Retirement plans need not start in the twilight years of your life. They should be planned well in advance so that you can enjoy the rewards of your hard work and savings!! Here are three steps you need to take in order to retire gracefully.
Few steps to take for retiring gracefully
1. Decide at what age you want to retire and whether you have any long cherished dream to fulfill. Have enough funds in your kitty to take care of that.
2. Take a call on whether you are going to have any income source after you retire or you want to pursue a hobby or social service which will fetch little income.
3.Consider availing professional advice well before you choose to hang up your boots.
Define the age at which you want to retire
There is no well-defined age for retirement, it may mean a specific number to you, but an entirely different one for someone else. You may want to retire at 60, while your best friend thinks of it at age 45.
Well, it is entirely up to you! Consider the following factors while settling on a number:
1. What you plan to do after retirement: Whether you indulge in a hobby, social service or any other activity that will give you enough income for sustenance.
2. Long term plans: Nursing any long cherished dream like traveling to an exotic place, owning a Ferrari or anything like that? If yes, you will need to have a fat pocket as and when you wish to retire.
Evaluate your income needs when you hang up your boots
Retirement means different things to different people. While some may choose to stop working altogether, others want to start serving the community or pursue hobbies like painting that are not likely to fetch any substantial amount of money.
Keep this point in perspective while chalking out a plan for your retirement. Depending on your choice, have enough funds in your kitty as and when you decide to retire from active life.
Create an investment plan to achieve goals
Now you have a set plan and have calculated the amount you will need during your retired life. Start researching ways and means in which you can save the money required to address your financial needs when you call it a day.
Take into account your current income, probable increments in near and distant future, expenses, debts and any extra income that you have while planning. If needed, seek professional help before you take the final plunge
