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5 Retirement Planning Tips for a Financially Controlled Post-Employment Life

5 tips for planning a financially controlled retirement to stay cash-rich in the post-employment life. Save more using these retirement planning tips.

  • Oct 10, 2021

Today people are more conscious than ever about financially securing their future. The covid-19 and the subsequent job losses have made a deep impact on people’s psyche regarding job security, the uncertainties in life and the importance of retirement planning.

While the awareness regarding retirement planning has increased, people often find the whole process quite overwhelming. However, anyone can start retirement planning by following some basic tips.

1. Set a Retirement Date

You may consider 40 as the right retirement age, or you may think 60 is the correct age for retirement. You are right in both cases. The point is to have a clear vision of the date of your retirement and plan accordingly.

Setting up a retirement date helps you in creating an imaginary deadline to achieve your target and prioritize your finances accordingly.

2. Track Your Spending

You may be unable to set a realistic financial goal without understanding your spending habits. Therefore, organizing your spending habits is imperative. You can begin by writing down your monthly expenditure first and then dividing them under different sub-headings like necessary spending, avoidable spending, impulsive spending, etc.

Tracking your spending can give you an idea about your spending habits and how to curtail unnecessary expenditure, if any.

3. Start Investing Early

Once you get a clearer picture of your finances, start your investment journey right away. You should ideally start investing as soon as you get the first paycheck.

People tend to invest after budgeting their expenses, but ideally, it should be the other way around. Starting your investment journey has the following benefits.

  • You can develop a financial discipline of investing that helps you refrain from indiscriminate spending.
  • You can build a retirement corpus at a steady speed without straining your finances.
  • Your investments get enough time to reap the benefits of compounding.

4. Diversify Your Investment Portfolio

You need to walk the tight rope of wealth creation and the safety of your retirement corpus. While too much risk can hamper your investment returns, going overboard with risk-free investments may result in a retirement corpus that can fall short of beating inflation in the long run.

Therefore, it is advisable to create a diversified portfolio containing proportional weightage to different investment instruments.

For example, you may consider building a portfolio comprising lifetime pension funds, life insurances with moneyback options and ULIPs.

5. Don’t Forget Health Cover

The rising cost of medicines and hospitalization has made health insurance more important than ever. Therefore, consider buying health insurance that can adequately cover you and your spouse in the wake of any medical emergency during your retirement.

It is true that no one can control what happens in future, but you can certainly be better prepared to face any challenges or circumstances if your retirement is financially secured. Therefore, start laying a strong foundation in the form of a robust retirement plan for a secured and happy financial future.

In this policy, the investment risk in the investment portfolio is borne by the policyholder.

Kotak e-Invest

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Ref. No. KLI/22-23/E-BB/521


- A Consumer Education Initiative series by Kotak Life

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