Taking Guard In Second Innings....

Hello friends

Today is Ganesh Chaturthi which is a very important festival for us in India.
It is also known as Vinayak Chaturthi that reveres God Ganesha. This festival celebrates him as the God of good beginnings, prosperity and obstacle remover. It lasts for 10 days.
So I also thought of making a beginning on another good topic which is on how to keep on working post retirement.
During professional career, all of us plan for our financial goals to cater to different phases of our lives and try to achieve them. It's a different matter all together whether post retirement needs are adequately taken care of in the calculations because most of us might not have been able to do it correctly. And especially in today's scenario when people do not have time for such planning it still becomes more difficult for them. In fact by the time you realize you are already there and ill prepared to lead a comfortable life post retirement.
There is a big difference in the month prior to retirement when you get you last pay cheque and the next month when you cease to get it. There is a sort of mental turmoil and you take time to adjust to the change scenario. But this can be faced with confidence and composure if you are well prepared for it by planning well in advance.
Also one would like to keep on working for few more years, say till the age of 65 to 70 years because it is not only a need in the current scenario but it also allows people not only to keep themselves engaged but also physically and mentally fit.
I for one found it very difficult to kill time post retirement though it was enjoyable for 2 to 3 months immediately after retirement.
 With increased longevity more and more people are choosing to work after retirement. Whether by choice or not, one thing is clear - it requires a lot of patience, perseverance and careful planning to build the 2nd innings career. You may have to change your lifestyle, plan finances and acquire new skills and knowledge. Ideally most learning has to be done during earning years, especially the finances.If you want to work after retirement because you were not able to save enough during working life, the 2nd innings career can be an opportunity to make amends.
However, there is another school of thought that one should retire early and live out of passive earning which a small percentage achieve.
It is also true that a few people can get extension for a few years in private sector companies but this caters to a very small percentage. The best way is to prepare well in advance by giving due consideration to all available options. It also goes without saying that one can always take help of experienced people in this regards.
The following may be considered by those who would like to be in the first category :
 1. Consultancy
 2. Teaching
 3. Professional speaking and writing
 4. Get attached with an insurance company
 5. Get attached to a mutual fund organisation
 6. Make hobby your career, say photography, sports, review writer etc
 7. Set up business on e commerce platform
 8. Blog writing
 9. Affiliate marketing
10. IT related activities, launch your own website
11. Child care
12. Equity market
13. Restaurant
14. Cab service
15. Proof reading and correcting
16. Copy  -  pasting
The above are a few areas which one can consider depending upon your expertise acquired in professional career but the important thing is to try to start learning about the same well in advance so that you are ready to undertake a smooth transition when the need arises. But one can add many more to the above list.
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Self employment is a little tricky.You need funds to set up your own business and also keep running your household. You can build the corpus required for the business with slightly higher exposure to equity but be a bit conservative on household expenses.
Whether you decide to extend your tenure in the current job or start a business or work part time in the field of your expertise or enter a new field, the key to success is to do something you love, albeit with enough resources to back the new beginning.
If someone has entrepreneurial capabilities he or she should never sit at home. All you need to do is to take the plunge and be passionate about your work and the rest will automatically fall in place.

Life is more beautiful, meaningful and productive when you choose to do something fruitful in the 2nd innings of your life.

Let us chase our dreams and make a career out of them.

Excited to be alive every single day


My blogs can be viewed on
https://familyisreal.com
kumarskumar.blogspot.com
My blogs @ SK 1955 on FB
@skumar272010 on twitter











1.

It's never too late ...

It's a little over two weeks since I posted my last blog. This is because I have been travelling for celebration of a special family event which is held on yearly basis. It has been a memorable event and this is what we look for as we catch up with our age. I could see, feel and be a part of the happiness which swept all of us. Time flies...Isn't it ?

But I also observed the changes in our physical appearances, the health related issues and other things which all of us are confronted with one way or the other.

This brings us to a very important topic of healthcare for senior persons.

In this blog of mine I continue on my favourite but very important ongoing topic of financial planning and security. And this blog is to do with health insurance.

With no formal training in the earlier days and even now to a large extent for that matter, many of us are not equipped to lead a comfortable post retirement life when the basic needs are confined to day to day living and health care apart from other activities which may vary from person to person. 

As we approach our retirement we are faced with possible monetary and emotional anxieties during impending retirement years. We are deeply concerned about funds for healthcare even though many  of us may be having guaranteed pensions for life. We have to accept that old age comes with high probability of medical needs and here comes the health insurance into picture. Nobody wants to be dependent on their children for this need because they themselves have to look after their own selves and their families. Moreover social security is not available everywhere and hence most of us in India are on our own when it comes to health insurance.

But this is one part of the story. The other part relates to what we have to offer to such people. 

It is not easy to get a fresh health insurance policy without a number of restrictions and exemptions and with affordable premiums. Also there are not enough insurance plans to cater to unexpected requirements. And to top it all there can be major ailments which may not have adequate protection in terms of insurance.

Though some changes have taken place in the last few years but there is still a lot to be done to help senior persons in their sunset years. What really is needed is to understand the real issues and bring in laws to make it convenient and with affordable premiums.

In many countries we can find insurance companies offering long term health care policies. The premiums are required to be paid during entire working life of a person enabling him or her  a secured insurance cover post retirement. This is what can be introduced everywhere for the benefit of elderly human beings.

The best way forward in my opinion is to keep a check on our health right from the very beginning so that the requirement of medical care other than routine is minimized. Also let us decide not to switch over to total retired life immediately after retirement but get involved in mental and physical activity like yoga, walking, reading, travelling etc. which will certainly go a long way in keeping ourselves fit. In fact this must go on even till our last breath. This apart we must have suitable health insurance policy, renewed every year in time.

And above all we should be in constant touch with ever evolving world and use it to our advantage if need be.

It's never too late to make a beginning ...

Enjoy life till the last breath ...



My blogs can be viewed on
https://familyisreal.com
kumarskumar.blogspot.com
My blogs @ SK1955 on FB
@skumar272010 on Twitter

It's never too late ...

It's a little over two weeks since I posted my last blog. This is because I have been travelling for celebration of a special family event which is held on yearly basis. It has been a memorable event and this is what we look for as we catch up with our age. I could see, feel and be a part of the happiness which swept all of us. Time flies...Isn't it ?

But I also observed the changes in our physical appearances, the health related issues and other things which all of us are confronted with one way or the other.

This brings us to a very important topic of healthcare for senior persons.

In this blog of mine I continue on my favourite but very important ongoing topic of financial planning and security. And this blog is to do with health insurance.

With no formal training in the earlier days and even now to a large extent for that matter, many of us are not equipped to lead a comfortable post retirement life when the basic needs are confined to day to day living and health care apart from other activities which may vary from person to person. 

As we approach our retirement we are faced with possible monetary and emotional anxieties during impending retirement years. We are deeply concerned about funds for healthcare even though many  of us may be having guaranteed pensions for life. We have to accept that old age comes with high probability of medical needs and here comes the health insurance into picture. Nobody wants to be dependent on their children for this need because they themselves have to look after their own selves and their families. Moreover social security is not available everywhere and hence most of us in India are on our own when it comes to health insurance.

But this is one part of the story. The other part relates to what we have to offer to such people. 

It is not easy to get a fresh health insurance policy without a number of restrictions and exemptions and with affordable premiums. Also there are not enough insurance plans to cater to unexpected requirements. And to top it all there can be major ailments which may not have adequate protection in terms of insurance.

Though some changes have taken place in the last few years but there is still a lot to be done to help senior persons in their sunset years. What really is needed is to understand the real issues and bring in laws to make it convenient and with affordable premiums.

In many countries we can find insurance companies offering long term health care policies. The premiums are required to be paid during entire working life of a person enabling him or her  a secured insurance cover post retirement. This is what can be introduced everywhere for the benefit of elderly human beings.

The best way forward in my opinion is to keep a check on our health right from the very beginning so that the requirement of medical care other than routine is minimized. Also let us decide not to switch over to total retired life immediately after retirement but get involved in mental and physical activity like yoga, walking, reading, travelling etc. which will certainly go a long way in keeping ourselves fit. In fact this must go on even till our last breath. This apart we must have suitable health insurance policy, renewed every year in time.

And above all we should be in constant touch with ever evolving world and use it to our advantage if need be.

It's never too late to make a beginning ...

Enjoy life till the last breath ...



My blogs can be viewed on
https://familyisreal.com
kumarskumar.blogspot.com
My blogs @ SK1955 on FB
@skumar272010 on Twitter