5 easy steps you should take to ensure a happy retirement

Jan 04, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

A young self like you should not be faulted for thinking that retirement is all hunky-dory. No work, no stress, no punishing work schedule! The upsides are just too many to count.

There’s one catch though. You need to have money in your retirement days. How else would you finance your overseas vacation, your retirement home and maintain your current lifestyle? So, why not spare a thought as to what you should do, or rather start to do, to truly have a life by the proverbial beach.

So, here’s a quick lowdown of what you can do to match your retirement ambition.

Step 1: Think of what you would like to do with all the free time

Retirement is like one long, extended summer holiday. But if you don’t find interesting ways to spend your time, you will get bored quickly. So, the first thing is to create a list of things you always wanted to do. You want to travel around the country? Boom, put that down in the list. Or perhaps you may want to build a new home for your retirement. Create a list of activities that will make you happy and fulfilled in your retirement.

Step 2: Be engaged and energetic

Experts say that the happiest retirees are those who stay engaged through meaningful activities in their retired life. For instance, you could volunteer at your local school or pursue any of your passions. Painting, gardening and writing are some of the ways you could express yourself creatively. You can also enrich your life through forging important social connections. Ensure that you are a part of your grandchildren’s lives. Also remember to take care of your health during this phase of life. Eat well, sleep well and exercise regularly.

Step 3: Chalk out a retirement income plan

When you retire, your expenses remain the same but you stop receiving a regular income. So, how can you support your expenses? Well, you can do that by creating an income plan for your retirement years.

You need to do this while you are still working. Make investments that would offer you high returns in the long run. There are a lot of investment avenues such as pension plans, mutual funds and insurance plans that can help you achieve this goal. For instance, you could invest in the Aegon iGuarantee plan for guaranteed returns. Through this plan, you can obtain a regular stream of income each month during the retirement phase of your life.

Step 4: Ensure that you have adequate health insurance

A single trip to the hospital can cost you thousands of rupees. And in the future, medical costs are only expected to rise even higher. This can blow a big hole in your pockets during your retirement.

However, you can protect yourself and your finances by having appropriate health coverage. Buy a health insurance plan; preferably when you are in your twenties. This way you can take advantage of the lower premiums offered to you by insurance companies. In addition, you might also want to take a critical illness cover.

Step 5: Family comes first

When it comes to money matters, always keep your family in the loop. Speak with an open heart to your spouse about your retirement plans since both of you are going to make the journey together. Discuss the various aspects of your retirement and seek inputs so that you can take the best decision possible. This includes aspects such as the time of your retirement, post-retirement activities, the amount of money you need to fund yourselves post the retirement, which pension plans to choose and so on.

You may also have responsibilities towards your spouse and children. You need to ensure that they remain secure in case of an untimely demise. Aegon Life’s iTerm Plus plan can be ideally suited for you. This plan can provide financial security for your family in your absence.

The final word

Retirement is like a second childhood. No school, no work and no stress. So, enjoy your retirement phase as it should be enjoyed. With a proper retirement plan and adequate finances, you can really have a whale of a time.

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