What is retirement? Whether you are in a government job or in a private firm or you own your business retirement is a reality; it is the truth. How people handle it is the difference. For the unplanned ones retirement is a stress; whereas for the ones who have planned their retirement in advance it is something they yearn for. Those who have planned their retirement years in advance look forward to lavish trips, joining clubs, following their passions which were put on hold due to their jobs, or even starting their own businesses. However the biggest question everyone has to ask before retirement is whether they are financially and emotionally prepared for this new or next phase of life.
Are you financially prepared for retirement?
When a person retires his or her standard of living changes. It is wise to save at an early age and invest a specific corpus especially for retirement. Try an increase the saving or investment amounts every month or biannually. Stick to your retirement goals no matter what. Retirement is expensive. Your expenses may go down but you will have no income to compensate for it. As per research a person will definitely need 70 – 90% of their pre-retirement income to survive. Use both practical and alternative methods to save money. Practical methods involve investing in pension plans and health insurance. Alternative methods include Vastu shastra which can help you to prevent loss of money. For example if the pipes and faucets in your house have leakage it signifies loss of money. Make sure to plug those leakages immediately. It is always advisable to ask your employer to start a retirement plan. There are many retirement saving plan options that an employer can start for the employees. Manage your taxes smartly. After retirement people get lump sum amounts by breaking their provident funds and other mutual funds which can be taxed. Contact a professional for advice.
Are you emotionally prepared for retirement?
What are you going to do will all the free time? Even if you have plans to visit places or follow your passions, you will still end up with a lot of free time. Make appropriate plans. One advice is to start meditating to have a clear idea of the future and also to avoid anxiety. Health is one area that is of concern as a person ages. Try to fill your home with positive energy. Vastu for health is effective if followed correctly. For example placing salt rocks in a house elevates the mood of the family members. Keeping the main entrance clutter-free will invite positivity which is beneficial for health. Keep the house clean; remove old furniture, broken mirrors and unused electrical equipment for better flow of energy. Always be positive. Go out and do things. Sitting at your home for longs periods can result in dullness. Try to start doing things that you have always avoided or always wanted to do.