Retirement comes with its own sort of worries. Earlier, firms provided pension but nowadays private sectors don’t offer that benefit. However, even if one receives a pension amount, it isn’t as much as one’s earlier income. While you may assume that retirement is all about relaxation, the hard truth is that retirees also have a lot of free time and they can be dependent on others if they missed out planning way earlier in life. Don’t let this happen to you! Use your time and savings productively. Be financially independent even post retirement.
Here are a few tips to help you post-retirement.
- Let your hobby earn for you
This is time to finally do what you always loved doing. Turn your hobby into an income source.
Photography, singing, cooking or any such talent can help you earn money If you love photography, showcase your expertise through an exhibition.
- Provide training and consultation
They say with age, comes wisdom. Why not use your understanding to guide others? There are organizations often seek to hire an experienced trainer or a mentor for their employees. If you think you have got it in you, give it a shot.
Use your skills, knowledge, and experience to train the next generation. One can set up their own consulting firm and train people both online as well as offline.
- Invest in ULIPs
It isn’t necessary to work post-retirement to earn money. Since you have been working your entire life, you deserve to relax and chill. You can still earn money without working.
Investing in the new age ULIP is one such idea. Look out for the best performing individual fund and invest in it accordingly. Don’t forget to consider your age while investing and your risk appetite.
The compounding effect with additional allocations and tax exemption will give you a good retirement corpus.
- Invest in endowment plans
The trick here is to diversify investments and not keep all eggs in the same basket. Invest in both guaranteed and market linked funds so that your investment portfolio is balanced by the time you are nearing retirement.
Remember that you are just retiring from a job, not from life. You still have a life ahead of you. Spend it on complete financial independence. You don’t need to be dependent on your children to take care of you in old age. You can do it yourself. Don’t become a burden, become an asset. There are many opportunities awaiting you. Grab them!