Retirement Kitty

Retirement: Embrace holistic planning

There is more to retirement planning than ensuring enough monetary corpus to last out a long retired life (almost as long as the working career itself). Unfortunately, even corporate executives nearing retirement, do not think about retirement at all and the few who do, concentrate on the monetary resources required for retired life. As the example of my friend Yogesh shows even a well planned retirement plan can have it’s twists and turns but is better than none at all. Harsh’s article in the business standard. Your comments and suggestions are welcome as always.

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Avoid financial dependence on children post retirement

You are likely to live well into your eighties or nineties & there is a distinct possibility you will spend the last few years of your life being physically dependent on your children. You have an obligation to work on your wellness to minimise that possibility. Like the airline announcement about putting on your own oxygen mask first before helping others, make provision for your own (and your spouse’s) retired life before distributing the deceptively “large” looking retirement kitty among your children. Involve your spouse in every discussion to avoid making the spouse dependent on the children after your death. Also, make a clear will to avoid disputes among your children. On investment of the retirement kitty remember the old saying that a fool and his money is invited to every wedding in town. Make an effort to get invited to the good weddings in town. Don’t be lazy and only choose from the weddings you get invited to. Harsh Roongta’s article in Business standard today

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