Things You Need to Do in Your 50’S to Enjoy Your 60’S
Published by Sharekhan Education | April 8, 2020
Things You Need to Do in Your 50’S to Enjoy Your 60’S
Reading the title of this article many of you might wonder what we are going to discuss today. You got it right, that’s exactly what we are going to discuss – Your retirement readiness. To enjoy your 60’s means to enjoy your retirement and this is possible only if you have loads of money.
For the common man and woman of course, you need to plan well in advance, ideally as soon as you start earning. While in your 50’s you need to assess your retirement readiness i.e. how close you are towards achieving this goal. So let us quickly check how ready you are to retire.
THE FOLLOWING POINTS WILL ASSESS YOUR RETIREMENT READINESS:
- How close you are to your goal (retirement)? Having set your retirement target much earlier now is the time you need to assess how much on track you are in achieving this. Recalculate your requirements and tweak your investments accordingly.
- Do you have sufficient health Insurance? Hospitalization and medical emergencies can significantly drill a hole in your retirement kitty. To avoid this you must ensure that you have adequate medical cover. If not, bridge the gap; buy a new policy if needed.
- What are your plans to manage emergencies? Emergencies can strike unannounced hence it is primarily important that you are ready to tackle it head on. Revisit your emergency corpus and take corrective actions.
- Check on your portfolio’s health – Now that you are closer to your goal you need to periodically check the performance of your investments & if needed replace the non-performing investments. As you close on to your goal slowly tapper the equity portion of your portfolio and increase the debt portion.
- Reduce your liabilities – To ensure you are debt free in your 60’s pay off your loans as quickly as possible. Do not take new loans, use credit cards wisely and have a debt management plan in place for existing loans.
So friends to enjoy your 60’s you need to start planning in your 20’s. But in your 50’s you need to assess your retirement readiness.
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