Make a List of all Post Retirement Funds: The year end is the right time to make a list of all post retirement funds that you are likely to get in the next year. This may include money you may receive by your employers as retirement perks as well as the Employee provident fund and other financial assets that you may have developed over the years for your retirement. Once you have an idea about your income the next logical thing is to evaluate the possible expenditure post retirement. Depending o your social status you may want to invest some money in a retirement home or keep a chunk aside for medical insurance or possibly travel the world after being free from active work. Irrespective of your post retirement needs, having well planned retirement expenditure can underline the best way to tackle all post retirement expenses.
Explore Post Retirement Financial Planning: With your retirement time closing in, the end of the year is the perfect time to sit back and strategize your post retirement financial plans. This is especially significant if some of your post retirement investments are maturing in the next year. Depending on your personal needs, reinvesting the matured amount can be explored. One needs to however evaluate the risks of investing and plan to invest in assets that offer low risk and relatively better gains than just keeping the liquid money in a savings bank account.
Have a Provision for Medical Expenses: Financial planning post retirement is even more significant while planning in the younger days. One of the essential aspects of any post retirement financial planning is to cater for increased medical expenses after being retired. Medical expenses are usually inevitable in old age and catering for them by subscribing to a personalized medical insurance plan is recommended. Consider your family history of disease and genetic disorders as well as the class of hospital you would like to be treated in case of an illness before allocating funds for a medical insurance plan.
Plan an Income for Life: One common denominator for all your retirement financial plans must offer income for life. After working hard for the majority of your life, facing financial insufficiency due to poor financial planning offers a depressing thought. Make sure that whatever investment avenues or investment tools you choose post retirement offer you the option of liquidating the money in case of an emergency as well as offer substantial returns that can make you financial secure for your lifetime.
Take Professional Advice: A lot of people under estimate the importance of taking professional help while chalking their financial plans. If you are unsure about your financial planning post retirement, the end of the year is a right time to visit a professional financial advisor to chalk out a personalized investment plan to live a peaceful and financially secure life post your impending retirement in the coming year.