You have worked very hard and after years of hard work planning your retirement. But you get a little nervous because you have heard a lot of stories of people getting retired and having no source of income. Here are a few points for you to validate if it’s your time to retire.
1. You are financially prepared
This is the most important thing one should consider. You should be financially prepared. There are a lot of good investment plans that you can use to live a happy retired life. Check how much your provident fund will pay you each month and what will be your expenses.
2. You have no debt
Ensure that you have no debt left to clear. You have paid off all your home mortgage and cleared all dues. During retirement you will be on a budget so paying debt at that time would not be recommended.
3. You have people to take care of you
You have your spouse or your children who can support you if any difficult situation arises. Also, your children have grown and you don’t have to take care of them.
4. You have a health insurance
Many people neglect health insurance. People during this covid time have woken up focusing on their health and having health insurance. There are various schemes where you get a cover of 10000000 on paying a premium of 100000.
5. You are satisfied with your job
Ensure that you are completely satisfied with your job and are happy to leave. Ensure that you have achieved everything work-life-related and are happily retiring. Also, preplan some things to do in your retired life.
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