Retirement can be both an exciting and challenging time. The thought of no longer working 9 to 5 can be liberating, but also scary. After having worked for most of your life, it can be pretty intimidating to settle into a new lifestyle where you don’t have to show up at work each day. Many people give a lot of thought to their sunset years, trying to figure out the best way to live their life. One can choose to relax, travel, get a hobby or spend time with the loved ones.
For people who enjoyed working, retirement can bring with it a strong urge to get involved in productive work. If you want to have a good retirement, you need to figure out what that means to you. You also need to ask yourself how financially prepared you are – seek out the investment options available to you and select the best investment plan that will provide you with enough financial cushion during retirement.
In the midst of all the plans of retirement, one question looms large: how do I make the most of this time? How do I ensure that I take rest after all those years of painstaking hard work but also stay involved and active? Here are a few tips to help you make your golden years memorable:
The thing about travelling after retirement is that you won’t have to worry about getting a call from the office, or trip curtailment due to a professional emergency. Your vacation time can truly be yours alone now. Cruises feature big on the retirement travel list for most. Among cruises, you have several choices, whether a river cruise or a grander ocean cruise. From river cruises in Europe that will flow through Prague, to Chinese cruises in Asia, and classic cruises in South America, to ocean cruises just about anywhere in the world, they provide a true vacation experience. You can visit many places and mingle with the locals – and also treat yourself to onboard entertainment, quality dining, and specialized themes. Cruises are really the best of both worlds. You may even find new friends in other retirees there..
2. Get mindful:
This means you should be mindful of your body, head and heart. Don’t take more stress than is necessary. Stay physically active. Of course, no one will suggest you hit the gym now if you were never a fitness freak in the 60 years of your life. A yoga class could be a good alternative. Be mindful of your diet and mental health as well. You don’t want to waste your twilight years in a hospital!
3. Work on passion projects:
Your passion project could be anything – ranging from a new creative hobby like knitting or crocheting, or starting a book reading club, or even a major project like remodelling your home. You could use your time to make home improvements. There are no rules here – it could be something as simple as decluttering your house, cupboards, file cabinets and closets or a big project like adding on additional space. It could even be a great time to learn design skills like woodwork or carpentry!
4. Volunteer and mentor:
You could volunteer for a cause you’ve always felt strongly for but never had the time due to filial responsibilities. Now that you have your weekdays idle, you can use this time towards a noble cause. Alternatively, you can start a consulting firm based on your specific skills. Mentor a fresh entrepreneur, give lectures at institutions, guide those who are just taking their first steps in the professional arena.
5. Think in terms of income:
Now that you have plans to do offbeat things, You can amass as many savings as you can – but an economic crisis can evaporate it all. Think in terms of a regular income. It is often suggested that you should think of your income in terms of 3 categories. First is the minimum income you need to survive. It is the bare minimum in terms of assets you need to own, regular expenses you need to fulfil and a little for the rainy days. Second is a flexible income that can help you live comfortably. And finally, a part of income that can fund your fanciful dreams.
You can easily answer these financial questions by looking at your investment options in the National Pension Scheme. It is one of the best investment plans that functions as an investment as well as a pension plan. All the contributions you or your employer makes towards this scheme gets accumulated as a corpus. Upon retirement, this corpus of funds is made available to you. Under the National Pension Scheme, 60% of the corpus is made available immediately while the rest is to be invested into an annuity, that can serve as a monthly pension which is provided to you, post-retirement.
If the National Pension Scheme appeals to you from the available investment options, you can choose to get it from Finserv MARKETS and benefit from a hassle-free online process. Enjoy a host of investment options and fund managers, allowing you the flexibility of choosing both. In fact, with online accessibility, even if you move from one city to another, you can still manage/track your National Pension Scheme account.
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