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Manoj Bajpayee’s Retirement Planning: 3 Takeaways For Those Planning To Hang Their Boots

For retirement planning, one may also take the help of financial advisors in matters like expenses or how to maintain a regular cash flow once there is no steady income

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Outlook Money
June 23, 2023
Manoj Bajpayee’s Retirement Planning: 3 Takeaways For Those Planning To Hang Their Boots

Actor Manoj Bajpayee plans for a quiet retirement life in the hills. In an interview with Curly Tales, a lifestyle multimedia channel, the 54-year-old actor spoke about his work in Mumbai, his favourite food, and plans for retirement, among other things. Bajpayee said he already bought a small place in the mountains where he wanted to retire.

Here are some takeaways from what he said about retirement and planning for investors.

Moving To A Smaller City Can Save Cost

During his interview with Curly Tales, Bajpayee said that Mumbai gave him many opportunities to establish himself as an actor, but “it will be a city for my daughter, not me.” He would like to move to the mountains instead.

Bajpayee said he had already taken a place somewhere in the mountains, where he plans to build a small house, “not a mansion”. Like him, many in India’s GenX and millennial population are driven by their desire to escape the maddening life in the metros.

Apart from the benefit of a peaceful retirement life, moving to a smaller city can help save money. What this means is that you may be able to go easy on your retirement corpus goals since the living costs may go down. Calculate well before making that decision and look for other factors (https://retirement.outlookindia.com/deploy/senior-living/things-to-consider-before-moving-to-a-smaller-city-after-retirement) too.

You Can Decide When You Want To Retire

In an earlier interview with Zoom, Bajpayee had hinted that whenever he feels content, he will leave acting and just retire.

That also holds a key financial planning learning: you may choose to work till the time you need to. If you back-calculate how much you need in retirement, set your goals and quantify your needs, you can choose to opt for early retirement.

Of course, like Bajpayee, job satisfaction would be a big factor, but there are others (https://retirement.outlookindia.com/plan/financial-planning/want-to-figure-out-when-you-can-retire-here-are-factors-to-evaluate) too that you should keep in mind.

Start Planning Whenever You Can

One can’t be sure when Bajpayee started putting such plans for retirement in place, but the earlier you do that, the better.

If you start early, by the time you are in your 50s, you will have a clearer idea of income and expenses to make well-thought-of and age-appropriate lifestyle decisions for your retired life.

But remember that it’s never too late to start off. If you haven’t done it already, starting to plan in your 40s and 50s can also sort you out, though it may cost a bit more in terms of the quantum of savings. Read more here: https://retirement.outlookindia.com/plan/financial-planning/master-your-finances-in-the-40s-to-retire-rich

The retirement planning process is often long and needs proper consideration involving the opinions of family members, children, and other near and dear ones. The planning should start before the actual retirement to smoothen the transition.  One may also take the help of financial advisors in related matters, like expenditures and how to maintain a regular cash flow once there is no steady income.

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