The first paycheck can be the beginning of retirement planning. But, you may not be able to do this due to certain reasons. Retirement planning is not a time-bound process. The retirement planner Mumbai can help. Here are some steps that will help you plan your retirement.
1. Consider what you will do with your retirement funds.
Clearly defining your retirement goals is the first step to prepare for it. Note down all the things you would like to do in your retirement years. You may have dreamed of traveling with your spouse, or you want to settle down in one place. You don’t have to be perfect at everything. You may be influenced by your current situation and lifestyle.
2. Invest in yourself
According to a recent study, the average Indian life expectancy is just over 70 years. Your retirement will be easy if you have hobbies. You can take classes at home if you want to pursue any of your hobbies.
3. You must include this in your portfolio
There are many options, but you need to protect yourself against the risks. You don’t have to draw from your savings. Before you start thinking about investment plans, make sure to consider your insurance portfolio.
– Health Insurance
It should be your top priority. To protect your money from costly hospital bills, make sure you have the right insurance. Unexpected illness or injury can make you bankrupt, even if you are healthy. Employers’ life insurance does not cover you. You must still purchase your own coverage. This is because the employee coverage is ineligible after retirement. It is also going to be more expensive to have coverage after you retire. When choosing a plan, you need to consider your healthcare needs as well as the cost of the premium.
– Life Insurance
To help you choose the best plan, calculate how much your dependent should receive in case you die suddenly. This will allow you to determine if they are able to cover their expenses. A financial planner can assist you in choosing the right plan. The best part about terms plans is that they offer excellent coverage for a low price. You can save money by purchasing a plan online, which is easier and cheaper. Get advice from the best retirement consultant Mumbai to make an investment.
4. Invest
It is the best thing that you can do to make your financial life easier. There are many investment options available in the market. Choose the one that suits you best. As soon as your salary is paid, you can put money into liquid funds. After meeting your monthly expenses, you can put money into any liquid fund to earn a better return than sitting in a bank. It is easy to withdraw money from a liquid fund. Mutual funds can also be invested in. SIP is a way to invest in equity mutual funds. This reduces the risk of losing money in the equity market. You can also invest in public provision fund, which can provide steady and secure returns.
5. Emergency Fund
Keep some money at home and liquid cash. This will prevent you from borrowing money for emergencies. This will help you avoid any financial problems and avoid getting into debt.
You will lose your chances of making big money if you avoid taking risks.
