RETIREMENT PLANNING

I have been invited to deliver a talk on “Retirement Planning”.

Here is the gist of my talk:

MEANING OF RETIREMENT 

RETIREMENT = LEISURE + SECURITY

Ramblings of a Retired Mind

By

VIKRAM KARVE

RETIREMENT MEANS LEISURE WITH SECURITY

Yes – there are 2 essential attributes of retirement:

1. Leisure

2. Security

When you retire – you have plenty of LEISURE.

You must know how to enjoy your leisure.

However – in order to enjoy this leisure – you must have SECURITY.

The term “security” includes three types of security:

1. Financial Security

2. Physical Security

3. Emotional Security

Financial Security

You cannot enjoy the leisure you will have after you retire if you do not have enough money to live a reasonable standard of life after retirement (and also cater to essential needs like health and other responsibilities towards children etc).

That is why it is important to plan early and save enough money in order to ensure financial security before you retire – especially if you are not going to get a monthly pension. 

You must also ensure you have a health insurance plan and also some contingency funds to fall back upon in case you fall in some unforeseen financial distress. 

Financial planning for retirement must take into account increasing longevity especially in women who outlive their husbands in most cases.

Physical Security

You must choose a retirement home which provides you physical security. 

That is why it is important to choose a peaceful place with good law and order (a pensioners’ paradise) to settle down after you retire. 

A flat in a gated residential complex or in a senior citizens retirement community in a city will give you better security than living in an isolated bungalow in a far-off desolate place. 

Living in an apartment in a city or in a retirement community will also provide you with facilities and amenities to enjoy a better quality of life after you retire, especially in your old age.

Emotional Security

Gone are the days of the joint family system when a retired person got plenty of emotional security from his children and grandchildren who looked after elders.

Nowadays – if you are married – you have to rely on your spouse alone to give you emotional security.

Conclusion

Before you retire – you must ask yourself whether you have enough security during your retirement to enable you to enjoy the leisure you will get when you retire. 

Remember my definition of Retirement:

Retirement means Leisure with Security

VIKRAM KARVE

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All Stories in this Blog are a work of fiction. Events, Places, Settings and Incidents narrated in the stories are a figment of my imagination. The characters do not exist and are purely imaginary. Any resemblance to persons, living or dead, is purely coincidental.

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