Retirement is a golden period which signifies your freedom from your professional obligations. It’s the time to kick back and take it easy. But it is not so easy to retire anymore. With the soaring expenses and the rising cost of living, you must plan for your retirement as soon as you start your career. Only then can you create a comfortable retirement nest for yourself.
In addition to other investments, you should also invest in a comprehensive pension plan that suits your requirements. The best pension plan will differ for everyone depending on their expectations and their financial abilities.
A good pension plan offers:
- Financial security through regular income
- Cover for your spouse
- Extended accumulated savings
- Tax benefits
Once that is taken care of, it is time to start planning the specifics of your retirement. The very first thing to decide is the place to retire to.
What is an Ideal Retirement Destination?
Everybody has their own version of an ideal retirement destination. Some people retire to their home town or villages, while there are some who do not wish to move out of big cities. Others treat retirement as a new adventure and look forward to exploring new places and cultures.
For those who wish to retire to new places, an ideal retirement destination should:
- Be well-connected
- Offer all the modern conveniences
- Have affordable real estate and low cost of living
- Have well-equipped and reasonably priced medical facilities
- Have a low crime rate
According to a study by Cushman and Wakefield India, following are 5 of the best emerging cities in India which also make ideal retirement destinations.
Odisha’s state capital has a tremendous economic significance in eastern India. Apart from a string of manufacturing and IT industries, Bhubaneshwar is also an education hub. It is connected to major cities by air and rail. It now boasts of several multi-specialty and super-specialty hospitals. The cost of living is quite low and yet it offers all the conveniences of city-living.
Chandigarh holds the distinction of being the first planned city in India. It is well-connected by road, rail and air. It has the highest per capita income in the country and has some of the best infrastructural development. Chandigarh hosts an evolved healthcare infrastructure that is one of the best in the country. The many parks and gardens add to its allure as an ideal retirement destination.
Nagpur is an emerging healthcare hub in Maharashtra. With over 40% of Maharashtra's power being generated in and around the city, Nagpur enjoys a reliable power supply. Nagpur is also home to major healthcare providers that ensure some of the best medical equipment and technology. The relatively lower cost of living also makes Nagpur an attractive retirement destination.
The largest city of Gujarat has a well-developed transport infrastructure. Along with a rich history, Ahmedabad has a rapidly growing modern infrastructure. It is well-connected with the rest of the country. Its world-class medical facilities that are backed by strong government policies. With many residential townships coming up, real estate is affordable and plentiful.
Coimbatore combines a cosmopolitan culture, low cost of living and low pollution with good connectivity and rapid infrastructure growth. The consistent climate throughout the year also makes it a good retirement destination. Called the ‘Textile Capital of the South’, it is connected by three national highways, railway and an international airport. It also has one of the best healthcare infrastructures in Tamil Nadu.
Exploring new places is an adventure within itself. Do your homework thoroughly before deciding and your retirement will indeed be the golden years you’ve been planning for all your life.
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Doesn’t the thought of retirement sound blissful? No work, no deadlines, and all your hours spent doing the things you love, like travel, painting, and even napping in the afternoon! If you want your retirement to be what you have always dreamed of, start retirement planning now and save a considerable retirement corpus in time. The online Retirement Calculator can help you plan your future financial goals and ensure you achieve them within the stipulated time.
The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.
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