Retiring in 2014: Make your plans now

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The fact that a mere 11% of India's working population has some form of social security planning for their old age, retirement planning holds a great significance. (Thinkstock) The fact that a mere 11% of India's working population has some form of social security planning for their old age, retirement planning holds a great significance. (Thinkstock)
SummaryThe fact that a mere 11% of India's working population has some form of social security planning for their old age, retirement planning holds a great significance.

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.

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