In most jobs in India, people retire at 60. However, people in professions like doctors, chartered accountants, and lawyers do not have an official retirement age and can choose when to quit. So, they should Consult With Family Before Retirement, which is vital as they can look into various aspects of family finances post-retirement and plan together.
Nonetheless, retirement planning is vital regardless of occupation or age, which involves saving and investing, building assets, and creating a source of regular income.
Besides a retirement corpus, you will need adequate insurance coverage for the family’s financial security. You must pay attention to these details if you are approaching retirement. Here are three factors to consult with family before deciding on retirement.
Do You Have Enough Savings, Or Should You Delay Your Retirement?
Although many people consider these concerns, the topic drew people’s interest recently after George Daniel, an IIT-Mumbai alumnus and ex-Google and JP Morgan employee, took retirement at 29, stating in a Business Insider interview that he saved enough for retirement.
Unlike most people who start their careers in their 30s, Daniel took retirement before reaching 30, highlighting that it is possible to retire at such an age if you handle your finances well. If you are still working, ask yourself: Do you have enough savings or delay your retirement? Discuss them with the family, children, and other members who may be financially dependent on you or have health issues, etc.
Also Read: 7 Money Management Tips To Improve Your Finances In 2024
Where Do You Want To Live After Retirement?
You may consider relocating to another city or town to reduce the cost of living, but you must discuss it with other family members to ensure they support your concerns. Even if you live in your own house and plan to relocate, it is important to discuss, as you may have other options if cost is the only consideration, like downsizing the house, moving to a retirement home, moving in with children, or buying a cheap house, etc., where you can also fulfil your post-retirement goals. Hence, involving the family in making the right choice is crucial.
What Are Your Plans For Post-Retirement Years?
It is another vital point that many people ignore. Retirement planning is about living a comfortable life without any financial stress. Assuming that finances are planned, debts are paid off, and savings are sufficient to take care of retirement, you must also consider a regular cash flow as no one can be sure of their life spans and may run out of their savings. So, they can invest in fixed-income schemes like the senior citizen savings scheme (SCSS) and bank fixed deposits and explore other avenues like rental income, etc., and post-retirement time.
Finally, use your free time in creative or leisurely activities, travel to avoid monotony, stay close to family, and make crucial decisions together.