While the average life expectancy of people has increased, the retirement age has decreased. This means that the retired life of the current working population is expected to be longer than that of the current, retired generation.
While your retirement can bring an end to your monthly salary credits and annual increments, it has its perks too.
Benefits of Retirement
1. Your Health Can Improve
The flip side of a highly rewarding professional career can be the stress of performing up to the expectations, meeting frequent deadlines, anxiety over commonly occurring workplace politics or missing promotions, and so on. All this can take a severe toll on your health.
However, your retirement provides instant relief from such work-related pressures and stress. You no longer must worry about the traffic in the streets or attending a meeting you always disliked or meeting ambitious targets. All these changes bring you peace of mind that can remarkably improve your overall help.
2. You Can Inculcate New Hobbies and Interest
Retirement brings along a lot of free time. You can use this newfound freedom to develop new hobbies and interests. You might like to travel to places that were long saved as wallpapers on your workstation computer. Alternatively, you may like to grow an organic garden or learn a new language. You can also consider writing a book.
3. Indulge in Social Work
Feed the poor, teach the less fortunate children in your locality, help to rehabilitate the flood victims, or support a cause. You can indulge in any kind of social work that is close to your heart. With quality time at your disposal, you have a limitless possibility to pay back to your society.
4. You Can Start a New Business
Colonel Sanders started KFC at the age of 65. Do you have one good reason to believe why you can’t start your business? If you always dreamt of owning a business, then retirement can provide you with the perfect opportunity. You are financially secure by now, and you don’t have a fear of failure. So take that battered old entrepreneurial hat out of your closet and hit the field.
Dance Your Way to Retirement with Wise Investment Choices
A blissful retirement can be achieved through financial discipline and wise investment choices, as discussed below.
1. Health Insurance
Buying health insurance can provide adequate health cover for both you and your spouse. It should be enough to cover your medical expenses and hospitalization costs as well. A proper health cover saves you from delving into your retirement funds in case of a medical emergency.
2. Annuity Plan
Whether it is an immediate or deferred annuity plan, you should always have such plans in your retirement planning checklist. You can be assured of getting a fixed monthly pension for a lifetime. Therefore, Annuity plans help you to stabilize your finances after retirement.
3. ULIPs
The Unit Linked Insurance Plans offer the dual benefit of insurance and equity investing. You can consider investing in such a plan and stay invested for a long period to potentially overcome the short-term volatilities in the market.
The sunset years are now referred to as the golden years. This is the time to look back and retrospect on your life. You can also choose to lay back and master the art of doing nothing. Hence, start investing toward your retirement now so that you can reap the benefits of compounding your wealth after you retire.
