They say, your life is what you choose it to be. It’s perfectly true for how you plan your finances. Of course, it is no doubt that the financial fate to some extent is beyond individual’s control; the economic factors like inflation, market boom and slump cannot be managed by us. But, what we can do is change our attitude and behaviour towards financial planning. Everyone dreams of living a happy, peaceful, financially independent life post retirement; however, this is easier said than done. One of the key factors for that perfect retired life is planning that must start early. Here are few expert tips that would make your ultimate life goal seem easier:
Start saving early
Everyone has heard of the saying: a penny saved is a penny earned. Review your current financial status and see what area do you spend the most and try to cut down on the same. For instance, if you go out for dinner three times a month, cut down to once a month. Such small savings would eventually add up to a significant amount.
Think long term investment
Today, there are plenty of investment tools that offer attractive returns. No matter where you invest in, make sure you are thinking long-term. You can go with mutual funds for fixed deposits for investment duration of 10-15 years. This would give you an assured sum at the end of the term and would add to your retirement fund. It is not necessary to invest a huge amount, even an investment as small as Rs. 500 per month would be a great start; you can gradually increase the investment as your income grows. Many experts say long terms investments hold the key to successful personal finance planning for a happy retired life. If you have no experience with the investment, seek the help of an expert and invest under their guidance.
Get an insurance cover
This is certainly one of the most important pre-requisites for a happy retirement. Get yourself a sufficient amount of life and medical insurance coverage. Although it requires little investment, it would certainly help in case of any emergency situation. The insurance coverage will not only provide your expenses, but it would also keep you safe from breaking your savings. Also, post retirement, the insurance coverage is an excellent way to meet your medical bills without having to depend on anybody.
Can you delay your retirement?
Typically, most working people retire at the age of 65; however, not everyone can save sufficient retirement fund. It is therefore important to remain flexible with your retirement age, especially if you are a self-employed professional. You can continue to provide your expert services or run your business until you feel you have enough for the rest of your life.
Maintain a healthy lifestyle
A happily retired personnel doesn’t rely entirely on the finances, it also greatly depends on your way of life. Eat well, sleep well and exercise regularly. Maintain a good and healthy lifestyle throughout to enjoy the funds you have.
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