Key Highlights
- Start planning your finances early. The earlier you begin, the better.
- Prioritize your needs and ensure a reliable income stream for essential expenses. Consult a financial advisor to create a personalized plan.
- Embrace diversification and spread your investments across different asset classes. Keep up with financial trends and market changes.
s life expectancy increases and economic uncertainties become the norm, ensuring financial security during retirement has never been more important. Investing wisely during retirement can not only help you preserve your savings but also grow your savings portfolio, ensuring a stable and fulfilling future. In our recent webinar, “Investment Strategies for Retirees: Growing Your Nest Egg,” hosted by Franklin Templeton and GetSetUp, guest speaker S. Sridharan shared valuable insights on securing and growing your finances. By diversifying your financial portfolio, focusing on income-generating investments, and adjusting your risk tolerance to fit your individual needs, you can create a well-structured investment plan. This approach allows you to confidently navigate the financial landscape and embrace the opportunities that lie ahead.
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 title of ‘Associate Financial Planner’ 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:
📈 Financial changes are a top priority. Surveys revealed a significant shift in individual priorities post-pandemic. Retirement planning moved from the 8th position to the 6th, demonstrating a heightened awareness of its necessity.
💸 Investment habits are evolving. Individuals are moving away from traditional saving practices and are increasingly embracing investments like mutual funds to maximize their wealth. Ensure to regular monitor your investment plan to ensure that your goals remain aligned with your financial situation.
📊Diversifying investments is crucial. By diversifying your portfolio across asset classes like fixed deposits, mutual funds, and equity-based investments you mitigate risk and potentially generate higher returns. Keep in mind to plan for a longer lifespan and factor in the impact of inflation on your finances.
📑Understanding your needs and wants. Classify your retirement expenses into “needs” and “wants.” Reliable income sources should cater to your needs, while your retirement assets can be allocated towards fulfilling your wants. Regularly monitor your spending habits, analyze your expenditure patterns, and prepare for unexpected expenses. Meanwhile, also be prepared for fluctuations in market performance and interest rates, as they can impact your returns.
📉 Rebalancing Your Portfolio: Regularly review and adjust your portfolio to ensure it aligns with your changing risk tolerance and financial goals. Consider reducing exposure to high-risk investments as you age.
Amidst your planning, it is recommened to consult a financial advisor who can provide valuable insights, customized plans, and help navigate the complexities that come with managing your finances. 🤝 Remember that financial planning is a continuous journey that requires proactive steps and informed decisions. By prioritizing financial security, understanding your needs, and adapting to changing circumstances, you can achieve a confident and comfortable next phase of life.
This webinar is brought to you by Franklin Templeton. For more such classes on investing, mutual funds, and more, download our app from the Google Play store or connect with our team on WhatsApp.
