Seeking Early Retirement – How to be “Money- Ready”
Retirement for most of us is a time of seeking disconnect with the scheduled professional life and connecting with the personal family life deeply. It is a milestone that signifies the end of decades of career-driven life and a freedom from the responsibilities that come with it. However, with the changing times where career and profession have changed in basic nature, retirement too has assumed an unconventional meaning. Earlier it was believed that a retired person with no regular monthly income is a financial liability on the earning members of the family. However, today this is not so. Retirement is no longer the end of a person's financial productivity and many persons retire of their own will prematurely. For many, premature retirement is an avenue of seeking a different career or a new enterprise for financial gains and stability. Many persons have gone on to establish successful ventures after seeking premature retirement form a different career path.
Early retirement planning is a very credible option if you are looking forward to a change. This change can be professional (choosing employment in a different sector e.g. fom government to private sector), financial (e.g. establishing a manufacturing or retail unit of your own after retirement) or even personal (e.g. to fulfill a long pending personal desire to work for yourself). Whatever be the reasons, the fact of the matter is that if you are desirous of early retirement from your current career path, you have to be financially strong and independent.
Retiring early from your job is a very calculated and thought-out decision. Your entire financial reserves may be dependent on your monthly salary. Alternately, the future of your family may be dependent on the budget and savings from your monthly income. There may be other core factors of importance too. The type of enterprise that you wish to establish after retirement may have a limited scope of profitability and as such, your monthly income may dip way below to what it is currently. Your family members or your spouse may be financially dependent on you and may be unwilling to settle for a lower income. Then there may also be the fact that your income after retirement may not be sufficient to maintain your lifestyle. All these factors and questions however, are not meant for dampening your spirits or letting go of your desires. In fact, these are the pointers that will help you figure out your financial preparedness for early retirement.
Before applying for early retirement, you must carefully and thoughtfully make a retirement plan of action for covering all your existing and expected expenses after retirement. Planning must be done in such a manner that the financial health of your dependent ones remains good. For this purpose, it is essential that planning must be done timely and with anticipation. Starting early is always preferable because you have the advantage of time. Investment for capital gains must be done carefully and after research.
HDFC Life offers HDFC Life Click 2 Retire - a retirement specific plan that is aimed at securing your finances while you can plan your retirement goals well in advance. For further details, please click on the mentioned link: https://www.hdfclife.com/retirement-and-pension-plans/click-2-retire
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