We all work hard in the young days of our lives so we can lead a peaceful and stress free life in our old age. Retirement is that one thing that every corporate employee or any business professional looks forward to. If you do have down the road plans for everything and you are currently an NRI, residing somewhere outside of India, it is important that you have knowledge of some of the most important factors that can play a crucial role in this.
To help you plan things better, we have sorted through some of the important factors to keep in mind before planning the retirement.
1. Focus on a customized retirement plan
When you approach a financing organization asking them about your retirement plans, chances are that they will whip out some of the pre-existing readymade pension plans. While that works for some, it isn’t the best option if you want to lead a carefree life without having to worry about anything around. The best way to have a retirement plan that suits your lifestyle is by getting it tailored for you and your needs. Sit down with an agent and get everything sorted out based on your future plans and the kind of settlement you will be in after the retirement.
2. Know when the time’s right
It is true that many have the notion that 60 years is the right time to retire but there is no right or wrong when it comes to retirement. It depends on how well you are doing in your career and how you think it will influence your future. Deciding and knowing about the time of your retirement is a necessity before you invest in a retirement plan. There are some NRIs who work till their retirement age but there are some who are satisfied with their life savings and prefer to retire early instead. Both of these stances are okay, so you need to decide what it is that you think is right for you.
3. Place of settling
If you have been settled well outside of India and have no plans of coming back home and spending the rest of your life in the country away, it needs to be a thought in the part of your retirement plan. When planning for a retirement plan, it is necessary that you focus on the place you are planning to settle. It could be anywhere but having a notion of that can heavily influence the kind of plan that you opt for. Many NRIs think of coming back home if they have their family back in India but if they have their family settled with them outside, chances of homecoming are quite less because they prefer not to uproot the habit built over so many years.
4. Goals and commitments
Another important factor that you need to chalk out before making an investment with the retirement plan is knowing what kind of future goals and commitments you have. This can be a very important influence and deduce the kind of investment you need to make now to ensure that you are able to achieve those goals and commitments later in life. Envision your future today and make the plannings on the basis of that. That is always often a good start. This is also important because an NRI needs to make the planning based on the kind of currency that they are going to spend following their retirement.
5. Consult a financial advisor
Another important factor that can further influence the overall prospect of your retirement plan is by ensuring that you consult a financial advisor who is known well around. The last thing you want is to end up investing your money with someone who is a fraud. Consulting a professional financial advisor can also help in guiding you along the right way, thus ensuring that you don’t have to regret any part of it. If possible, try to connect with an advisor who has a good online presence. This will ensure better accessibility with him, thus helping you plan things better.
6. Tally the pros and cons
Before you start investing in your retirement plan, it is important that you make yourself aware of all the pros and cons. More than anything, this is a necessity you can’t do without. Don’t rush into the process unless you are planning today and retiring tomorrow. Since you already have so much time on your hands, it is best that you hold your thoughts, consult with someone who knows what they are saying and then proceed according to the needs and the future requirements.
Retirement plans are a very crucial part of one’s life. As an NRI, if you want your life to go smoothly without any kind of roadblocks, it is important that you do focus on getting some of the important guns out and plan things ahead of time.
