You have decided to retire at 55 and now you are 45. Let’s see what steps you need to take NOW for retirement. Retirement means different things to different people. For somebody it is a push retirement (the company is forcing you to go) and for some it is a pull retirement (you want to pursue your hobbies or side business). It was always at the back of your mind, but now that it is only 10 years away (or earlier as your employer decides!), it could be looming large. Here are some of the things that you should do – just randomly written, and they are not necessarily in the order of importance.

  1. Check how much of medical insurance you have – will your employer’s health insurance cover you for life? Or will you have to get a new one? Speak to a good GENERAL INSURANCE agent/ adviser with tons of experience – say 15 years. Learn about main cover, top up, super top up, co-pay. It is complicated enough for you to seek the help of a professional.
  2. Form a FB group of like minded friends with whom you went to school/ college! It is a great time to catch with schoolmates and collegemates – remember they share your birth year, so they are wondering too. This group will have the same problems, interests, etc. This could be the best move for you as a person wanting to retire.
  3. Start doing your financial calculations – and keep all the “Retirement Money” in a separate bag and tell your spouse about the steps that you are taking. Men and Women – BOTH- need to know what is available, and where what documents are kept.
  4. Dream and Think about how you want to retire – from 55 to 75 and then from 75 to end of life. Both these phases are very different, and you will need different resources. You may even choose a different location/ organisation for these 2 different phases.
  5. Make your trips visiting Senior Citizen homes and check out the price, food, ambience, facilities – DO NOT COMMIT TO BUYING. You are going to need it at much much later stage – maybe 25 years later, so do not buy. Just go and do some window shopping.
  6. Start asking yourselves and answering things like a) where b) how c) what infra do you need d) food….all these answers will help you in arriving at “how much” you need for retirement. This is a very difficult question to answer and the more detailed thinking that you do, the better off you will be.

this is for starters….more to come surely…

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