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Some Retirement Planning Strategies to Stand You in Good Stead After 6027 February 2020

How easy or difficult is it to call it quits someday and lead a life of peace and harmony in the comfort of your home? Retirement is probably one of those welcome decisions for individuals who have worked for a major part of their lives to earn a living.
But many also fear the financial repercussions of such a decision – would they have enough money on them to sustain themselves after they retire from their full-time jobs? Is it a financially sound move to retire and never work again? Fret not, as financial experts and share market brokers have reasons to believe that some smart retirement planning strategies carried out at an early age can significantly help individuals seamlessly transition into their retirement phase. Take a look at some of these strategies:

1.     Invest in Schemes that Will Provide Fixed Income After Retirement.

During the initial phases of retirement, it is natural to continue to long for a regular source of income to help one to carry out his/her mundane expenditures like before. Fixed income in the form of regular investment returns can help you adjust to retirement more seamlessly, with a secure alternative inflow of money. For this purpose, you may opt for retirement-oriented pension schemes like the National Pension System, or a government or corporate bond investment.

 

2.     Prepare a Carefully Detailed Retirement Plan.

 Finance experts and planners recommend that individuals not only plan their retirement thoroughly but also document their plan so that they know exactly what direction they are headed in. The thumb rule while preparing such detailed investment plans is that the more tangible your objectives and goals, the more clarity you have on how these goals are to be achieved. For instance, instead of merely stating that you expect a financially secure life after retirement, it is better to specify what exactly you mean by ‘financially secure’, such as “x amount of returns per year after retirement”. Based on your goals, you may further evaluate what securities you should invest in and your risk tolerance levels.

 

3.     Consider Opting for Specific Retirement-Oriented Investment Plans.

Many people also follow very specific retirement-based strategies such as the time segmentation strategy. These strategies have been followed by investors for their systematic approaches to how the returns are to be received in the future.
For instance, in the time segmentation method, an investor invests in 3 types of avenues – one that is least risky and relatively short-term (such as government bonds) and provides a regular inflow of cash to the investor immediately after retirement; a second one that is comparatively more elaborate (such as convertible debentures or mutual funds investment) and moderately risky but provides higher returns as compared to the earlier one; and a third type that entails a much higher risk level (such as stock-linked MFs or individual stocks) but promises the highest returns.
Investing in such time-bound retirement schemes helps ensure that as one’s monetary requirements change in phases after one’s retirement, the investment returns one reaps also commensurate with such changes.


4.     Carefully Plan Your Investment Portfolio and Asset Allocation.

As a retiree, you may have different financial requirements and goals to meet. For instance, you would want to allocate some of your investment corpus towards emergency funds, while some may be directed towards receiving regular income through annuities. Planning your asset allocation well in advance ensures that you have specific amounts allocated to different financial requirements. While preparing your portfolio, make sure to bifurcate your aggregate investment amounts into systematic chunks and classify which ones you would want to allocate for what financial needs.


Conclusion

Planning for retirement is a gradual albeit very rewarding process. The key here is to identify your long-term needs and objectives, prepare an in-depth investment plan and create your investment portfolio keeping in mind your finalized goals. Looking for some help as you go about planning for your retirement? Let us help you out with your finances! Click here to know more about our services.

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