My Retirement still has a lot of time left, Now its my time to enjoy, I will start saving for retirement later.

Most of us have these thoughts at some or the other point in our life. But these are few of the biggest mistake anyone can do at any point of their career, which can cost them sleepless nights, hyper tension and stressed post retirement life.

Financial Gurus suggest, the earlier you start planning your retirement, more stress free your post retirement life becomes. In this blog, we will discuss few key points to have a stress free retirement life.

Decide your retirement age

When you start your career, plan tentatively at what age would you like to retire. This can change over the time, but you will have a target to look forward and to plan your roadmap to move ahead towards it.

Plan accordingly

Everyone of us knows that life is uncertain, but yet we look forward to it. As we grow older and wiser, we get a brief idea what we want from our life. Start making a wish list of things you want to do your post retirement life, it can be anything from a world tour, a family home, a caravan to anything. Making a list of tangible wishes enables you to plan for the cost attached.

Plan according to your standard of living

We tentatively have an idea about the cost of our current standard of living, this includes our day to day expenses, travel, holidays, entertainment costs, loans, debts, dependent costs, etc. What we need to consider for the future cost calculations are the current cost, inflation rate over the years, taxes, rise in expenses, miscellaneous costs. There is lot of research material easily and freely accessible over the internet that can assist you to calculate these futuristic costs keeping in mind the generic inflation rates, taxes, etc..

Investment options for retirement planning

Experts say investing in real estates is one of the key step in retirement planning. It ensures security and stability for your present and your future.

Few of the other options are Mutual Funds, Tax free bonds, Fixed deposits, employee pension plans, PF, PPF, etc.

Insurance and Medical Claims

No one wishes for any unfortunate events in their life, but we need to be prepared for those. Have at least one life insurance in place along with a health insurance. Have a term insurance with ULIP attached. Have costs for kids education, marriage and such expenses covered with endowment plans. Thumb rule says Sum assured for insurance should be at least 10 times than your annual income for a good return

Clear off your debts before retirement

This is one of the most important factor to consider if we want a stress free life. The interests accumulated by credit card bills, loans are like a hanging sword on your head. Hence the faster you clear all your debts, you will have more opportunities for investments and also to secure your and your loved ones future.

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