Embracing Retirement, Embracing The Run: Insights from a former banker

financialexpress.com:

Retirement is a phase of life that should be cherished, just like running a marathon. It’s a time filled with possibilities and opportunities. As you transition into this new chapter, it’s important to adapt lessons from other areas of life, such as long-distance running, into your financial planning.

Here are some finance tips specifically tailored for older adults:

Inflation can pose a challenge for retirees. To secure a brighter future, consider inflation when setting retirement savings goals. Take into account not just the headline inflation number but also specific expenses that tend to have high inflation rates, such as healthcare. Adjust your financial plans accordingly and ensure your investment funds are sufficient to maintain your standard of living and cover inflationary expenses. Think of it as strength training and proper nutrition for your finances to avoid injury while running.

Safeguard against inflation by diversifying your investments effectively. Avoid relying solely on low-yield fixed-income options. Instead, create a well-diversified portfolio that includes equities, bonds, and other assets that can provide inflation protection. Similarly, diversify your physical activities by adding disciplines like yoga and cross-training to your routine. Yoga improves flexibility, while breathing techniques enhance lung capacity, allowing you to run longer and enjoy the benefits of physical activity.

Also Read: CREDIT CARD PAYMENTS: How to maximise benefits of interest-free period

India offers various retirement savings plans that you can consider. These plans provide tax benefits and can help you build a substantial nest egg for your retirement. Some popular options include:

a. Public Provident Fund (PPF): A