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How Do I Prepare for Retirement at 60?

Published On Aug 02, 2021 4:00 PM By InsuranceDekho

If now then never, sixty is the final deadline for you to prepare for your retirement in case you still haven’t started with the preparations. People in India start retiring at 60-62 years of age. The maximum age they work uptil is 65. As soon as the 60’s threshold you may see the retirement bells knock at your door and then you retire very quickly! You forget you're close to withdrawal, and you have to begin planning while you do your job as a spouse, parent etc. You're at the perfect place to be ready and plan your retirement before it's too late when you join a group of 60 and don't start preparing.

Don't worry if you're around 60 years old and you haven't begun to plan your retirement yet because the average age of pension in India is between 60 and 62, many people want to extend their tenures to 65 to improve their savings and corpus. So you must start planning too, now is the best time.

How To Prepare for Retirement at 60?

Retirement planning is not a cake walk, it needs proper planning and your attention. Follow these steps to ensure a smooth retirement life even after you start as late as sixty years of age. 

  • Clear Off All Your Debts Now

An uncleared debt on the head is the hardest stress you can face. This may be a domestic loan, transport loan, credit card loan, educational loan or any other type of debt that you have not yet completely paid for. Once you approach the fifty-year mark, attempt to remove all debts so that you can invest savings in the next years rather than pay them as clearances of debts.

  • Start Saving More and More Now

You should start saving as soon as possible once you have cleared out all your bills. Don't be dismayed if your savings are not very high in the first few days. You can start by saving your regularly received monthly income or salary. Ultimately, if you have a large sum, you'll get a nice return and you can also invest in it.

  • Immediately Measure All Your Future Goals

Develop a reasonable plan to spend your pension. When you retire will you consider an alternative location in your current town? Maybe you should be moving to a retirement community in peace? You can estimate and prepare your expenditure correctly if you have an approach. Do you wish to pay for your child’s education or marriage? Whenever you work on it, all of them would require planning. Therefore, carefully measure your aims and goals.

  • Hire A Financial Expert

You should not be frightened if you cannot give a task yourself. In the area of pension savings, you should contact a financial expert or a market expert who has a thorough understanding of this region, money and finances and can assist you in your goals, and guide you in what policy is the best.

  • Invest Into A Pension Plan

Save not just save, but optimise your savings but also invest in plans that help you expand the quantity of your corpus. With the guidance of your own financial advisor, invest in life insurance, money-back plans, donations, etc., which suits your future demands and meets your needs. Add riders to your retirement coverage policy if necessary.

Take Away

Sixty is your last call to be ready for your retirement preparation, do not worry, it's not late, but if you delay, it can be late and risk your financial preparation for post-retirement planning. It is advised that you start early preparation and take advantage of the long-term rewards.

Also read 

Role of Annuity in Retirement Planning

How Do I Create A Retirement Plan?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.        

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