Retirement has different meanings for different us. Just like which sport you support or which cuisine you enjoy the most, we all have different choices about our retirement. Ask yourself these 7 important questions to plan a roadmap for retirement:
- What is my choice of lifestyle?
Lifestyle is not only about the place you want to live rest of your life but also the food you want to eat, clothes you want to wear and places you want to travel. Selecting a lifestyle for yourself is the first step towards your retirement plan. Some people like to live in the city, they enjoy a fast paced life they have seen all their life, they want to live in a place which has everything they might need in future. Others want to run away from the fast paced city life to a calm place may be some village. Lifestyle depends on these aspects. You might want to live like a king after retirement or a hermit.
- Will I be working?
Retirement does not mean you cannot work anymore. Yet it does not means you have to keep on working after you decide to stop. Deciding what you want to do while you reach retirement age is important.
From reading articles to writing books, from advising young people to learning a new philosophy, everything comes under working. Once you have selected a lifestyle that suits you, deciding about will you keep on working, if yes, what sort of work you want to do, will help you a lot? Doing some job after retirement not only helps you in monetary terms but also it helps you kill boredom and keeps you updated in a field you choose for yourself.
- Would I incur many medical expenses?
Precautions are better than cure and being ready is one of the best precautions. When we say nobody knows the future, we are right. Yet by properly analyzing things we can be one step ahead. Based on your and your family’s medical history, you shall be able to estimate the probability of future illnesses.
- Is my family is dependent on me? Do I need to take care of my spouse and children?
When we talk about retirement in India, we not only think about our spouse and children but also about the future generations to come. Before thinking of future generations, you’d first want to think about the nearest family members who directly depend on you.
College fees, funding your children in their new ventures, their wedding: everything requires money. Your roadmap today can help you and your children tomorrow.
- Will I be paying rent/ home loans?
Everybody wants to have their own home in the end, yet a practical approach tells us to keep in mind about different possibilities. It also depends on a lifestyle you choose for yourself: despite having a few houses yourself, renting a cottage in the countryside could your agenda. Some of us want to retire early. For all of those, thinking about home loans (if any) and their repayment is one crucial point to give time to while preparing the roadmap towards the perfect retirement.
- Where and for how long I will be traveling, or do I need to travel at all after retirement?
Travelling is binary, though today a lot of us love to travel yet it might not be possible once you retire and want to settle down for real. You may want to live in one place and travel only when necessary. For others, perfect definition of retirement can be to travel the world. To see the world in the best ways needs money and all that money can come only if you either win a lottery or plan a perfect retirement plan today.
Questions such as these when answered, can provide you a perfect picture. You need to be very particular about answering all questions while planning a roadmap to retirement.