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Ways To Plan A Stress-Free Early Retirement

Updated On Apr 27, 2021

Having a stress- free retirement is a dream for so many individuals be it a millennial or a boomer. Strategic planning is required if you want a secure and early retirement without having to constantly worry about money. 

Ways to Plan a Stress-Free Early Retirement

There are various ways in which you can guarantee yourself a stress-free early retirement. Some of these ways are as follows- 

1. Start as Early as Possible

Starting early gives you a head start when it comes to building a savings corpus. Compounding depends upon time more than anything else. Another reason for starting early is that further in life you may encounter financial emergencies that require access into your retirement corpus. However, occurence of experiencing these emergencies is rare. All in all, you can build a huge and untouched corpus the earlier you start.  

2. Preparing for Potential Contingencies

Contingencies are unexpected needs that require your immediate attention. Your retirement planning should not ignore the possibility of contingencies that may affect you later in life, be it in the form of a critical illness or an economic crisis. Your retirement corpus needs to be substantial to support a comfortable lifestyle while also covering the expenses of these contingencies. The best way to plan a stress-free retirement is to prepare beforehand for these contingencies assuming they are bound to happen. 

3. Beat Inflation 

To make retirement stress-free one must plan to cover inflation costs. The ever increasing cost of living is one of the main factors your usual savings may not be enough for a stress-free retirement, especially in case you wish to retire earlier than usual. Your financial planning for early retirement is useless without a wealth creation contribution to it because building wealth will be able to cover potential inflation costs up to some extent. 

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4. Ensure Minimum Debt

Debt can disrupt your savings and hold you back from growing your wealth at the pace it needs to for a comfortable retirement. If  you are in any kind of financial debt, ensure you pay it off as early as possible. A high interest is applicable to the outstanding dues that haven’t been paid in a long time. Retirement is a phase in your life when you need not be worrying about these debt payments. Hence, it is very important for you to ensure that all your debts are paid off before they create any hurdle in your retirement days. 

5. Explore Investment Opportunities

Exploring and knowing more about your investment options is the key in financial planning. Comparing classic pension plans and unit-linked insurance plans with a focus on retirement planning is something your focus should be on.  You have plenty of options in the market that are entirely designed to serve as a stable future retirement income. 

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Planning a stress free retirement is not as difficult as people assume it is. As per the simple few steps explained below, you can easily plan a retirement which does not have any worry element in it. There are various plans in the market such as SBI Life Saral Pension Plan,  HDFC Click2retire, ICICI Pru Easy Retirement etc. Browse your options beforehand and choose the plan best suited to your retirement needs. 

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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