Retirement Readiness
Running out of money in retirement is one of the biggest concerns for retirees. People do have reasons to be concerned: expenses are rising; healthcare is expensive; most people are living longer; the news talks about the looming recession; the list goes on and on.
Proper financial planning can’t completely eliminate the risk of running out of money in retirement, but it sure can make it a lot less likely. More importantly, it can allow you the freedom to get more joy during your retirement, versus spending the next thirty years stressing out if you have enough.Risks factors
Usually after retirement one tends to preserve capital and generate cash flow for monthly expenses, but in this process it is easy to mis-calculate the need for increasing monthly cash flow due to rising expenses and reducing interest rates. Moreover when one retires there is an urgency to deploy the capital received and in that urgency one falls prey to the mis-selling by some unethical agents/employees.
Investment Safety guidelines
- Gives you income that with time grows above or at par with inflation.
- Allows you to maintain your standard of living.
- Does not make you dependent on your children.
- Makes a provision to provide for any pending liabilities.
- Ensures that you have enough to handle any kind of medical emergency.
- Ensures that you have a steady and reliable cash flow to take care of your expenses.
- A robust setup to transfer the wealth to the next generation when required.
Common Mistakes to Avoid
- Life Insurance Plans
- Get rich quick Ponzi schemes.
- Trading based on tips and TV.
- Too much exposure into equity or real estate and no FD/Debt
- Too much exposure into Fixed Deposits and not taking equity/real estate.
best avenues to invest after retirement are
Don't Wait before It's too late
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