In India, the retirement age is usually between 55-60 years. However, these days, millennials are exploring possibilities of early retirement to achieve their life goals. An individual should plan for his retirement carefully to deal with every new change that may arise in the future in their respective lives. Here’s a closer look at some lifestyle changes that you could face post-retirement:
6 lifestyle changes in retirement:
1. Medical expenses
When you retire, you might be somewhere between 55-60 years. The chances of unannounced medical emergencies could arise during the retirement age. There can be specific deteriorating health conditions like heart attack, stroke or cancer that might require hefty sum of money for its treatments. If you have planned your retirement in advance, you would have sufficient amount of funds to treat your illness without the fear of depleting your entire savings.
2. Inadequate flow of income
When you retire, the regular stream of income in the form of salary stops. Though, that does not mean that your expenses go away. Your retirement period means lack of funds only if you haven’t planned your retirement beforehand. Therefore, you should plan your retirement life goals at an early phase in life, so that you are not financially burdened during your retirement, even with inadequate flow of income or even if your income stops.
3. Financial dependency
By the time you’re nearing retirement age, your kids can be financially settled. If you don’t plan your retirement early in life, you would be financially dependent on your kids. However, purchasing a pension plan would ensure financial independence with regular cash inflow.
4. Rising fear of Inflation
Inflation might have a direct impact on your way of spending. It can lead to rise in your expenses. One cannot predict the increasing rate of inflation in the future. The current figure might either double or triple at any given point of time. Therefore, the ideal solution to combat the effect of inflation is by planning your retirement well in advance to ensure a financially secured future and your early retirement life goals are not impacted.
5. Life goals
Previously, every working young adult would get busy in making his career and earning money for a living. Today, a millennial might aspire for early retirement. To achieve the early retirement goals, you should work in advance towards it. Once you retire, you would have an ample amount of free time to live your dreams. During retirement, you can indulge in fun activities or exciting hobbies. Moreover, you could also accomplish a common lifelong goal of exploring every corner of the world after retirement.
6. Looking after your loved one’s financial needs
Ideally, your retirement planning should take into account the needs of your loved ones. Therefore, whenever you are planning for retirement, you should not only evaluate all your future expenses but also your loved one’s financial needs since it is a collective process. Besides basic needs, you should also consider the life-goals that your loved ones which they might have aspired to achieve. Therefore, identify you and your family’s financial needs and get an estimate of your retirement corpus before you begin the planning. This could help you sustain your lifestyle if planned well in advance.
How retirement plans cover the changing lifestyles?
An early retirement investment plan provides the policyholders with a sense of certainty that his or her financial needs will be taken care of even after a steady flow of income ceases. If you plan to retire early, it is imperative that you start planning for it early in life. Similarly, even if you plan to retire at the usual age of 55-60, you should start planning as early as possible so that you can accumulate enough funds to get your retirement goals done.
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