With inflation going up and everything becoming expensive, just saving for the future might not be enough. That said, you need ways to make sure that you are financially stable and independent post-retirement as well. Below are 5 ways to be financially independent post-retirement. Team RetyrSmart
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Being financially independent is ideal at every stage of life. Following retirement, some people receive a monthly pension which is in no way comparable to the income before retirement. People save money for when they retire; there are provisions such as PF and gratuity as well. However, at a time when inflation is growing every year, what you have saved might not be enough to sustain you post-retirement.
There are ways for you to still be financially independent after retirement. Read the article to find out 5 ways how you can still earn post-retirement.
1. Earn: Just because you retired, it does not mean you can not work somewhere else anymore. If you find yourself still wanting to work then choose something that suits you and pays well too. You can choose to be whatever you are good at. Even if you don’t want a regular job you can work as a freelancer. This will give you an opportunity to not just earn but to also save further in case of emergencies.
2. Investment: You can earn money post-retirement even without another job. Mutual Funds are a good investment option. You can look into all the mutual funds out there and choose what offers you good returns. Since mutual funds are of many types you can choose the one that suits your requirements the best.
3. Systemic Withdrawal Plan: If you are accustomed to the fixed income every month then you can always opt for the systemic withdrawal plan. You just have to specify the amount of money that you wish to receive every month. With the help of this plan you can enjoy regular monthly income post retirement as well.
4.Rent: If you have some property like another house or flat you can rent it out. It will be steady source of income. Nowadays a lot of people especially students and employees look of rented apartments, flats and rooms. Before getting a tenant make sure to inquire thoroughly about them. Once you are completely satisfied with the profile completely, make them fill necessary forms so that you have all the details in case required later. Monthly rent will be like monthly salary which can make you financially independent.
5. Health Insurance: Treatments are getting costlier and in old age you are more prone to diseases that is why it is important to have good health insurance cover. In case you did not get a health insurance policy earlier, you should take one immediately. Make sure the policy covers all you need or might need later in life. If you are married make sure your partner also has a health insurance cover. These health insurance covers help in case of exigencies.