Want To Retire Wealthily? Here Are The 7 Smart Ways


BANGALORE: When it comes to retirement, all of us want to be financially secure. Instead of being financially secure, we need to plan for a richer retirement. The decision when to retire is a significant personal decision these days. When we retire, we have some 25 -30 years of active life ahead of us. It is a huge opportunity. However, to keep ourselves in the lifestyle we have become use to, require some serious financial planning.

The decision when to retire is a significant personal decision these days. However, in order to make or retirement fully secured and richer we need to take certain steps:

1. Start Saving

Your savings should not run out while you are alive. You need to calculate the corpus amount required for retirement based on when you want to retire, how much you need to spend every month after retiring, inflation, tax and  investment returns. There are two things that can make you run out of money, one is inflation and the other is medical expenses when you grow old.

Healthcare inflation is currently at around 18-20 percent every year. Therefore, you need to be very careful in factoring in inflation when planning for retirement. In addition, you need to have sufficient cover with adequate health insurance too.