Outlook Money
For a stress-free retirement, it is essential to have proper financial planning.
1. Know what is wanted; It is essential to have information about all one's financial needs. It helps better identify the saving opportunities and adjustments needed.
One should also create or update the Budget based on needs. Money should be balanced according to the needs.
It is also important to review the Will and Clarify the asset's inheritor. One should appoint a Power of Attorney and also specify the health care directive.
One should plan for long-term care and consider options like Long-Term Care Insurance, reviewing Ayushman Bharat eligibility, and exploring elder care services provided by local NGOs.
It is also suggested to have a certified financial planner who can assist in India in aligning their money with retirement goals.
Seniors should also keep an eye on the schemes provided by the government like Senior Citizen Savings Scheme, Pradhan Mantri Vaya Vandana Yojana and Fixed Deposits for Seniors.
For a stress-free retirement, seniors should keep in mind that planning early can be very effective and straightforward.