Surveys across the world often show that a significant number of people do not have enough when they retire so what are the factors that we can do if you also Fall Short Of Your Retirement Goal? This could be attributed to inadequate planning, unforeseen life events, or simply not earning enough during their working years. If you find yourself in this situation, it is essential to take proactive steps to improve your financial circumstances. Let’s explore some important measures you can undertake to mitigate this situation and enhance your financial well-being.

Stop Feeling Guilty About It

First and foremost, do not feel any remorse about it. This is a generic problem, and there is no way you can improve the condition by worrying about it. Remorse and fear of not having enough will worsen the situation further. It is better to think about how to improve the financial condition.

Find Avenues For Earning

We do not lose our skills after retirement. The knowledge and experience you have gained out of your professional life are your valuable assets. Use them to earn money. While you may not earn as much as you used to before retirement, even a small amount will go a long way in alleviating your financial condition. If you were a teacher, take tuition. If you were earlier into a technological field, take freelancing projects or simply join a computer institute as a faculty. If you were in a bank, use your skills to get a part-time job in the same sector, as many banks are looking for experienced people irrespective of age. The same is applicable in many industries, such as scientific research, medicine, engineering, law, management etc.

By utilizing your skills and experience in post-retirement endeavors, you not only generate additional income but also stay engaged and fulfilled. Explore various avenues aligned with your expertise and interests, and remember that your valuable skills can continue to contribute to your financial well-being.

Use Retirement Corpus Judiciously

Avoid unnecessary and expensive gifts for your children or grandchildren. It may show your affection in the relationship in the short term but create financial difficulties for you in the long term. Occasional gifts can be equally effective. Make a list of essential expenses and use your corpus to meet the same.

Keep Your Corpus Invested

Do not leave your money in savings accounts idle. The interest in saving accounts is often not attractive. It cannot even cover the inflation. You may better invest in fixed-income high-grade bonds or debt mutual funds. These are generally safe and provide a decent return.

At the same time, there are many schemes run by the Government and by banks that pay higher interest rates. Look for the Post-office monthly income scheme (POMIS), Pradhan Mantri Vaya Vandana Yojana (PMVVY), and the Senior Citizen Saving Scheme (SCSS). Some of the small savings banks offer an attractive interest rate; you may also invest a small portion of your corpus into them.

Remain Fit And Take Health Insurance

Medical expenses are high in old age. It is better to remain fit by having a friend circle, going for exercise or walking, laughing often, spending time with family, and doing what you love. Additionally, take adequate size of insurance to meet medical expenses in the future.

There is no shortcut to replenish the financial shortfall in achieving your retirement goal. Apart from the above-mentioned hacks, you may also look for downsizing or delaying some of your retirement goals. Avoid exhausting your retirement corpus to chase the unachieved retirement goals, as it can further increase your financial woes.

The author is an Independent Financial Journalist