How should Elderly in India Plan their post retirement life?

As per a report, nearly 20% of India’s population will comprise of elderly by the year 2050. Furthermore, the number of people above the age of 60 years is expected to increase by 270% between the year 2006 and 2050. Better medical facility, nutrition and healthier lifestyle have increased the life expectancy of people in India. This increase in the population of the elderly is a matter of grave concern and there is an urgent need for the implementation of Government policies and social reform, specifically for the senior citizens.

Old age is an inevitable part of life. People who have lead a very active life end up feeling extremely disillusioned post retirement. Suddenly, a busy life is replaced with a void. However, if one wishes to continue living a fulfilling life, this new phase of life presents new opportunities. Fortunately, in the last decade or so, there has been a paradigm shift in the concept of retirement in India. It is no longer looked upon as a period of despair; in fact people look forward to their retirement so that they can lead a comfortable and relaxed life. 

Many people have elaborate plans for their post retirement life and they start preparing for it while still young. It’s difficult to specify the exact age when one should start preparing for a retired life. However, one should start saving up during the productive years of life, which is usually between the ages of 25 to 50 years. The earlier you start saving up, the more funds you will have at the time of retirement. Also, start determining your retirement needs by the age of 40. Go for regular health checkups as a preventive measure to keep you healthy and safe. Opt for healthier life choices, which will go a long way to help you secure good health. To sum up, look into your finances, at the same time invest in good health.

Financing a house is yet another integral component of a post retirement plan. Due to jobs and professional assignment, people change their home and city every few years. However, upon retirement, everyone wants to finally settle down at place that befits their need and requirement. But finding the right home can be a challenge.  To help you make the best choice, here are some questions you should find answers to.

What kind of house do I need?

At the moment, the real estate is booming with options. You have the most luxurious homes, villas and 4 & 3 bhk flats in cities like Noida, Gurgaon, Greater Noida, Pune, Bangalore and other tier II & tier III cities in the country. While living in an independent home or villa is a great option in terms of space and privacy, the upkeep of such an establishment requires a lot of effort and time, something that will become a problem over a period of time. For an elderly couple, living in a high rise building in a gated community with guards and proper amenities is a great option. Such societies of complexes have all the modern amenities, maintenance staff, and power backup that will make every day living hassle free and convenient.

Which city should I buy a house in?

In the last few years, a good number of elderly prefer to buy a house in big cities like Noida, Gurgaon, Bangalore and even Mumbai. This is particularly true to retired defense personnel and NRI who are returning to the country to lead a quiet, retired life. Some people may feel that coping with life in a big city is challenging. While this may be true to an extent, there are some definite advantages as well. To begin with, big cities have the best hospitals and medical infrastructure which is an essential requirement for the elderly. In addition to that, there are ample opportunities for elderly to engage in different kinds of activities. Some may even want to work post retirement. Conversely, if you desire to lead a laid back and relaxed fine, places like Dheradun, Ahmedabad, and even Goa are a good post retirement destination for the elderly in India.