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How to Make Life Easier in Your Golden Years?

  • Highlights

  • Build a substantial corpus for monthly requirements

  • Have adequate health insurance coverage

  • Create alternate source of income

  • Keeping a tight lease on extra expenses

Touted as the golden years of life, retirement can be a great experience if you handle your liabilities in advance. You would need a large corpus to fund your monthly expenses, and devote time to things you truly enjoy.

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Read along to know how to simplify the golden years of your life.

Build a Large Corpus

Retirement can be a good time to enjoy the fruits of your lifelong labour, so that you can easily fund your expenses post-retirement. When considering retirement, it is important to determine your total corpus, based on the following factors:
• Inflation – As the inflation rate goes on to increase, it will also affect your cost of living. To ensure better living standards, it is important to grow your investments strategically.

• Investment Risk – It is better to diversify your investments. Make sure your portfolio is a mixture of high and low risk investments. Investments like fixed deposits can ensure higher returns with greater safety.

Additional Read: Risk-Free Investment Options Senior Citizens Can Benefit From Most

• Taxes – Taxes can impact your retirement income and savings, which is why you must understand your tax consequences when determining your retirement income.
• Medical Expenses – Medical costs will constitute a major chunk of your monthly expenses, which need to be considered whenever you plan your retirement corpus.

Ensure regular savings during the earning and accumulative phase of your life. Regular and systematic investments in various asset classes during your earning time, would help you build a sizeable corpus by the time you retire. There are also multiple savings and investment schemes tailored for senior citizens.

Get Adequate Health Insurance

Health problems are common at retirement. An adequate health insurance ensures you can take care of your medical needs. There are various health insurance plans in the market catering to the needs of the retirees. Though they may offer a limited cover with strict terms and conditions, they curb your out-of-pocket expenses to some extent. Note that when you are in the golden years of your life, the health insurance provided by your employer ceases to exist.

Medical inflation is rising with each passing year and the dangers of critical illness looms large. A health insurance will provide you with the much-needed cushion against medical emergencies that are common during this phase of life.

Fixed Deposit Senior Citizen Benefits

Create an Alternate Source of Income

With the era of pre-defined pension almost but over, it’s essential to create an alternate source of income. With a stop in regular income, it’s essential to look for alternate sources for funds. There are assets that make regular monthly pay-outs. You can invest in these assets to create an alternate source of income during your golden years.

Additional Read: 5 Ways to Make Money after Retirement

On the other hand, there are various schemes that provide a pre-defined amount as pension when you are no longer in the accumulative phase of your life. Investments in these schemes will help you create an alternate source of income.

These things will not only make life easier for you in the golden years but also help you pursue your hobbies and other pleasures that you missed due to non-negotiable financial obligations. Keeping a tight lease on unnecessary expenses will help you lead a comfortable retired life.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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