Action plan for peaceful life after retirement !!

After working for 40 or more hours per week for years, the thought of relaxing and leading a stress free life after retirement sounds too good to be true. And it may be practical, provided you have planned it well for it financially. Follow these steps if you wish to retire soon:

1. Save and invest wisely:  Disciplined savings (about 20% of your income) done month on month, and invested wisely in investments like real estate, stocks and mutual funds, gold, pension plans,etc. can yield and ensure a steady flow of income during your later years.
2. Plan to pay off your debts:  High interest debts are more likely to sabotage your retirement savings, if you don't plan well. Also, housing loans usually are the long-term loans, which will take years to repay. If you plan well, you will be able to repay these loans by the time you retire, thus saving a big chunk of money for your post retirement living.
3. Refinance:  Home loan interest rates are around10.15 %. If you are paying significantly higher interest on your home loan, it makes sense to take a relook at it. You might save a huge chunk of money on the interest outgo.
4. Minimize lifestyle inflation:  Retirement can last 20+ years these days. If you minimize lifestyle inflation, then you'll have more money to put towards retirement. 
5. Buy Insurance:  It's extremely important to protect yourself and your loved ones in case something happens. Ensure you buy a life and health insurance for yourself and dependents and pay the premium on time. It's also a good idea to make a Will and update it whenever there is a significant life change.
6. Find alternate sources of income:  Having diverse income streams is always better. This way if something goes wrong with one, you have others left.
7. Have a retirement plan:  Defining a sense of purpose clearly, or keeping your to do list ready, makes the transition of working full time to doing your own stuff smooth. Happiness in retirement is a balance between staying active and staying relaxed.
   

work now and plan today to live life on your own terms after retirement !!