Post Retirement Planning - Plan for life after working years

Invest In Tax Saving Mutual Funds Online

Download Tax Saving Mutual Fund Application Forms

Buy Gold Mutual Funds

Call 0 94 8300 8300 (India)

 

When you think of planning your retirement —which for many will last from 15 to 30 years —the challenge is to create some certainty from an uncertain future. For as we know dreams change.
Now since we cannot predict what the future has in store for us, it makes sense to pay off the more significant expenses before retirement. The last thing you want to do is retire and in a few years be forced to curb your lifestyle. On an average out of 10 retirees, at least seven could list numerous things that fell apart or needed to be restored, all at once. The solution to this is to take care of such important expenses and key purchases while you are still working.

Below is a checklist of sorts that should help you attain a comfortable living after you retire.

·         Put together your dreams: Take some time off, relax and think about the world tour you always wanted to take. And share your retirement dreams with your partner. Answer questions like when do you wish to retire, what lifestyle do you wish to lead etc. The answers to these questions are vital as they play a major role in your retirement costs.

·         Major/minor home repairs: The more a person ages, the more likely they are to spend their time relaxing at home. If you are among them, plan and take care of your home repairs now. Leaking roofs, a tear on the deck or a skyrocketing electric bill are headaches no matter when they occur, which makes them even more difficult to take care of during a crisis. The more control you have over your surroundings, the more control you will have over your life when you plan for it.

·         Home loan clearance: For most it would be convenient to pay off the home loan when they retire. Review your home loan statement and strongly consider making additional payments while working. This will cut your post retirement expenses significantly.

·         Fencing off debt: Debt is antithetical to wealth building and is a major threat to your financial stability. You do not want to use your retirement kitty to pay for the expenses incurred over your working years. Aim to pay off your credit card balances, loans and other high interest debts if any before leaving your job.

·         Impede the revolving door: Many people face a crucial problem at this stage in their lives where aging parents need support and their children are just getting started with their careers. Nowadays parents spend almost 10-15% of their income in supporting their adult children, which is a reversal of the way things were many years back. This revolving door is not something most people anticipate. It is important to respect your financial needs as much as everyone else’s. So if your kids are out of college and not disabled, encourage their independence.

·         Estate planning: People often put off estate planning because they think they aren’t old enough or they do not own enough. Life is very uncertain and knowing you have a properly prepared plan in place — one that will protect your near and dear ones — will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for yourself and for those you love.

·         Planning for inflation: What people need to remember is that inflation grinds down the purchasing power of money. Therefore accounting for inflation is vital while considering your retirement corpus. Reverse mortgage is currently one of the most sought after solutions for the same. But while it may be right for some people, one needs to check with his financial planner before considering this option.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

Leave your comment with mail ID and we will answer them

OR

You can write back to us at PrajnaCapital [at] Gmail [dot] Com

---------------------------------------------

Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief ‘96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

------------------

Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund