Oct 31, 2017 3 min read

MySIPonline’s Complete Guide to Planning A Happy Retirement

Just three simple steps to make an excellent retirement plan. Know more.
Day-in and day-out you are working hard to earn higher income because you know that without money in the pocket, it is quite unpleasant to survive. As a responsible individual, you must be meeting all your duties in due time, but it doesn’t ensure you of tomorrow’s financial well-being!

Your future greatly depends on how you plan it today. Therefore, you must be more sensitive in planning your future financial life, predominantly, the life after retirement because in that phase, you will not be compatible to work hard even for earning basic survivals. Different people have different views on retirement. Some look forward to pursuing leisure activities after retirement, while some worry about how they will meet their daily expenses.

As our financial experts have always offered the best of their suggestions to you, we are back with one more which can help you in planning for a happy retirement.

How to Plan a Happy Retirement Life?

To make a compatible strategy for living your life effortlessly without facing any financial hindrances, you need to take a few actions today. The following steps will help you to know how you can make an effective plan for your retirement:

  1. Plan for Your Post-Retirement Income : Life today is much easier and comfortable for you as you are fit and fine; so, you can put in extra effort in order to earn some additional income. But most people, during their retirement age, turn weaker and are unable to earn even to fulfil their basic expenses. So, the foremost job that you should do is to ensure a regular income option for your basic survival during the retirement age. This income should be adequately compatible to meet your future requirements considering the factors such as rising inflation rate, unexpected expenses, etc.
    For the best option, you may choose to invest in mutual funds which help the investors to achieve various financial goals including retirement planning. An early start to retirement planning is always better as many investors have attained their investment objectives efficiently by starting in due time.
  2. Decide the Time of Your Retirement : Normally the age of 60 years is considered to be the retirement age, but some people work after this age too while some retire early. So, you need to decide the age of your retirement as per your requirements in life. Think of all the necessary things that you need to achieve before you retire such as own house, car, etc., and all those things which you want to achieve after retirement such as holiday trips, health insurance, etc. Once you make a list of all the goals, start setting them as per your priorities and check how much funding will be required to fulfil each dream. Now make a plan for investments in various mutual fund schemes as per the suitability. But make sure that the funding you calculated would be adequate for the future needs considering the inflation and other such factors.
  3. Planning for Unexpected Requirements : In our life, we assume our tomorrow to be in a certain manner, but can never assure it as per our vision. There’s always a risk of uncertainty which affects our future planning. So, to deal with such emergencies, a wiser one always keeps emergency funds ready. It helps to overcome the uncertain requirements of funding. Therefore, in your retirement planning too, you must have such emergency fund so as to meet any uncertainty in the future and efficiently focus on your other goals.

Henceforth, with the three simple steps as mentioned above, you can easily plan a happy and prosperous retirement. You must take healthy decisions while planning your future financial well-being. In case you don’t have adequate financial literacy, you may consult an advisor.

We, at MySIPonline, always suggest our clients to do retirement planning as early as possible because the early starter in SIP investments enjoys the benefits of ‘Power of Compounding’ which is proficient in multiplying the investor’s capital in the long run.

If you want to start today and get the various excellent benefits of investing through SIP at one place, then get registered with us right away and start creating wealth to fulfil all your financial goals efficiently.