NRIs live a healthy and growing life overseas but some still wish to stay rooted in their homeland. This means when planning for retirement, ask yourself a question at what age do I want to retire?’ or ‘what city do I vision myself spending the rest of my life?’ or what kind of lifestyle do I expect to lead and other things related to managing the expenses related to healthcare, taxes, kid’s education, and emergencies. As you reach the phase where you wish to start planning the life after retirement, you really need to start planning for it. Those who are NRIs, usually don’t have many options but two; they can either stay abroad making a living there even after retirement or can move back to India. Whatever you decide, it will take a lot of planning. Since a lot of people prefer coming back to the homeland to stay connected to the roots, it is important to plan the retirement having an expert on board, to help you with everything, especially on the financial part. You need to understand that having a reliable backup plan or retirement plan is a nice way to keep your new chapter in life planned and all set.
Well, fret not! Below we have listed some of the tips that will help you plan your life after retirement better and financially healthy…
a) Plan Properly: You can begin investing at an early phase with a long-term plan. In case you wish to retire by the time you hit the age of 60, it will be beneficial to try and start investing as soon as you enter your 40s. In case you plan to switch countries once you retire, assess your ability to adapt to the new climate and culture. This means considering the cost of relocation, investing in a new home, getting all the furniture in place, and many other things that need to be factored in. by planning properly you will have a sufficient amount of money to fund and live a rich life after retirement.
b) Factor All Perks and Snags of Investment Plans: You need to consider everything- pros and cons, not just when you are planning for retirement but with any investment. It helps a lot to research before you invest your money in anything. You can simply begin by considering all investment insights and can get an expert opinion- it will help you build a better and reliable investment ground.
c) Estimate your Financial Needs with Precision: You need to estimate your life after retirement in terms of financial needs quite accurately. When estimating that life, you need to set a retirement budget and considering cost appreciation. You must understand that your expenses will be a quite higher than what it is currently. This is why you need to factor in all the expenses you might have to deal with as a retired person with no job in old age, including healthcare expenses or even expensive damage because of natural calamity and whatnot.
Delivery for Risks and Returns: in case you are considering a high-risk high return investment, believe it or not, it will help you a lot to invest when you have a horizon for longer investment.
What to Look for When Considering Investment Options?
You must understand that there are various investment options for NRIs in India, They can consider many investment choices available as some of them, we have listed below…
a) Equity: NRIs can consider investing in equity via a Demat account that is linked to the NRO or NRE account. Those who don’t wish to take risks of investing in equity can steer themselves to the MF route as that is managed by an experienced fund manager.
b) Mutual Funds: This is something that we all know and understand, well for all those NRIs living in different countries except Canada and the United States of America can consider investing in balanced funds, equity funds, liquid funds, and whatnot. Although those who live in the US and Canada, don’t worry, as you can invest in selective schemes of Mutual Funds.
c) Fixed Deposits: In retirement planning, one thing that you have to consider is retirement savings. They play an important role as financial assets in the long term. You, as an NRI, can consider investing in fixed deposits in FCNR and NRE accounts to get tax-free interested.
Now, if you are planning to retire in the homeland, getting in touch with one of our experts at Connecting NRIs will be beneficial. Having years of experience and extensive knowledge about property management and the bank realm, we can help lift the stress of NRI Selling Property in India easily. We know how to deal with all the tasks and dealing with banks, financial firms, and property management.
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