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Getting Close to Retirement? Six Key Retirement Planning Tips That Can Help You Retire

6 key retirement planning tips for a safe and sound financial statement after employment.

  • 3,013 Views | Updated on: Jan 15, 2024

You might have been planning and working towards your dream retirement since your 20s or 30s. But the decisions you make when you are close to your retirement age significantly impact how you live your life after leaving employment.

While retirement is the time to relax and indulge in things you like, the smallest mistakes, especially close to the retirement age, can have severe consequences. If you are about to retire soon, here are six expert tips to help you live the retirement of your dreams.

Don’t Have a Pension Plan? Invest in an Immediate Annuity Plan

A retirement pension plan is an excellent way to ensure that you continue receiving regular income even after you retire. However, if you’ve missed purchasing a pension plan in your 30s and 40s, you can still consider purchasing an immediate annuity plan even if you are close to retiring.

With immediate annuity plans, you make a lump sum investment and start receiving annuity immediately after investment.

Debt-Free Retirement Life

For a stable financial future, it is generally recommended that you repay all the loans, like home loans, education loans, personal loans, etc., before they retire. Without a regular source of income, it can get challenging to continue repaying the loan after retirement.

Rather than extinguishing your savings after retirement, you should make every possible effort to close off your loans before you retire.

Health and Life Insurance Plans Are a Must

There is no stopping the medical inflation in the country. As healthcare expenses are only expected to rise in the future, it’d be wise to also invest in a health insurance plan if you haven’t already. Some insurance plans in the now offer health plans to individuals up to 55-60 years.

Similarly, also consider purchasing life insurance to ensure the financial safety of your spouse and other family members in case of your unfortunate demise.

Work on a Tax Strategy

Income from various sources, such as equity investments, mutual funds, fixed deposits, pension income, etc., are taxed differently.

While seniors are offered preferential tax treatment in most cases, it’d still be wise to know how income from these various sources will be taxed and what are the different ways you can claim deductions and exemptions. You can consult a tax advisor for the same.

Consider Safer Investment Options

When you are close to retirement, it is wise to switch to safer and more stable investment forms, such as fixed deposits, liquid or debt mutual funds, etc. Even if you have equity investments, consider only holding solid blue-chip stocks.

As you are no longer working, relying on investments that deliver risk-free or stable returns with minimal risk is better.

Have a Safety Cushion

You should never invest all your money, especially in your retirement years. It is generally recommended that you should have at least 1-2 years’ worth of expenses in a savings bank account to ensure that you can access the same as and when needed.

Investments like mutual funds and equity are market dependent. In case if the market falls, you’d not want to withdraw your investments at a loss. The safety cushion will ensure that you always have liquid money for short-term expenses.

Ensure Financial Security After Retirement

Finances will play a critical role in helping you live the retirement of your dreams. Keep these tips in mind if you are close to your retirement age, as they can save you from expensive mistakes that could have severe long-term consequences.

- A Consumer Education Initiative series by Kotak Life

Amit Raje
Written By :
Amit Raje

Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.

Amit Raje
Reviewed By :
Prasad Pimple

Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors

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