get retirement ready

Get retirement-ready.

A presentation by Shyam Sekhar, Chief Ideator, ithought

Retirement is not the end of everything. It is just the end of one long association.

Retirement is often the beginning of a new life. Retirees find less time after they hang their

boots.

Retirement is more about loss of power. Ensure you don't let it hurt you.

A retired husband is often a wife's full time job.

“Retirement kills more people than hard work ever did.” - Malcolm Forbes

You don't know what all you can do till you find the time to try.

Your choices should be what you can afford and what will definitely not hurt you.

Reinvent yourself. It is important to tell the world that you have a lot left to do.

If you prepare well, retirement will definitely be the beginning of good times.

Preparing for your retirement

Know your expenses –Budget Life after retirement

•Maintain your current standard of living.

•Account for your regular expenses – groceries, household maintenance expenses etc.

•Plan your medical expenses.

Know your income – Know how you will earn and how much

•Decide until what age you want to work.

•Set an annual income target for your retired years.

•Know the current market value of all your savings and investments.

•Determine a realistic real rate of return(net of inflation) on your investments.

•Create annuity income.

Know your sources – Where is your money invested?

• Savings in bank

• Equity/ Mutual Fund investments

• Gold

• Real estate

• Insurance

Plan your contingency – Know where to find money in an emergency

• In an emergency, not all assets can be easily liquidated.

• It is important to have enough liquid assets.

• Liquid assets give you ready access to money.

• You need to know how much of your assets should be kept liquid.

• Carefully assess how much you will need in a contingency or emergency.

Know what you want to do – Find vocations that suit you. Prepare.

• Take up a full time job.

• Work part-time.

• Do specific consulting work.

• Work for society and keep busy.

• Build knowledge in new domains.

• Travel.

• Lead a more socially engaging life.

Being healthy – Know what you need to do

• Maintain medical records.

• Be aware of your medical history.

• Keep track of how often you need check ups.

• Maintain a medicine chart for your various medicines.

• Follow a lifestyle that keeps you fit.

Wealth matrixRegular Income Options Risk Profile

Monthly income Pension, Senior CitizenScheme, Post office MIS, MIP, Rent

Low risk

Quarterly income FD interest, Dividend from debt funds

Low risk

Half yearly income

Annual income Dividends from equity, Insurance, FMP dividend

Low risk

Capital Gains Options Risk Profile

Short-term Equity, commodity trading Moderate to high risk

Long-term Real estate, gold, equity, insurance maturity