If you ask any employee what are your retirement plans. He will offer his own views which will be differ from other employee’s retirement plans. Retirement planning is relating to utilization of money and fund in consumption and investment purposes which employee receives at the time of his retirement. In this amount, he can receive provident fund, maturity amount of his insurance policy and gratuity dues.
Employee can take dream to live in good and newly built residential house or he can plan to travel whole world or his own country. Some of employee can think to invest in residential house to realize their dreams. Other may invest their money in risky but high ROI schemes. But according to my view, retired persons should priority only invest in secured investment. They should understand that they earned their money after working life hardwork. It will become water, if they capture in bad investment schemes.
I know one retired person who invested all his money in house construction business by creating partnership. Because, he did not know housing construction business, so after making of houses, no house was sold by them after spending of 4 years. Now, their whole retirement money has bound in houses which are not generating minimum interest earning. Many of us, waste money in real estate market without knowledge. If you are going to retire in this year or next 30th year, pick the note book or google note book and write year all retirement planning.
I can help you what are your main retirement planning
1. To buy car
2. To go to travelling and fun tour
3. To use money in enjoy with family
4. To support children in their career or business setting
5. To support children in their marriage
6. To open old age home
7. To open orphan home
8. To open school where poor students are taught freely
9. To invest money on health
10. To donate all retirement money to Wikipedia, relief fund or any other NGO
11. To invest in any scheme of financial company for getting earning a satisfying income
12. To live your life on pension
13. To create Contingency reserve
After this, analyze what will be your source of earning after your retirement. Will it cover all your expenses when you will not get any salary or pension from govt. or employer. Prefer secure earning and increase the sources of earning. Try derivative market, hedge fund or mutual fund for creating more source of earning without risk.