DON'T STUMBLE INTO THE GOLDEN YEARS OF YOUR LIFE...FLY!
March 17, 2022
DON'T STUMBLE INTO THE
GOLDEN YEARS OF YOUR LIFE...FLY!
50 is the new 30 in terms of age, these days.
With our increasing lifespan and zest for life, we all want to fly high. But are you flying blind into retirement? Or have you prepared for a smooth landing?
START CREATING YOUR PARACHUTE FOR THE GOLDEN YEARS.
How far do you want to land?
Want to touch down on that mountain? Cross that sea?
Create a bucket list of your retirement dreams
Define achievable goals for your family
Segregate them into essential goals & leisure goals.
What's the wind resistance like?
Now that you have your dreams in sight, know what might stop you from achieving them.
Calculate and estimate the expenses for your overall lifestyle, not just your daily expenses
Consider perks from your company, which will not continue post retirement
Don’t forget to provision for emergencies.
How big a parachute do you require?
Once you detail out your post retirement requirements,
it’s time to define how big a retirement amount you need.
Amount Required = Investments that can cover your family’s
(Expenses + Goals + Lifestyle + Emergencies)
How aerodynamic do you need to be?
Firstly, figure out how big a retirement parachute you've already secured.
Tag your current investments for the golden years
Include your employer corpus.
Check how big a canopy you need to add for safe landing?
Does your estimated corpus through current investments equal your required amount?
Identify the gap and plan a monthly investment regime to narrow it.