Key Highlights
- Prioritize proactive financial planning for retirement to secure a fulfilling lifestyle and financial independence.
- Flexibility in budgeting is essential; adapt plans as circumstances change to stay on track.
- Distinguish between needs and wants to manage expenses effectively and support long-term financial goals.
n our recent webinar with Franklin Templeton, “Creating a Retirement Budget” led by financial planner Mr. S. Sridharan, we discovered how to identify the different expenses as we age, create a realistic budget, and adapt it to changing needs. By managing our finances efficiently, we can embrace new experiences, ensure our health and well-being, and pursue our passions for a fulfilling life.
Mr. S. Sridharan is an esteemed financial professional with 15 years of experience as an Independent Financial Advisor (IFA). He has been honored with the ‘Associate Financial Planner’ title in retirement planning and employee benefits from the Financial Planning Standards Board. A prolific writer, Sridharan contributes to renowned personal finance magazines like Moneycontrol.com, Financial Express, Times of India, UTI Swatantra, and Nanayam Vikatan.
Key Highlights from the Webinar:
💰 Categorize your expenses into home, family, personal, and lifestyle, and determine what you truly need versus what you want. This helps you make smart choices about where to spend your money and where you can save.
💼 When you retire, your income sources change. Plan ahead by looking at what money you'll have from things like pensions, savings, and social security. Consider ways to increase your income to feel secure about your finances.
🔄Planning for retirement isn't a one-time thing. Life can change, so it's important to keep reviewing and adjusting your plans. Stay flexible so you can handle any surprises that come your way.
📊Use tools like budget sheets and expense trackers to monitor your spending. They help you see where your money is going and make better decisions about how to use it.
🎯Set clear goals for your retirement finances. Whether saving a certain amount or paying off debts, having goals keeps you focused. Align your spending and saving with these goals to make sure you're on the right track for the retirement you want.
Effective retirement budgeting is not just about crunching numbers; it's about creating a roadmap for a fulfilling and financially secure future. Throughout our discussion with Mr. Shridharan, we highlighted the significance of proactive financial planning, adaptable budgeting strategies, and embracing new opportunities during retirement. By meticulously managing expenses, distinguishing between needs and wants, and preparing for unforeseen expenses through prudent investments and savings, individuals can craft a retirement budget tailored to their lifestyles and aspirations.
This webinar is brought to you by Franklin Templeton. For more such classes on investing, mutual funds, and more, download our app from Google Playstore or connect with our team on WhatsApp.
