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Retirement in today’s dynamic work environment can be sooner than imagined. Gone are the days, where the government funded pension funds were sufficient as a security blanket to lead a peaceful life after retirement. With a huge chunk of workforce being in the private sector, it has become imperative to start retirement planning sooner than later. And it may be practical, provided you have planned well for it financially. Follow these steps if you wish to retire soon: (Thinkstock)
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Customers can now expect paperless and presence-less processes. They only need to visit the website for availing a loan and money will be transferred to their bank accounts after e-verification process.
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4. Minimize lifestyle inflation: Retirement can last 20+ years these days. If you minimize lifestyle inflation, then you’ll have more money to put towards retirement. In other words, be the ‘Master of the Middle’, wherein you are not in your extremes when it comes to spending. (Reuters)
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5. Buy Insurance:It’s extremely important to protect yourself and your loved ones in case something happens. Ensure you buy a life and health insurance for yourself and dependents and pay the premium on time. It’s also a good idea to make a Will and update it whenever there is a significant life change.
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6. Find alternate sources of income: Having diverse income streams is always better. This way if something goes wrong with one, you have others left.
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7. Have a retirement plan: Defining a sense of purpose clearly, or keeping your to do list ready, makes the transition of working full time to doing your own stuff smooth. Happiness in retirement is a balance between staying active and staying relaxed. (Reuters)
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The concept of retirement is undergoing a makeover these days, with more and more people wanting to do stuff on their own terms, while continuing to work. By following the above explainedsteps diligently, the only thing one needs to think is not when and how to retire, but how to rewire oneself post retirement. (Reuters)
Property prices see steep fall in leading micromarkets
