Master the Art of Consolidation for your Golden Years

February 28, 2021

Master the Art of Consolidation for your Golden Years

Imagine your golden years to be a beautiful painting. But, like any artist needs all tools handy, you also need to plan before you begin transitioning into the life you have imagined.

For you to create a retirement masterpiece, consolidating your bank accounts, investments and spends in one place, will all help your artistic vision shine.

Here’s how!

The right environment with the right light is essential to the pre-work. Similarly, when you start planning for retirement, it is essential to make the right choices to reduce your debts by pre-closing your loans, optimising EMIs and consolidating them.

Solutions like Money Saver, give you the benefit of having balance in your account and helps you to reduce your Monthly EMIs. The savings through reduced EMIs can be deployed into your retirement plan.

Your choice of colours and shades define your final artwork. Similarly, your choice of investments is equally important.

Invest in a wide range of options, based on your investment personality

Consolidate, to get a single view of all your investments

Periodically, review your investment returns

Rebalance your portfolio, using insights from goal-based dashboards.

There are brushes of all shapes and sizes, but you need to pick the one that suits the colour strokes. Similarly, pick cards that suit your lifestyle.

Try and consolidate your Credit Card usage to the top 2 cards that offers benefits for your lifestyle and hobbies

Mitigate any future risk through card control solutions that help you to block/unblock and manage your cards, easily

Identify and monitor spends, using the spend management trackers.

Keeping all accessories together is essential, to complete your painting toolkit. Likewise, it is a good practice to consolidate your tax payments/ refunds, MF dividend receipts, pension credits and redemption proceeds in your retirement ready bank account.

Little add-ons can elevate your painting. Here are some small but important points to keep in mind for retirement planning:

Add nominees to all your financial accounts

Make your spouse/ family member as a second holder, in your accounts

Consolidate all your important information and store it in the iLocker, it will be a handy reckoner during emergencies.

Consolidating for your retirement is an art and a retirement specialist can help you master it, for your golden years.