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Pre-Retirement

If you are a person close to retirement, the financial advice in the interaction below will help you understand your Life stage goals and financial events and how you can start planning for the same.

Just follow these 4 simple steps:

Mr Mehta, a government employee, is nearing his retirement. He wanted to plan his finances for the winter of his life and get an understanding of financial planning.

He contacted his Relationship Manager (RM) to help him start.

Mr Mehta: I wanted to understand the details of creating a financial plan. How can you help me?

RM: Sure Sir, I will help you understand where you are currently, what you need to do to achieve your goals, how you need to go about managing your savings and investments, your risk profile and risk-taking ability and recommended asset allocation model.

Pre-Retirement

Mr Mehta: I think now that I am about to retire I should start planning my finances for my future. Can you help me with that?

RM: Sure Sir, There are some things that should be of primary importance. In your case, insurance should be the topmost priority. If some untoward thing happens to you, at least your wife and children will have some financial support to lead a comfortable life.

Mr Mehta: Yes. That's true.

RM: Now that you are close to retirement, you should invest in some medical insurance. You may encounter some health challenges as you age. Your wife may also need medical assistance from time to time.

Mr Mehta: Yes, that's right.

RM: Also, before you retire, you may probably be looking for suitors for your children. So you will have to save an ample amount for their marriage .

Mr Mehta: Of course, after all, every parent wants the best for their children.

RM: You should also save some amount for the long term. Your retired life should also be comfortable enough as it is now. Hence it is better to save a sizeable amount for you to lead a peaceful retired life.

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Pre-Retirement

Mr Mehta: To be frank, if health permits, I am planning to get out of this work routine and start a business on my own so that I can work at my own pace.

RM: That's a good idea. It will provide you some preoccupation even after your retirement age. In that case, you will have to save a sufficient amount of money which you will need till your business can break even and generate a good profit. Also, don't forget to insure your assets as it will be of great help in case of an emergency.

Mr Mehta: Yes, that's a valid point. (After a pause) I also plan to take a vacation and go on a foreign trip.

RM: Yes, yes, you should take a break from your work. After all you have been working for such a long time. You will have to plan your travel itinerary and accordingly save sufficient money for the trip. Besides a vacation, if you are planning a second home where you can spend your retirement life in peace, then you will have to assess your needs and start saving accordingly.

Mr Mehta thanked the Relationship Manager for putting in perspective many doubts he had about planning his finances.

Pre-Retirement

Your Life Event Planners

Planning for your Children's education

Planning for your Children's marriage

Protecting your family at all times
(Insurance cover)

Medical Insurance

Planning your retirement?

Your Ideal Investment Portfolio

Want to purchase a new house?

Want to purchase a new car?

Want to go for a dream vacation?

Planning any major expenses in future?

Plan your taxes

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