Retirement Planning: 3 top experts share crucial tips on how to effectively prepare for golden years

livemint.com:

retirement. Your office colleagues have given you the mementos and the farewell party has been done. You now have no reason to get up early and reach the office on time.

But, this Golden Age of your life is when your biggest challenges start – finances and health-wise. And experts state that you better start your planning in right earnest. “Retirement demands meticulous financial planning to ensure that your golden years are fulfilling and financially secure," says Anup Seth, Chief Distribution Officer, Edelweiss Tokio Life Insurance. The key factors that should be considered when planning for your retirement is the cessation of your steady income and likelihood that your health-related expenses might increase.

“It is imperative to calculate the financial implications of increased expenses resulting from inflation and an extended post-retirement life expectancy," advises Mayank Bhatnagar, Co-founder and Chief Operating Officer, FinEdge. Thus, the retiree should opt for informed risk, aiming for a 2-3X inflation-beating return. Begin as early as possible to leverage the power of compounding, ultimately increasing the likelihood of achieving your desired outcomes. Before we go into the financial aspects of retirement planning, there are some other factors that you need to consider for retirement.

“Pay off your mortgage before retirement to reduce expenses," advises Bhuvan Rustagi, COO & Co-Founder, Per Annum. Other tips include staying healthy to minimise medical costs. Also, consider working part-time in retirement for income and mental stimulation. A recent phenomenon among retirees is also that they want to pursue different passions like travelling, photography, and more.