With increasing awareness about health and the availability of better medical facilities, our lifespan is certainly increasing. When we were young, if someone in the family or neighborhood passed away at the age of sixty or sixty-five, it was often said that the person had lived a full life. Today, it is quite common to see people living comfortably up to seventy-five or even eighty years. In this extended phase of life, proper financial planning is what ensures that our journey continues smoothly.
At this stage, we should not expect that we will be able to earn substantial income through new work. Most people do receive support from their children, but ultimately, it is the financial planning done earlier in life that brings real comfort and satisfaction.
Rising inflation affects senior citizens as well. The cost of everything continues to increase. While one’s needs may reduce with age, certain basic necessities—such as food, living expenses, and most importantly, healthcare—remain unavoidable. Even these basic expenses are steadily rising month after month.
We must have a clear and realistic understanding of our savings. There should be no misconceptions. It is advisable to consult a trusted financial advisor and invest savings wisely to generate optimal returns. One important precaution is to ensure that all details of assets—bank accounts, loans given, investments, insurance, etc.—are shared with one’s spouse or a trusted person. Preparing a will is also very important. These are essential safeguards.
At this stage of life, we must consciously avoid unnecessary show and extravagance. We should not spend merely to match others. If we can firmly decide not to worry about “what people will say,” a significant burden will be lifted.
There is a saying, “Money saved is money earned.” In other words, whatever we save is our own income. This means we should avoid unnecessary expenses wherever possible. For instance, if you need to visit the market two or three times a week, better planning—such as making a list and completing all purchases in one trip—can reduce costs. Fewer trips mean savings on travel, less exposure to pollution, and less stress from traffic.
It is also important to assess our living arrangements. If a large house is no longer necessary, considering a smaller residence is not a bad idea. Similarly, moving away from expensive areas or big cities can significantly reduce costs. Some people choose to keep paying guests or rent out extra space to generate additional income. However, proper precautions must be taken to ensure safety.
In today’s world, both men and women are usually working, unlike earlier times. Therefore, financial planning must consider the needs of both partners. Couples living alone often worry about what will happen to the surviving partner after one passes away. The advantages of joint family living become especially evident at this stage of life. Unfortunately, due to personal interests, lack of patience, and ego, we tend to overlook this.
It is very important for today’s younger generation to understand these realities. They must become aware of their future needs in advance. Observing what is happening within their own families or among relatives can provide valuable insights. They should not hesitate to seek advice from elders, setting aside their ego. Professional guidance from chartered accountants or HR departments can also be helpful.
One should never think, “We will take care of all this after retirement.” Financial planning is even more important for the young today. While no one can predict the exact circumstances of the future, it is certain that everything will become more expensive. Therefore, planning for the needs of later life must begin now.
Shubham Karoti Kalyanam! (May all be auspicious and well)
Author
The author is the founder of the Never Say Retire mission. In order to achieve this goal, he also runs this website and his Facebook group Never Say Retire Forum has Hundreds and Thousands of members today.
