with financial independence.
Important Tips for Retirement Financial Planning
- List down your retirement cash flows.
- Track your expenditures for 6 months or 1 year.
- To get your apt retirement portfolio value, multiply the spending amount by 25 to 30 times.
- Aim to get rid of all your debt before Retirement.
- Consider your Social Security Income under various claiming strategy.
- Record your “Huge” annual expenses (for e.g, real estate maintenance, real estate switch, children marriage)
- Account for any major retirement purchase to be made (for e.g, retirement home, remodeling home, buying retirement car)
- Evaluate Long Term Health Care Insurance which is utmost importance to avoid draining of the funds.
- Always have provision for emergency fund at the retirement.
- Consider hiring a Financial Professional to plan a smooth retirement life for you.
Retirement is the biggest changes in one’s life. Be intentional and smart in your planning to have A GREAT RETIREMENT.