Retirement is a phase of life which starts with mixed feelings. You are happy because finally, you are free to spend quality time with family, go to unplanned vacations, visit relatives and take some time out for your hobby. On the other hand, you feel sad because you will no longer be a part of the other family you had nurtured at work or the routine you are used to will no longer hold good or most importantly there will be no regular income coming at the month end.
Most of us have some plans for our retirement like start the restaurant you have always wanted to or learn to play tennis or develop a kitchen garden and lots more, what is important is to find out how will you get there post-retirement when funds would be limited and lifestyle would still be demanding. Your regular income will stop the moment you retire but bringing about changes in your lifestyle will take their own good time.

This situation can be taken care of if you have planned your retirement before-hand. Here are some tips to help you do so;

1. Define the term ‘Retirement’
It is very important for you to realize and understand what do you expect from yourself once you retire. Sitting idle at home and relaxing in that recliner is everyone’s wish but that does not help much. You have to have a ‘TO-DO list’ which defines your retirement years, broadly.
It may be traveling or running a business or setting up an NGO or teaching poor kids, from anything to everything, you need to define it, for your own self.
One good way of doing so is to journal everything that crosses your mind and then later you can shortlist. I have heard people saying ‘I don’t have much to do post-retirement.’ That should not be your case.

2. Identify your skill set
Each one of us possesses at least one trait or quality that can be developed and turned into a profession. Observe, introspect and identify what is yours. It is a blessing to have your hobby or quality turned into a profession which earns you a steady income. This will you will earn as well as enjoy doing your work, post-retirement. You may be great at playing guitar or an excellent painter or on-point with physics fundamentals, just look out for your skill and start developing it, now.

3. Get your health check-up done- REGULARLY
There should be no surprises for you as far as health is concerned post-retirement. Health is one major concern in the later years but that does not dawn upon you one fine day, bad health builds up with time. Start getting yourself examined at regular intervals so that just in case there are any health issues, they get identified in the preliminary stage and be treated.
Health treatment while you are working will not put much weight on your pocket as it would once you retire.
Also, people tend to slow down mentally as they age. This is a natural phenomenon but can be avoided or at least delayed. Train your brain, solves riddles and puzzles. Play brain teasers and mental ability building games.

4. Build up your network
How many people from the organizations you have left are in contact with you? Out of sight is out of mind is one inevitable truth. We tend to lose contact with people whom we do not meet often until and unless there is a very deep relationship established or we need them. Social media networking is a blessing for people who wish to get themselves involved and indulged.
Visit the pages you are connected to like school, college, university, workplace, etc. find people with similar interests and hobbies, join various clubs.
Apart from social media, re-visit your old school and college, you will definitely find something to do there, alumni are always welcome!

5. Create a retirement budget
This is the most important steps of all. You need to plan your retirement, financially. Whatever hobbies and interest you listed above need funding. You have to make sure you can afford them.
Have a clear number at hand what is coming in, what will be your income post-retirement and then plan things. Your budget should include:
1. Your income
2. Debts if any
3. Expenses for your hobbies and goals
4. Any other regular installments being paid

Track your expenses now, identify your spending behavior and figure out if there are any unnecessary expenses. If you have not as yet, start investing in good retirement funds. Choose from a variety of funds at https://www.piggy.co.in/mutual-funds/?q=retirement%20calculator .
Once you have thoroughly scrutinized your budget and gone through the financial plans and goals, start implementing it. If not wholly then in parts, but do it now.

If you find any difficulty in planning a budget, seek the help of experts. Try Piggy Premier https://www.piggy.co.in/premier/ and get the best advice on financial planning and budgeting.
There will never be a time good enough to start preparing for retirement. Now is what you have at hand, so make the most of it.

Start Planning!

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