Get retirement ready

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Get retirement-ready.A presentation by Shyam Sekhar, Chief Ideator, ithought

Retirement is not the end of everything. It is just the end of one long association.

Retirement is often the beginning of a new life. Retirees find less time after they hang their boots.

Retirement is more about loss of power. Ensure you don't let it hurt you.

A retired husband is often a wife's full time job.Retirement kills more people than hard work ever did. - Malcolm ForbesYou don't know what all you can do till you find the time to try.

Your choices should be what you can afford and what will definitely not hurt you.Reinvent yourself. It is important to tell the world that you have a lot left to do.

If you prepare well, retirement will definitely be the beginning of good times.Preparing for your retirement

Know your expenses Budget Life after retirementMaintain your current standard of living.

Account for your regular expenses groceries, household maintenance expenses etc.

Plan your medical expenses.

Know your income Know how you will earn and how muchDecide until what age you want to work.

Set an annual income target for your retired years.

Know the current market value of all your savings and investments.

Determine a realistic real rate of return(net of inflation) on your investments.

Create annuity income. Know your sources Where is your money invested?Savings in bank

Equity/ Mutual Fund investments

Gold

Real estate

Insurance

Plan your contingency Know where to find money in an emergencyIn an emergency, not all assets can be easily liquidated. It is important to have enough liquid assets.Liquid assets give you ready access to money.You need to know how much of your assets should be kept liquid.Carefully assess how much you will need in a contingency or emergency.Know what you want to do Find vocations that suit you. Prepare.Take up a full time job.Work part-time.Do specific consulting work.Work for society and keep busy.Build knowledge in new domains.Travel.Lead a more socially engaging life. Being healthy Know what you need to doMaintain medical records.

Be aware of your medical history.

Keep track of how often you need check ups.

Maintain a medicine chart for your various medicines.

Follow a lifestyle that keeps you fit. Wealth matrixRegular IncomeOptionsRisk ProfileMonthly incomePension, Senior Citizen Scheme, Post office MIS, MIP, RentLow risk Quarterly incomeFD interest, Dividend from debt fundsLow riskHalf yearly incomeAnnual incomeDividends from equity, Insurance, FMP dividendLow riskCapital GainsOptionsRisk ProfileShort-termEquity, commodity tradingModerate to high riskLong-termReal estate, gold, equity, insurance maturity