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How to manage money during retired life?

Created by : taranath joshi, DGM Operations, EOL,  | 07 26 2009 13:27:50 +0000
Industry : Management & Strategy ConsultingFunctional Area : Personal Finance(Personal Interests)
Keywords : retired life management
Activity:  995 views;  last activity : 07 06 2010 20:18:09 +0000

Retirement is the end of Job life - may be your normal retired life as per age limits/ may be voluntary/ may be forced due to recession or calamity or anythig else. Evidently, money plays an important primary role and relations play a secondary role.

How to manage this situation? anyway, sooner or later, this will come in everybody's life.

  
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Investment is important and this would attract helps later. Vs Relations are important and this would give way for money
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Yes money always is one of foremost basic thing. Its always good to plan our retirement life also. Todays generation parents also dont like depending on their children , they jus want to depend on their own earnings. There are people who work throughout their life. And there are others who retire at a certain age.Planning of retirement in one of the final stages is among the final decisions taken by a person.

Today we have varity of options in investment which always give a good return:

1 Mutual funds, insurance policies, pension plans.

2 Real estate

3 Jewellery

and many others

 

Depending on  ones own knowledge , we can go for any of the above investments. . . GO AHEAD AND PLAN!
By C Nijagunaradhya, Planning engineer, Aarvee associates  07 26 2009 14:08:05 +0000
 
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sir,

Managing money is a very important thing, doesn’t matter we are working or we are retired from job, we want to invest money to get good returns but to compare money with relationship will not be a good idea and its my personal view that its not a way to happiness after retirement but relationships are because we cannot buy friends to cure our loneliness.

Once a wise man said “The key to a happy retirement is to have enough money to live on, but not enough to worry about” so its important to have ample money so that we should be self sufficient but again money is only a medium of exchange of value for a value.. so the real question to ask ourselves is, what do we value?

I also don’t agree that- “younger generation will keep in touch only when you will have money” as it is only happening at places where there is no family value but we are Indian and that’s why movies like “Baghban” are still massive hits in our country. 
By Mohan Murari, Marketing Manager, Confidential  07 26 2009 20:59:59 +0000
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Being a finance student I feel investment during retired life should concentrate on regular income and maintaining enough cash balance for contingencies.

But I agree with taranath sir here. During retirement you will have more time for market research and based on the risk appetite can go for risky but highly rewarding investment options.
By Padmanabhan R, Articled / Audit assistant, Finance student  | 08 09 2009 19:51:03 +0000
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If you manage money and are self sufficient during your retired life, even younger generation would keep in touch with you. Your relations with younger generation is your power/ strength - because you tend to be physically weaker.

For this, invest is distributed avenues and reap returns in your old age. Identify the avenues right now and start working. Any moment is better for this.
By taranath joshi, DGM Operations, EOL,  | 07 26 2009 13:27:50 +0000
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investments on retirement plans is very helpful in forthcoming days
By challagali.venkateswararaju , B.Com student, distence education in andhra university,hyd  | 02 15 2010 14:52:11 +0000
Argue for "Investment is important and this would attract helps later."
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