Retirement plans or Pension Plans ensure a financially secure retirement with guarantee monthly income. Retirement Plans India ensures secure and happy retired life.\nhttps://www.bajajallianzlife.com/retirement-plans/retirement-plans.jsp\n
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
s your retirement approaches, you're bound to have concerns about the changes ahead. Why not put your mind at ease by taking steps to take charge of your new financial reality? In addition to working with a financial advisor to manage your financial affairs, be proactive with the tasks that are within your control to help make a smooth transition to retirement.
Here are three recommended activities to complete over the course of the year leading up to your last day in the workforce:
Your retirement spending habits will go a long way toward determining whether you have enough to be comfortable for years to come, and your lifestyle after you leave the workforce should be in line with your retirement income. Pull out your calculator and carefully list your projected expenses. Identify predictable, recurring costs for housing, utilities, food and other necessities. Factor in fun money and plan for the unexpected as well. Consider "practicing" retirement by following your projected retirement budget for several months and make adjustments as needed. It's typically most realistic to assume your essential and discretionary expenses won't change drastically in retirement.
Rebalance your investments. Evaluate your asset allocation and rebalance your portfolio if you wish to reduce risk and preserve capital. Depending upon your goals and your comfort with potential volatility, you may want to divest of high-risk stocks and divert assets to more secure, slow-growing investment vehicles. Liquidity can be more important in retirement, so consider moving your money into more liquid savings. Work closely with your financial professional to determine your risk tolerance and to discuss what's right for your personal financial goals and situation.
Update your will and insurances. Now that your life circumstances have changed, revisit your will and insurance policies. Are your beneficiaries current across these contracts? Is your will complete? You may find that the type and amounts of insurance you've had are different from what you now need. For example, if you've retired from a high-risk job, you may be able to reduce or eliminate excess accidental death insurance. At the same time, you may decide to purchase a Medicare supplement plan, long-term care insurance or even burial insurance.