5 Investing Tools To Help You Earn Regular Income Post-Retirement
Ensuring regular income post-superannuation is one of the key objectives of any retirement plan. Here are a few ways to guarantee a steady cash flow in old age.
Ensuring regular income post-superannuation is one of the key objectives of any retirement plan. Here are a few ways to guarantee a steady cash flow in old age.
Earn Regular Income Post-Retirement
Advertisement
Retirement planning is often neglected in India. In most cases, irregular income, on and off from jobs, and a lack of proper planning and financial literacy are to be blamed. However, regardless of age, you must have a solid plan to ensure that you earn regular income post-retirement.
Nonetheless, the awareness of retirement planning is slowly gaining importance in India, especially post-Covid. A survey by PGIM India Mutual Fund, published last month, revealed that retirement planning had gained momentum after the COVID-19 pandemic, witnessing an 18 percent increase in the number of people planning for retirement. It also showed that the number of people not having a retirement plan dropped from 51 percent in 2020 to 33 percent in 2023.
Advertisement
While saving and investing during your working life is critical to building a retirement corpus, it is also essential to plan to earn regular income post-retirement after you hang your boots. The aim is to ensure that your retirement funds outlast your life span. To ensure this, you must determine the desired retirement corpus based on your lifestyle, health, and possible financial emergencies. You must also hold adequate liquidity in reserve besides ensuring regular cash flows.
Here are a few financial instruments you can explore for regular income:
Advertisement
Advertisement
Bandhan Bank’s ‘INSPIRE’ programme has the versatility of a Swiss army knife, providing diverse services to customers. Learn more.
Running out of money after retirement can be scary because it can lead to financial distress, which is difficult to overcome. So, it's important to plan and figure out how many years of retirement would be sufficient for you.
Divorce after retirement is a difficult situation that requires lots of preparation from various aspects such as legally, financially and emotionally. So it’s better to prepare yourself before you go for a divorce.
Get all the latest stories delivered to your inbox
Advertisement
Get all the latest stories delivered to your inbox