Have You Made Your Retirement Checklist Yet?

Table of Content

1. Pay off your loans before you hang your boots

2. Estimate how much monthly cash you'll actually need

3. Make room for some income, even after retirement

4. Sort your health cover, not just for now but for later

5. Talk to your family, don’t assume they’ll just ‘figure it out’

6. Write down what you actually want from retirement

Creating an early retirement plan is a good start for the future. You would have invested in multiple tools to ensure you live comfortably. That’s a solid start. But money alone doesn’t cover everything. To retire well, you also need a checklist. A guide to remind you what to fix now, so life feels lighter later.

#1 Pay off your loans before you hang your boots

Carrying debt into retirement can ruin peace of mind. Even if the monthly EMI feels manageable today, it won’t be the same when there’s no regular salary coming in. Let’s say you retire with a ₹50 lakh corpus, but ₹10 lakh goes to clearing pending dues. That’s 20% of your savings gone at the starting line. It doesn’t sound ideal, right?

So start ticking this box early. If you’ve got five years left to retire, map your repayment timeline today. Don’t rely only on bonuses or sudden gains. Create a fixed monthly plan to close out each loan. And if it means downsizing or avoiding that next gadget upgrade, do it. That freedom will be worth it later.

#2 Estimate how much monthly cash you'll actually need

Most people get this bit wrong. They assume they'll spend less in retirement. But electricity bills stay the same. Groceries go up. Medical costs rise faster than anything else. You may not be buying work clothes or paying for daily commutes, but other things come in. Gifts for grandchildren. Repairs around the house. A few short trips to see family or friends.

If your current monthly spend is ₹50,000, expect at least ₹60,000 or more post-retirement, adjusting for inflation. And keep in mind, you may live longer than you expect. A 35/40-year-old today could spend 30 years in retirement. That’s a long time for your money to stretch.

Build a monthly sheet. Write down real numbers, not guesses. Include fixed needs, wants, and a buffer for surprises. Then see if your current savings plan can support that figure for 25-30 years. If not, it’s time to adjust.

#3 Make room for some income, even after retirement

Retirement doesn’t always mean stopping work completely. It can just mean stepping back from the grind. You could teach part-time, offer consulting, or manage a rental property. Some retirees even turn hobbies into side income such as baking, gardening, or stock photography.

Why does this matter? Because your investments may not always beat inflation. Markets are known to change. Expenses can rise without warning. And even a small income can help you stay independent longer.

So, add this to your checklist: What’s one skill you have that can earn ₹5,000–₹10,000 a month, without much stress? It doesn’t have to be now. But plan for it, write it down, and keep it in mind. That cushion can make a huge difference.

Alternatively, consider investing in a retirement plans. These plans come with dual benefits. One, it provides maturity and death benefits. The funds from the payout can be used to fulfil your and your beneficiaries' financial goals.  Another benefit is retirement income in the form of pension. This can either be received as a lump sum amount or you can get a certain amount monthly, or quarterly. 

#4 Sort your health cover, not just for now but for later

This one’s non-negotiable. You may be healthy now, but your 70s and 80s will bring changes.A single hospitalisation for something like pneumonia or a minor surgery can run into lakhs.

Hence, check your existing policy. Will it still cover you after 60? Does it have limits for room rent or co-pay clauses? If you’re depending only on employer insurance, that’s risky because it usually ends when your job ends.

A good health insurance policy with lifelong renewal is a must. Also, think about critical illness plans or riders that can be added to your savings plan. Many riders are known to offer lump sum payouts if you are diagnosed with serious illnesses like cancer or heart disease. Having one in place early can help manage not just hospital bills, but also home care and other expenses.

#5 Talk to your family, don’t assume they’ll just ‘figure it out’

This part is often left out. You may have your retirement plans sorted in your head. But do your spouse or children know the details? Where the investments are? What the passwords are? Who to call if something happens?

Make a simple document which will have the following:

1. Policy numbers, mutual fund folios, demat accounts, FD accounts etc.

2. Nominee details

3. All your bank account information

4. Financial advisor contacts.

5. Passwords and login credentials of digital products

Share it with your family, even if briefly. Add it to your retirement checklist.

It may feel awkward to talk about it now. But it’ll save your family weeks of confusion later. That’s one of the biggest gifts you can give them is clarity.

#6 Write down what you actually want from retirement

This one’s not about money. It’s about how you want to spend your time. A checklist isn’t only for numbers. It should include dreams too.

Do you want to live in a quiet town? Travel to one new place every year? Volunteer at a school? Learn music? Retire near your grandchildren?

If you do not know what you want from retirement, you may fill your days with TV and old worries. So write it down. Put it on your fridge. This is the part of the checklist that makes the rest of it worth doing.

Retirement isn’t just a date in the future. It’s a full chapter. And like any big chapter, it needs more than just luck or instinct. It needs a plan, a checklist.If you are unsure about where to start, consult with an advisor. They will be able to help you go through this step and create a plan that can make a big difference. 

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ARN: ED/08/25/25708