There are no items in your cart
Add More
Add More
Item Details | Price |
---|
Don't be dependent on your child for Retirement money, create your own fund.
Fri Feb 24, 2023
"Retirement is a full-time job. You've got to get up and decide what to do with the day ahead of you." - Yogi Berra
That is why, you might think about saving for your children's education, marriage, careers and other needs is an investment for your future, but you're wrong. Choosing your child as your retirement plan is not the wisest move. Though they will be more than willing to pitch in wherever they can, you must set aside funds solely for when your retirement.
Planning smart for your retirement
To make retirement a fun space to be in, you need to make some smart moves without jeopardizing your future or your children's. Firstly, you need to decide whether you will be living alone, with your children, or in an assisted living facility. To help you make this decision here is living in the home versus living in a retirement home in India- a comparison. Secondly, you need to decide how you will utilize your post-retirement years.
You can travel the world, spend time with your family, or pick up hobbies and passions that will keep you occupied and will help you bring in income on the side.
The good news is that your expenses may start to reduce anyway, since you no longer need to travel to work, keep refreshing your wardrobe, etc. Nevertheless, to ensure you do not become complacent, you must be mindful about where you spend your money and don't forget to have a budget as a part of your retirement plan, that will help you monitor how exactly you are spending your money. Further, since saving is never enough, you must invest in pension Plans and also get Tax Benefits.
Not letting anything jeopardize your retirement.
In such a scenario, unless you buy comprehensive health insurance at a young age, medical expenses are going to eat into your retirement savings leaving you with very less or no funds. To ensure that you are not one of the 64% Indians who fear not being able to achieve their retirement income target, you can simply use this Retirement Calculator to know exactly how much you will need to have a comfortable retirement. To help you achieve this amount, you must start investing.
Closing thoughts
Your children will always be there for you, financially and otherwise, just like you have been for them. But financial freedom will give you many more opportunities, rather than being dependent. And what is better than always being in control of your life, no matter how old you are!
Kedia Academy
Empowering financial growth through education, innovation, and excellence.