When are you retiring? What are your plans for retirement? How are you going to manage your finances after retirement? These question often bounce back in our heads because they are inevitable. There are a handful of things to do while answering these question. From investing in ULIPs to buying a guaranteed pension plan – people do it all to sail securely after retirement.
Whether you’re retiring early or traditionally as practised through centuries – it’s bound to bring a significant change in your life. The idea of not going to work or chasing the same life you’ve been for decades is comforting. Without a doubt,retirement is one life event that is anticipated by millions of people around the world. It’s a time when people can finally live a different life, pursue hobbies, travel and what not! However, you will need to have the right financial planning that enables your dream life after retirement.
1. Travel – Go Wherever You Want
Travelling is the perhaps the greatestthing to do after retirement. We all dream about the time when we can finally travel without being time boundedor bothered by things at work in the parallel.Travelling is a motivation factor and should definitelybe pursued after retirement. It can go beyond the traditional yearly vacation to a monthly one.
You can visit faraway lands and explore places you’ve always dreamt. Go wherever you want –whenever you want, nothing is stopping you. The possibilities are endless. Not only this, a study by the Global Coalition on Aging shows that travelling is healthy and leads to better mental health of older adults.
Make a travel bucket list now, and when you retire – make sure to strikeout every entry.
2. Give Life to Your Passion
It’s true we all have a passion or two, a hobby that keeps us awake and gives us a relief like nothing else. However, seldom do we find time to pursue it during our adulting years. Once you retire, you have all the time in the world to pursue your passion. All responsibilities are fulfilled,and the entire time is yours.
If you don’t have a hobby or a passion for something other than your work by the time you retire, well there’s always room for one. You can draw, paint, learn music, indulge yourself in wildlife photography while travelling, plant a home garden and a lot more.
You will need two things – a passion/hobby and enough funds to make it happen during your retirement.Remember, hobbies can be expensive. So, if pursuing a hobby is what you want to do after retirement – it is time to start planning financially.
3. Start a Business
Some folks cannot just quit working or are ambitious beyond belief. If you think you fall intothis group, you can still work after you retire. Yes, it’s ironical but think of it as a part-time business. You don’t have to work all day long, just enough to keep yourself on your toes.
You can pursue business interests, become a venture capitalist if you’ve enough money or even start a welfare organisation for a cause you care.You can alsoturn your personal interests or hobbies into a money-making gig. Fetching a regular income after retirement will ease out your life in plenty of ways. When coupled with money from a guaranteed pension plan, a business can enable your retirement goals.
You’ve retired with decades of work experience,and perhaps it’s time to give back to the world. You can volunteer for a cause. It’s only fair to share your skillset with the world – even part-time.
If you havea natural affliction towards animal welfare or human-rights – volunteer at an NGO. With years of your professional experience, many NGOs and organisations can make use of your skills.You can even teach underprivileged children and help turn their life around.
5. Let Go of Everything and Chill
Lastly, you can always say goodbye to the things you’ve been doing for decades. It’s time to let go of everything and start a rejuvenation process.
After retirement,you’ve reached a point where you want to do nothing but just sit back in the front porch. Contemplate life, soak up the atmosphere, enjoy the cool breeze, read those books, write, and just chill. It’s time to live the dream and the time to do nothing at all.
How Can You Do These Great Things?
The five things mentioned above sound dreamy. Takes you in the future and makes you introspect, right? Well, how can you make sure that you get the life you dream after retirement – the one that you want?
Even though there are plenty of good things about retirement – it’s a hard pill to swallow for some of us, especially when finances are at stake. If you haven’t planned well in advance financially for your retirement – no miracle is going to come to fore. Buying a guaranteed pension plan is among those things that can enable you to do many great things after retirement.
Remember there’s no set age for retirement. If you want to retire by 40, 45, 50, or whenever, you can do it with the right planning.Many insurers today offer guaranteed pension plansthat gives a minimum return of 101% on all premium paid at maturity.Moreover, reputable insurers like Future Generali offer tax benefits under Section 80CCC and help create a corpus for your retirement. Now, that’s a secured wayto kickstart your retirement dreams!