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Retirement In Path Of Transition

RETIREMENT - IN PATH OF TRANSITION

Stay Happily Retired -earlier this phrase was always considered as an oxymoron. But thanks to the profound influence and availability of alternatives for everything from pin to partner in our education, opportunities, life style, expectation, growth and career path there has been a sea change in the mindset of the people while thinking about retirement.

Earlier this has been inadvertently considered as a complete withdrawal from active life .This is actually not so. We can understand that retirement is a happening   which confines itself to the active working life but seldom active life. After all employment is one of the phases of life even it carries vital meaning and importance.

This article attempts to high light how the attitude towards retirement is changing gradually both globally as well as in India where the concept of Retirement planning has just stepped in and miles to go further.

 

THINKING GLOBALLY - LOCALLY:

Attitudes toward retirement were primarily influenced by social background, expectations of a pension, participation in retirement planning activities, having an anticipated time for retirement, worker identity, and self-concept factors, earlier attitudes toward retirement, and self-esteem. Further,   the pension expectations, retirement planning, earlier retirement   thought and identity as a confident worker also significantly contribute in building positive feeling about retirement.

In the mid 1990s the average earnings of an individual saw a steep growth northwards. This  Vitamin -M (Money) is the first and foremost factor which fortifies the idea of "Life After Retirement". So once the foundation -monetary capacity- is strong the rest can be taken care well.

It has become absolutely necessary that during ones prime time itself one has to start a  prudent planning , execution of those plans at appropriate hours and strictly being committed making it finally worthy.

• Plan
• Execute
• Check
• Compare
• Appraise

As mentioned earlier how smart one in saving for his rainy day depends on many factors, the primary criterion being the last employment and the retirement plans to win the mad race successfully. One has to have a clear vision while saving for future by perfectly maintaining the present

Indians are in no way exception to this "enhancement" in this concept of retirement. In fact they are more prudent than their counterparts in planning and prioritizing. They are more committed, wise in saving, not having unneeded lavish life style. But there is a significant degree of variation in the outlook even though the underlying concept is same. Indians in general pessimistically orient themselves towards Health status post retirement, level of dependency & Independency. Their sense of family commitment super imposes all the other criterion to be looked into. They are emotionally more bound or even more black mailed to the extent  they forget about their own life, health care, little but important wants and needs, their social status, their social mix-up, long cherished passion ... the list is endless.

 Like "every penny counts", "little drops Make huge ocean" they were very futuristic in approach ,start their  responsibility of  saving very early for their successive generation .They seldom list themselves in their priority chart even in their pantaloon stage.

But now thanks to western influence in one way Our stance towards retirement has indeed been revolutionised. It is very nice to see our elder public going for health check ups, holidaying, pursuing their passion and at the same time their fulcrum is fixed fanatically on the entire family. In nut shell they have widened their ambit sort of proving to the world that I,ME,MINE all can be taken care even if you think  WE,OUR.

Retired Life is just another episode in an individual life but not termination of life. With proper planning retirees can rejoice their life with no panic of penny pinching even when the economy screeches to sickening halt. No doubt every one's life will be chequered with many ups and downs, but what is important is how comfortably one can make their stay in this world and what  he contributes  to the society.

There is a saying "Death is unavoidable but dying in agony is terrible". So one has to LIVE the life completely carrying its essence. Ones life should end with a roar but not with a whimper. By making Hay when the sun shines ,it is possible to achieve any feat which seems impossible.

 The only nightmarish interrogations that an individual can feel is when to plan, how much, how to implement, how to gauge the performance, re-evaluate the performance, what will be the yield etc., This can be tackled with great ease with a proper guidance of a finance expert. I am sure one can create the much needed cushion for their "easy Chair". With the myriad options like bank deposits, post office deposits, company deposits, mutual funds, ULIP and annuities, equities, gold and silver, investment in vehicles, life ,non-life and health insurance and last but not least provident fund one has to plan with a purpose and certainly one has to be an early bird when it comes to saving. These hormonal changes in the mindset of the people are  of course a welcome change.

 

 

 

 

About the Author

Sudha Krishnamoorthy is a Physics graduate,holds a masters degree in Business Administration with specialisation in Finance.She is also a cost accountant and a certified Financial Engineer.She is more into penning articles appealing to commom people with no lavishing jargons.She can be reached at – vsudhakrish@yahoo.co.in