Plan ahead, retire happily

When should one start planning for one's retirement?

Someone who is in his early 30s might brush off any thoughts of retirement planning — after all, life has just begun.

But ideally, before money problems begin to wear you down, start planning for your retired life, says R. Neelakanta Iyer, chartered accountant in the city.

He was speaking at a seminar on `Staying young while living longer', organised by Help Age India here on Tuesday.

``Get necessary insurance, including medical and household. Have an idea of what pensionary benefits you are entitled to so that you can assess whether you can keep up the standard of living that you are used to, after retirement also,'' he says.

One should also invest in a prudent manner, have a mix of investments like shares, fixed deposits and savings accounts.

``Always nominate the spouse or children for all investments. Also plan and prepare your will at the earliest,'' Mr. Iyer advises.

The elderly could also plan some extra income by taking up part-time assignments and if possible, try to develop some hobbies that can be turned into business later. They should also have an ATM card handy, a credit card and an account with the nearest bank, somewhere they can easily walk to, he says.

By Maya C

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