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How to Get Ready for Pre-Retirement and Second Adolescence of Your Life?

Aug 30, 2019 | 9 months ago | Read Time: 3 minutes | By iKnowledge Team
How to Get Ready for Pre-Retirement and Second Adolescence of Your Life

Often referred to as ‘middle-age, ‘mid-life or the ‘work-ending’ phase, second adolescence is the passage from paid employment towards retirement. What are people’s attitudes around the ‘work-ending’ phase? How can one plan for pre-retirement while keeping in mind duties, productivity and career ambitions while still earning an income, but knowing that it may soon end?

What is Second Adolescence or Pre-Retirement?

Second adolescence or pre-retirement is the middle-aged phase of every couple; especially as they move towards the end of their career line. By the time, couples realise their kids have grown up and perhaps moved out, thus finding themselves staring at pre-retirement. An empty nest could mean decreased responsibilities and increased time on their hands. This milestone offers a unique opportunity for couples to start planning for retirement. It is the ideal time to revamp financial plans and priorities to make the best of the next stage in life.

Although not much thought has been raised on how one can prepare for pre-retirement, we need crucial answers for our own peace of mind. Here are 4 things you could do to prepare for a new stage in your life.

What Can You Do To Get Ready

  1. Get Insured

Thinking about a health insurance plan is usually unlikely when you have held a stable job throughout your career. Perhaps your employer has given you the benefit directly. But, what happens once retirement draws near? Consider insurances like health and life insurance to tackle any financial challenge that may arise. Ensure you have enough protection in hand.

  1. Invest Your Savings

For most, retirement is accompanied by a stop in your income. Thus, making the most of your retirement corpus is very important. Two crucial factors in making this happen is to keep taxes to a minimum and have a regular stream of income. Only your savings may not be able to deal with future challenges you may encounter. Instead of keeping your money in the bank account, consider investing it. An ideal instrument for this kind of investment would be a ULIP plan. It provides you with insurance coverage and returns on your investments.

  1. Look For Retirement Plans

Living without compromising on your standards is crucial in your post-retirement years. To counter this, a Retirement and Pension plan offers financial stability after the professional income ceases. With a rise in inflation and high cost of living, retirement planning is increasingly gaining importance. Not just that, a good retirement plan also helps in leading your life as per your plans, be it for travel or opening a restaurant, etc.

An example of this would be annuity plans. Specially designed for retirement planning, it comes with a host of benefits like tax-saving and long investing tenures. You can invest regularly or in lump sums, whichever is convenient for you. There are two types of annuity plans:

  • Deferred annuity
  • Immediate annuity
  1. Savings using Insurance Plans

Insurance savings plans can not only take care of your family needs, but also provide you the freedom to withdraw money whenever you need. This flexibility allows you to support major or minor events of your life without having to surrender your policy. One example of this is ULIPs.

In a Unit-Linked Insurance Plan (ULIP), a portion of your premium goes towards insurance and the remaining towards a previously chosen investment. In just one policy, you get double benefits: financial coverage from insurance and returns from your investments

The importance of financial planning for the second stage of your life cannot be underestimated. With enough money, you can deal with contingencies like paying off a loan or for a medical emergency. Moreover, it is one of the best ways to lead a stress-free life, so you don’t have to be dependent on anybody for your finances.

To know about Aegon Life’s life insurance products like term insurance plans and other products, visit our home page.


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