"Retirement" a word that can be attributed to various meanings. Retirement usually signals the end of a career, and possibly the end of a person’s “work” life. The period of retirement is quite significant and requires careful planning. Speaking with a certified financial planner can help to a great extent, but you yourself can also follow some simple steps to make your life after retirement happy and bright:

1. Consider every contingency

Start by calculating the value of your assets by subtracting your debts. The amount you need for post-retirement is indicated by this figure. If your net worth is a negative value, speak to a financial planner who will help you get back into the positive figures. Make a budget for your recurring expenses. Your budget should be allocated for personal debts and expenditures.

2. Develop a saving mindset

Saving for retirement in your youth might seem ludicrous. This is where having a saving mindset comes into work. A technique such as compound interest will help you reap the benefit of your investment post retirement.

3.  Take advantage of the retirement plan

Although the pension plans have lost its existence in today's era, there are other schemes like 401(k) and IRA (individual retirement account). Both of these retirement plans have their advantages and disadvantages and ranges from mid-sized to Large companies. Individuals who are self employed or belong to local businesses can take advantage of retirement plans too.

4. Variegate

It is essential to not to accumulate all your investment to just one type. People, according to a research, who invest in just one type of investment area are more vulnerable to be affected by market sinks. Financial planners recommend investing funds into various schemes such as stocks, bonds, real estate, and pharmaceuticals.

5. Go for IRA

Even though most people prefer a 401k, an IRA is more suitable for the long term. A 401k is great since taxes are taken against it after maturity. IRA limits your investment capability, still it is a good decision to make on a long run.

6. Pay down your Mortgage

It is always a good idea to pay off your mortgage before retiring. It's like planning a bonus for your After- Retirement. But avoid temptations of getting a second mortgage on your head until or unless it is genuinely required.

7. Avoid Investment Fees

Try to reduce investment fees. Look out for fake fee structures, since an advisor’s expertise is what you are looking for. Select your advisor after careful consideration, since some advisors only charge on an annual basis, typically 1% of the portfolio’s value. This means the advisor has sufficient incentive to look after your wealth.

8. work as long as you can

Retirement is not the termination of your career. If you are still able to work efficiently, you can always opt for postponing or extending your retirement. You can even find a less intensive, less demanding job after retirement. This will enable your portfolio to still grow.

9. Carefully draft the budget

List what you would like to do after you retire. Retirement is a new chapter in your life. Proper planning will affect how you spend money post retirement. You can spend your retirement the way you like by simply clinging onto your budget and work accordingly.

10. Don't forget your Health

It is very important to purchase a long term health program. You will reap the benefits of a health program post retirement. Pay attention to which plan you purchase. Make sure that the program meets your needs and does not contain hidden clauses.

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