GetSetUp's Retirement Ready Week Helps You Plan Ahead

lanning for retirement is an important step in ensuring a secure and fulfilling future, yet many find themselves overwhelmed by the complexities and uncertainties of life 

Retirement is a major life transition, and planning for it can often feel overwhelming. That’s perfectly normal—change is never easy. With so many factors to consider, from finances to healthcare, it's easy to feel uncertain about what lies ahead. This July, we addressed this with the GetSetUp #RetirementReady Week a weeklong initiative designed to equip older adults with the knowledge, skills, and confidence needed to navigate the phases of retirement. Throughout the week, participants explored various important topics, including managing healthcare costs, developing investment strategies, and understanding nutrition needs. Attendees connected with experts and peers, gaining valuable advice and building community. Let's take a quick look at the highlights of each session -

🏃Lifestyle Management in Retirement: Enhancing Quality of Life

Led by Guest Speaker Vishaka, a chartered accountant and former MD & CEO of India First Life Insurance, this session focused on maintaining a fulfilling and active lifestyle as you age through time management, exploring new hobbies, making social connections, and adapting to wellness routines.

Key session takeaways included:

• Develop a daily or weekly routine incorporating activities that nourish your physical, emotional, intellectual, and spiritual well-being. This could include exercise, hobbies, learning new skills, connecting with loved ones, or engaging in community activities. 
• Continuously exploring new interests, taking classes, or joining study groups will stimulate your mind and prevent stagnation. Learning provides a sense of purpose, expands your horizons, and can even lead to new career opportunities. 
• Embrace a mindset of giving back to the community. This can be through volunteering, mentoring, or simply offering support to others. This act of generosity can be incredibly fulfilling and provide a sense of purpose. 

🛡️Cybersecurity and Social Media: Staying Safe Online

The internet is a powerful tool for connecting with loved ones, shopping, learning new things, and more. However, it also comes with risks. In this session with Guest Speaker Shankar, Chief Information Security Officer at Akasa Air, join us to discuss important cybersecurity practices and social media safety tips.

Key session takeaways included:

• Create unique and lengthy passwords for each online account. Avoid easily guessable passwords like birth dates or common words. Consider using a password manager to securely store your passwords.
• Control who can see your information on social media and other online platforms. Verify the source of any link before clicking, even if it comes from a trusted friend or family member and only download apps and software from trusted sources.
• Criminals create fake websites that look identical to legitimate ones to steal your information. Use a web advisor or security plugin to help you identify legitimate websites. 

General Tips 💡

• Don’t Click on Links or Open Attachments From Suspicious Emails:
• Don’t Answer Unsolicited Phone Calls or Respond to Pop-up Windows.
• Don’t Do Transactions Involving Personal Information on Public Wi-Fi.
• Always Lock Your Devices.

💰 Investing for Retirement: Growing Your Nest Egg

Retirement planning is a continuous journey that requires proactive steps and informed decisions. In this session, led by Sridharan, a seasoned Independent Financial Advisor with 15 years of experience, we learned valuable insights into the evolving financial landscape and highlighted the importance of diversification, long-term planning, and seeking expert guidance. You can achieve a confident and comfortable retirement by prioritizing financial security, understanding your needs, and adapting to changing circumstances.‍

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Key session takeaways included:

• Post-pandemic, the survey revealed a significant shift in individual priorities. Retirement planning moved from the 8th position to the 6th, demonstrating a heightened awareness of its necessity. 
• Individuals are moving away from traditional saving practices and are increasingly embracing investments like mutual funds to maximize their wealth. 
• The session emphasized diversifying your portfolio across asset classes like fixed deposits, mutual funds, and equity-based investments. This helps mitigate risk and potentially generate higher returns. 

🏥 Healthcare Costs in Retirement: Planning and Managing Expenses

As we age, taking proactive steps to plan and manage healthcare costs is important so you can enjoy your retirement years with greater peace of mind. In this session, led by Guest Speaker Juzer, Director at Xperitus and an expert with over 30 years of insurance experience, he discussed different strategies to plan healthcare expenses, ways to maintain policy features, and options like top-up policies to manage expenses effectively. 

Key session takeaways included:

• A comprehensive medical policy provides financial support in case of hospitalization, critical illnesses, and accidents. There are two types of medical insurance plans - indemnity plans provide reimbursements for actual medical expenses, while benefit plans offer a lump-sum amount for specific critical illnesses.
• Top-up policies are cost-effective. These policies provide additional coverage beyond your base policy, making them ideal for managing high-cost medical treatments.
• Consult a financial advisor. A financial advisor can help you create a comprehensive retirement plan with healthcare expenses. Also, let your family know about your health insurance plans and other financial arrangements.

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🥗 Nutrition Post 60: What Changes to Plan For? Are New Age Diets Good For You? 

As we age, our nutritional needs change. Navigating the world of nutrition can feel overwhelming with conflicting information and trendy diets flooding the internet. In this session with Niti, a nutrition expert with decades of experience sheds light on the aspects of nutrition as you age and debunks common myths surrounding weight loss and diet trends.

Key session takeaways included:

• Maintaining good nutrition post-60 is vital for overall health, well-being, and longevity. It’s not about following restrictive diets or chasing quick fixes. 
• Prioritize a balanced approach with whole foods, mindful eating, regular exercise, and adequate hydration.
• Pay attention to your hunger cues and avoid emotional eating. Be mindful of your food choices and eat with awareness.

By offering a range of topics, What set RetirementReady Week apart was its focus on creating an interactive and supportive environment which  empowered older adults to make informed decisions and embrace life beyond work with confidence and enthusiasm. Attendees connected with experts and peers, gaining valuable advice and building a sense of community. Whether you’re nearing retirement or just starting to think about it, GetSetUp’s Retirement Ready Week offered guidance and resources to help you feel prepared for the future.