Starting financial planning for old age after being retired or at the period between 50 and 55 is like “Locking the stable door after the horse is stolen.” So, it is always a better option to initiate saving and making investments as soon as possible. This has to be known to everyone that financial freedom plays a crucial role in securing a healthy life and social relations.
These days, we can see that going on in most of the families around us that a vast number of old people must live alone and without any support from the family because of the relocation of younger people for better livelihood and opportunities and due to the trend of the nuclear family system. They must manage all their needs and requirements on their own even if they don’t have enough money and income; their life becomes more difficult as they don’t get enough care and support. Therefore, at this stage of life, financial freedom does matter a lot. It has also been seen in today’s lifestyle that the level of sensitization concerning the daily needs and requirements of older people across younger generations has reduced as a majority of them rarely communicate or get time to involve with their aging parents as well as grandparents.
Frequently, a research done by the Agewell Foundation shows that older people, who are financially stable or having high net worth are taking care of properly in the old age homes but those who have no financial stability often remain lacked sufficient support and care. The research also revealed that approx.75% of old people i.e. of age 60 or more were living alone or with their other half in the old age home. Moreover, only 35%-37% of older people are financially stable in India. That clearly shows the importance of being financially stable in India.
You are going to need money for the next 30 years or even more after the retirement. No one can tell you or predict how much wealth is sufficient after the retirement. There are many uncertain factors like health condition of yours and your spouse, your family responsibilities, social responsibilities, your life-span and many more. That is why your financial needs will remain unpredictable. Hence, you must try to make more money as possible until your health allows you.
And you already know that as long as you manage to work, you are going to remain healthy and fit. With a second job in your hand, along with the money, you will get more respect from your family as well as society. This is the so-called truth that money is very important at every stage of life. Old ones can choose to take on self-employment activities or businesses, like subject-related counseling, shopkeeping or another business as per your interest. Moreover, old people should re-tool themselves with soft skills, modern computer, and digital technicalities and keep themselves upgraded with time. It surely will help them in managing involvement in beneficial jobs after being retired.
Retired ones have an unmatchable experience, knowledge, and intelligence that they have gained over the years. Unluckily, these rich human resources stand untapped. The government must make such opportunities for the retired people so that they can involve themselves in several social and developmental acts with capabilities such as counseling, management, observation, and guardianship. Such provisions will also strengthen the social safety of old people.
Financial freedom plays a crucial role in assuring a stable and healthy life and social relationships as well. It allows the old ones to live the rest of their lives in peace, eminence, relief, and prosperity.