Managing personal finance after retirement is tough for many as regular pay stops. Research shows that 91% of Indians cannot retire at the age of 60.

Don’t let irregular savings and improper planning stop you from leading a happy, peaceful retired life. Consider these points before you decide to retire:

1. Life style Post-Retirement:

Ensuring you continue to lead the same lifestyle post retirement too by creating a separate corpus just for retirement. Existing retirement schemes like provident fund (PF), gratuity etc. may not be sufficient for a lifestyle that you desire to lead. Regular cash flows even post retirement may be achieved by diversifying your investments from an early stage.

2. Ensuring you continue to live a healthy life:

Smart lifestyle habits and smarter financial decisions like adequate health insurance taken at an earlier stage along with a contingency reserve will ensure that your health risk with respect to medical expenses arising out of illness is well covered.

3. Be debt-free:

Debts shouldn’t disturb the post-retired financial life cycle. Ensure no loan EMIs, credit card debts are pending or carried forward to retirement days. Being debt-free will mean more liquidity, meaning you will have more to spend. So start working towards accumulating a corpus to repay the debts while you are still earning.

4.Fulfill financial responsibilities before retirement::

Each of us has some financial responsibility. Be it child(ren)’s education or marriage or any other kind of financial commitment. Ensure that you identify and plan for these expenses and fulfill them before you retire. This will also help you lead a peaceful retired life.

Conclusion:

Treat your retirement as a serious financial goal that you must achieve before you retire. In reality, this can only be fulfilled by considering it as one of your long-term financial goals which is requiring persistent savings with a smart planning.