5 Things to never do after you Retire

Here are unpleasant surprises to avoid in your golden years, when you are looking forward to enjoying life. Starting to save later, neglecting your health among other things, can lead to some nasty surprises once you get there.

Avoid these nasty surprises:

1. If you need to get yourself a dream home or a car, banks will queue up to lend to you. Education loans for your children are also fairly easy to get. But no one will lend to you, to lead a comfortable retired life unless you are willing to reverse mortgage your house.
   
   So realizing that you do not have enough after you have retired is a problem to say the least! Some estimates say that Rs 1 crore to Rs 5 crores is required. It’s not a one-size fits all kind of situation. Sit down with a financial planner and figure out what you will need to save without letting these numbers intimidate you.
    
2. On the flip-side, unlike most other goals mentioned above, you have a greater influence on how much you need or what things cost. So, how much your children’s education is going to cost you, is much more in the institute’s (the one he/she decides to go to) control than in yours. Likewise, for your house, the real estate market is not in your control. We are not suggesting that you adopt a ‘chalta hai’ attitude but rather that you keep things in perspective.
   
   However, your future expenses do not inflate as several estimates might suggest. Some things like family size, daily commute and leisure plans can change your consumption of several items. In a way, future inflation gets balanced with your altered, more toned down lifestyle.  So, stop worrying too much about inflation, and get started saving for retirement right away, with however little per month as you can manage.
    
3. Retirement is the worst time to start taking your health seriously. Healthy eating and exercise habits go a long way in reducing your expenses as you grow older. Conversely, healthcare costs (especially given recent inflationary trends in this area) can dig a huge hole in your savings, if you don’t have adequate health insurance (see how much you should have here).
   
   Health insurance is too expensive if you decide to buy only after you retire. Taking your health seriously right away, is the best decision you will ever take. Not relying on your employer (since they won’t be there for you after you have retired anyway) is a very distant ‘next best’ option!

 

It is also not the right time to churn your portfolio and Retirement Insurance Policy in a more aggressive manner. If anything, this should have been done years before you retire. Later you should be more conservative with your money. Playing the stock market at this stage of your life, will leave you with no buffer if you lose money, as you no longer have a steady income coming in.

4. Don’t co-sign loans or put up your savings/investments/property as collateral for anyone. 

Do these things well in time and protect yourself, and you are all set to enjoy your retirement years in a carefree manner.

[Source: https://www.tomorrowmakers.com/articles/retirement/5-things-to-never-do-after-you-retire]