Excellent advice. I would like to add the following. 1. Do not distribute your monies or estate to your children however much they may press you. Keep your wealth for yourself and your wife's lifetimes. You can bequeath your estate and monies to your children after demise of yourself and your wife. 2. Do not leverage or borrow cash to invest as if the stocks fail you will not only lose your cash but will also owe money to the bank or institution which provided you with the leverage.
Few other things to bear in mind post retirement: - Simplify your living, reduce spend - Dispose of things that you don’t use/need - Draw a will when you are un-emotional - Have some hobby, read - Watch less TV news
One of the commonest problems retired persons are facing where to safely park their retirement corpus so as to get simultaneous healthy returns for sustenance and growth. Thanks.
The most important thing in retirement is to have multiple hobbies so that you are engaged for the better part of the day. And the goal should be to excel in one or more of them.Learning should never stop.It keeps the gray matter ticking and helps you live a content life.
Great presentation.. clear, concise, practical and very relevant. I was a bank manger. Many many retirees had to me desperately asking for help get back deposits from NBFCs who incidentally were also our customers. It was too late every time.
Problem with our generation was it was a triple whammy. Expensive education of children, Expensive marriages of children and their migration away from us. So we are left alone in old age.
Excellent advice. Children can take all your funds and in later years you land in cleaning toilets, mopping floor and washing clothed and utensils in their premises. Wifes will take most money and make gold, which they can give their daughter or Brothers children. Hence keep atleast secrt policy that delivers 50 lacs 10 yrs post retirement.
Instead of investing in a rental property, better purchase a low priced open plots in smaller towns, so that we can sell the plots one by one for every 3 years of retired life. It gives more appreciation than any other investments.
All the rules are here very important to since many of our friends entangled & suffering, Many even our children are also so helpless that we are unable to have lively hood and searching for an employment where only exploitation & meagre remuneration, so much problems, thanks for having uploaded such a practical & informative video,
I liked your plans & Procedure. We also invested in 1. Property to live, 2. Property to get rental income, 3. Put in FD to get Monthly interest income to support Partly for monthly expenditures. 4. Keep some thing( Liquid) to meet Health emergencies arise if any. 5. Keep something Annual entertainment(for at least to stayaway for 10 days). We structured as we being NRI retiree settled in Bombay...
I am not able to solve my pre retirement issues. Hence I can not plan anything about retirement. Children is not settled even after my retirement. I pray the God for peace of mind only nothing more than that.
Regarding buying property - what you mean is have some lumpsum amount and then buy property because I think in India this is the most reliable way to safegaurd retirement.
This is great advice for the working class or young people. If a man is in prison already you cannot prevent him from going to prison. None the less great advice.
Regarding bank deposits: If we deposit our money in Regional Rural Banks, we will get better interest rate than SBI and Nationalised banks. Pl note, all Regional Rural Banks are Govt banks. Another advise is, better to deposit money @ Rs. 5 lakhs in each bank (not cooperative banks)in the name of single person in single capacity. Then it will cover under deposit insurance . Regarding purchase of house (not Flat in apartment). It is better to some extent, if you have required income by way of pension etc for routine expenditure. During retirement period, we may take "Reverse Mortgage Loan" in state Bank etc., against house to meet high expenditure needs. If possible, we may repay it in stallments, before our last breath. After our last breath, bankers will approach our legal heirs for repayment. If they pay, well and good. Otherwise, they will sell the house in public auction. In other words, no pressure from banks for repayment until our last breath. I think, above two are most useful to everybody.
Instead of banks to for FD with institutions like TaminNadu State Power Finance Corp. Safe because owned by state government and interest rate upto 8 percent .
You hit the home run. You one of the few to give such concrete advice. 👍 Please add not to loan large sum to family and friends near to your retirement age and none when retired.
I had done this mistake of lending money to my parents to save my brothers business and a small plot was registered in my name double to the money I lent to them, later when my brother got married , my parents asked me to register back the plot just for the amount they took from me along with bank interest after almost a decade. I had to give it back with grace , but none acknowledges that it was a good deed from my end . Even my parents till today never told a kind word to me. Friends I feel cheated and have resentment grown inside me after doing a good deed.Had I bought a smaller plot from outside the family , bow after 20 years I would have made my retirement fund at ease🥲Karma
Well said. People should do retirement and family financial planning in young age of say 30 to 35 years ideally AND not at retirement age. Don't put all eggs in one basket but invest retirement amount in diversified avenue like bank deposit, govt securities, health insurance, mutual fund, charity etc.
Dear Chandrakanth sir... You r doing very great contribution to society. All these things u narrated in this video are eye opening messages. Plz do and publish many more videos sir. God bless you sir
You only retire the day you die all others are changes in work and work environment. There are many factors which individuals go through during normal employment time which make each individual different. What you are teaching is good for academic purposes and also to enslave the minds of those who take normal employment as an end to any good thing on earth. There are many individuals who continue to flourish even after normal employment life and not through what you are saying but through working.
Sir , An excellent explanation for Retired life advice in the state of Tamilnadu 21-22 ,22-23,23-24 60% of state Government employees getting retirement ,it the guidance for them. Very useful to me I am at 58 years Thanks very much 🙏
Thank you for the wonderful advice. Let us all take note of this and put in practice. The message is important for those employed as they prepare to retire and those already retired to stop the bad practices.
Sir, the real purpose of a retired life is to live a peaceful life amidst all. It's a general practice to read prospectus before we invest in our money everywhere. Earning of more and more money after retired life cannot be a solution at the cost of a tension free life. Small is always beautiful and that should be the philosophy in retired life
Hello Sir from South Africa 🇿🇦. Your way of explaining these points are simple, clear and concise. I am now following you and have shared this video. Thank you.
The clarity with which you are talking is amazing and the examples you are giving are very appropriate also. You are doing a great service by doing so.👍
It was very useful to listen to your tips for retirement but I have done most of the mistakes already before I realized.Hope today's young will follow your advice!
Very nice n useful video by Doctor. This is very useful for young people, those who want to retire to make best planning, saving , invest money for retirement, to save 30 percent of their salary for retirement purpose. This is is very useful talk to most of the people. God bless.
1. 2:00 - Depending only on Pensions in retired life. 2. 4:15 - Depending on children for cash needs / support in retirement life. 3. 6:50 - Parking all your money, in small institutions or pvt money lenders for higher yields.
Dear Dr I,m very glad that finally somebody like you come out with your very valuable advises that hopefully will give awareness to everybody . Am a nurse have nursed so many old women and men with diseases and financial problem . Hopefully this advise will be very usefull for the new generation and future generation. Thank you Dr Chandrakhant Bhat for your valuable advises .Well said ,vey clear . May God bless you and your family .Stay safe. With love from Malaysia.👍
For example: He or she did not have a good job all his/her career life. They do not have money to save. Then where they get the money to purchase health insurance coverage. Then no children to take care him or her. Life is up and down. With today everyone faces the Covid Pandemic - millions of people have no job. Many peoples have planned their life but one day the catastrophic hits then everything gone. I did not say we do not plan or thinking negatively. 🤔 Well!!! Have FAITH in GOD. GOD always good.
All your points given are perfectly correct thank you very much I am 75 years old the life expectancy has increased now Indians average life expectancy is 65
Well, I will be retiring by next year, I had some stocks I bought about few months ago, they haven't been really stable actually. I just pray it gives me enough profit.
@@Stephen-bg8wh Stocks are crashing bitcoin investment right now will be at every wise individual's list. In three two months you'll be ecstatic with the decision you made today.
All your points are absolutely correct and useful .I'm short of suitable words to give the real value and I will convey it to my younger ones as I'm already a senior citizen. Having said this may I request you to give some suggestions to guide what someone can do avoiding small banks etc for more return ,
I found your suggestions too general. Like you rightly said that do not depend on private banks or money lenders etc for higher interest but did not suggest how to generate higher passive income to beat the inflation . The scheduled banks are reducing interest on term deposits every year . You rightly said that buying property for rental income or capital gain is also prone to risk which again is a n open secret . Not depending on children or not spending for their better education in their formative years is confusing . The topic you have chosen is very good , you presented it very nicely yet nothing concrete could be discovered .
All 6 points absolutly spot on...but point no 6 too good... Very bad idea to stay in bunglow with nobody around, safety verybig issue, can't enjoy even if it is most beautiful and tranquil place
Worldly wise. Very logical. But real life is very different. It does not follow any logic. Everybody knows that our plans (especially long term) almost always fails. The best security for your money is to feed and help the poor and needy when you have surplus and can afford. The ultimate security is to fully depend on the almighty (God). This has been the experience of all those who have done so.
@@NRIMoneyClinic want to ask you,when I retired in 2020 I was working,now that I was froghlow because of the pandemic,I want to retire full time,how do I go about that, should I re apply again,
Excellent advice. I would like to add the following. 1. Do not distribute your monies or estate to your children however much they may press you. Keep your wealth for yourself and your wife's lifetimes. You can bequeath your estate and monies to your children after demise of yourself and your wife. 2. Do not leverage or borrow cash to invest as if the stocks fail you will not only lose your cash but will also owe money to the bank or institution which provided you with the leverage.
Yes true...
Perfectly right
100% true
Few other things to bear in mind post retirement:
- Simplify your living, reduce spend
- Dispose of things that you don’t use/need
- Draw a will when you are un-emotional
- Have some hobby, read
- Watch less TV news
Great video and great lesson for those who keep their children as a investment and ending up on crying for help.
One of the commonest problems retired persons are facing where to safely park their retirement corpus so as to get simultaneous healthy returns for sustenance and growth. Thanks.
Very lucid advice. I like this man's videos on financial planning. No nonsense, only common sense and plain talk. I love that.
The most important thing in retirement is to have multiple hobbies so that you are engaged for the better part of the day. And the goal should be to excel in one or more of them.Learning should never stop.It keeps the gray matter ticking and helps you live a content life.
I strongly agree. I am a retiree myself.
@@eleupazdaiz7647 Great.I am a full time painter and seriously into woodworking too.24 hours is too less in a day ! Best wishes from India 🇮🇳.
It was a good experience listening to your speech because in one year i m going to retired
Take one piece of advice from me..
Don't disclose your retirement time in open platforms.. it may attract evil eyes
Great presentation.. clear, concise, practical and very relevant. I was a bank manger. Many many retirees had to me desperately asking for help get back deposits from NBFCs who incidentally were also our customers. It was too late every time.
I like your quote... Dont give more importance to child education... Than our retirement... I like it
Thank you . Please subscribe and keep sharing the videos
Problem with our generation was it was a triple whammy. Expensive education of children, Expensive marriages of children and their migration away from us. So we are left alone in old age.
@@dilipmundhada5875 Correct
Excellent advice.
Children can take all your funds and in later years you land in cleaning toilets, mopping floor and washing clothed and utensils in their premises.
Wifes will take most money and make gold, which they can give their daughter or Brothers children.
Hence keep atleast secrt policy that delivers 50 lacs 10 yrs post retirement.
Well said
Instead of investing in a rental property, better purchase a low priced open plots in smaller towns, so that we can sell the plots one by one for every 3 years of retired life. It gives more appreciation than any other investments.
Excellent and practical advice, one should always give highest priority to proper financial planning in the spirit of Keeping it simple.
Thank you
All the rules are here very important to since many of our friends entangled & suffering, Many even our children are also so helpless that we are unable to have lively hood and searching for an employment where only exploitation & meagre remuneration, so much problems, thanks for having uploaded such a practical & informative video,
Very informative sir. Everything in the video is the plain truth. I like it being myself of 69 years. You're absolutely right, sir.
Sir,
Your advice is so realistic & well thoughtful pieces..
God Bless..
Really a good advice for retirees.There are so many retirees who do not enjoy their golden because of their own mistakes.
It is our fortunate that such a learned person like you is making chennel which provides many valuable information. Thanks a lot.
So nice of you.. Please Keep sharing the videos and subscribe
@@NRIMoneyClinic I have already subscribed and shared. Thanks for your reply.
I liked your plans & Procedure. We also invested in 1. Property to live, 2. Property to get rental income, 3. Put in FD to get Monthly interest income to support Partly for monthly expenditures. 4. Keep some thing( Liquid) to meet Health emergencies arise if any. 5. Keep something Annual entertainment(for at least to stayaway for 10 days). We structured as we being NRI retiree settled in Bombay...
I am not able to solve my pre retirement issues. Hence I can not plan anything about retirement. Children is not settled even after my retirement. I pray the God for peace of mind only nothing more than that.
Im in USA and tgis advice is relevant here too great job sir
Best video from a financial expert !
Glad you liked it. Please subscribe and keep sharing these videos
Thanks Sir from South Africa. I am a retiree of 2 years & your advise has reinforced importance of retirement planning
Thank you so much for your feedback. Please subscribe and keep sharing the videos
Regarding buying property - what you mean is have some lumpsum amount and then buy property because I think in India this is the most reliable way to safegaurd retirement.
And one can buy a rental property several years before retirement so that there is no EMI pending.
This is great advice for the working class or young people. If a man is in prison already you cannot prevent him from going to prison. None the less great advice.
Regarding bank deposits:
If we deposit our money in Regional Rural Banks, we will get better interest rate than SBI and Nationalised banks. Pl note, all Regional Rural Banks are Govt banks.
Another advise is, better to deposit money @ Rs. 5 lakhs in each bank (not cooperative banks)in the name of single person in single capacity. Then it will cover under deposit insurance .
Regarding purchase of house (not Flat in apartment). It is better to some extent, if you have required income by way of pension etc for routine expenditure. During retirement period, we may take "Reverse Mortgage Loan" in state Bank etc., against house to meet high expenditure needs. If possible, we may repay it in stallments, before our last breath. After our last breath, bankers will approach our legal heirs for repayment. If they pay, well and good. Otherwise, they will sell the house in public auction. In other words, no pressure from banks for repayment until our last breath.
I think, above two are most useful to everybody.
Instead of banks to for FD with institutions like TaminNadu State Power Finance Corp. Safe because owned by state government and interest rate upto 8 percent .
Thank. You. For. Your
Valuable. Speech. Which
Is. helpful. for. Retiring
and retired.
Mrinal. Sen
You hit the home run. You one of the few to give such concrete advice. 👍
Please add not to loan large sum to family and friends near to your retirement age and none when retired.
Very imp
I had done this mistake of lending money to my parents to save my brothers business and a small plot was registered in my name double to the money I lent to them, later when my brother got married , my parents asked me to register back the plot just for the amount they took from me along with bank interest after almost a decade. I had to give it back with grace , but none acknowledges that it was a good deed from my end . Even my parents till today never told a kind word to me. Friends I feel cheated and have resentment grown inside me after doing a good deed.Had I bought a smaller plot from outside the family , bow after 20 years I would have made my retirement fund at ease🥲Karma
Well said.
People should do retirement and family financial planning in young age of say 30 to 35 years ideally AND not at retirement age.
Don't put all eggs in one basket but invest retirement amount in diversified avenue like bank deposit, govt securities, health insurance, mutual fund, charity etc.
Good advice for people like me. Just retired but realised only 1 mistake i did that not selling property. Rest 5 mistakes i was aware. Thanks sir.
Dear Chandrakanth sir... You r doing very great contribution to society. All these things u narrated in this video are eye opening messages. Plz do and publish many more videos sir. God bless you sir
Thanks for your advice which will be helpful during our old age period. Your suggestion shall be made a guidelines for our advance age.
Very cogently explained. I think nothing more can be added. Very relevant for those who have travelled through around half of their working life.
You only retire the day you die all others are changes in work and work environment. There are many factors which individuals go through during normal employment time which make each individual different. What you are teaching is good for academic purposes and also to enslave the minds of those who take normal employment as an end to any good thing on earth. There are many individuals who continue to flourish even after normal employment life and not through what you are saying but through working.
Sir ,
An excellent explanation for Retired life advice in the state of Tamilnadu
21-22 ,22-23,23-24 60% of state Government employees getting retirement ,it the guidance for them.
Very useful to me I am at 58 years
Thanks very much 🙏
Thank you . Please subscribe and keep sharing the videos
Thank you for the wonderful advice. Let us all take note of this and put in practice. The message is important for those employed as they prepare to retire and those already retired to stop the bad practices.
I am retired, and it is nice advice to me to follow.Thank you.
Very good advice for the serving/retired persons.
Great Video. Little Correction: Under New Pension Scheme government pension amount is also fixed doesn't get adjusted to inflation
I find the video is very informative and on realistic situations. Applicable for everyone in any countries.
Thank you for your kind words. Please subscribe and keep sharing the videos
You have given Golden advice to the Retirees.
Sir, the real purpose of a retired life is to live a peaceful life amidst all. It's a general practice to read prospectus before we invest in our money everywhere. Earning of more and more money after retired life cannot be a solution at the cost of a tension free life. Small is always beautiful and that should be the philosophy in retired life
Hello Sir from South Africa 🇿🇦. Your way of explaining these points are simple, clear and concise. I am now following you and have shared this video. Thank you.
Thank you very much for your feedback and kind words
Well said. Thank you for sharing. Anthony from Santacruz, Mumbai, India.
Very very clear and sound advice to all of us who entered in the retirement age around 60 or above, very informative thank you Mr Bhatt
The clarity with which you are talking is amazing and the examples you are giving are very appropriate also. You are doing a great service by doing so.👍
Thank you so much for your kind words. Please subscribe and keep sharing the videos
Good idea. Are you a.. Muslim.
Explained in a very decent way. Very much delighted. I am 68. Thanks.
Kindly provide answers & guidelines on how to succeed in retirement with independent financing. 🙏
It was very useful to listen to your tips for retirement but I have done most of the mistakes already before I realized.Hope today's young will follow your advice!
Very good advice. Practical and real life.
Thank you for the 6 Mistakes to avoid during retirement.
What about a list of 6 Good Things to do when going to retire.
Thanks, you are really a fountain of knowledge...
Very useful &clear simple explanation for safety for Rtd life of sr Citizen's.
Thank you sir.
Thankyou Sir, I am just retiring from dubai to kerala and you covered every point with pros and cons.
Thank you very much for your kind remarks . Regards . Please subscribe and keep sharing the videos
Dear sir excellent narrative for Senior Citizens Regards AAshokkumar Hyderabad 💐
Issues raised by you are great and practical but can you suggest what should be?
Supe message for the retired and Senior citizens. Thanks Sir
Very interesting & realistic awareness for crucial retirement needs. 👏 very well-done
Very compassionately explained. These are the topics one feels uneasy to broached. Example point 2 . Thank you!!
Very informative. Sir pls make a video on good ways of investment ideas after retirement to get a monthly income till end
It's very essential to know the treasure of issues with risks involved after retirement.
Very Informative and well explained sir.
Thank you very much for your kind words
Very nice n useful video by Doctor. This is very useful for young people, those who want to retire to make best planning, saving , invest money for retirement, to save 30 percent of their salary for retirement purpose. This is is very useful talk to most of the people. God bless.
Awesome video for a retired personal
Lot of thanks for giving valuable advices
Excellent & very useful advise Sir.Thanks & Regards
Good article. Thank you
Advice well taken I have observed all the mistake with retired members
Very well explained. All 6 points are very valid.
Thank you so much. Please subscribe and keep sharing the videos
Very good information. What a retiree should do with his retirement money; such as 401k accumulation of USA retiree.
Appreciate it, watching from uganda
1. 2:00 - Depending only on Pensions in retired life.
2. 4:15 - Depending on children for cash needs / support in retirement life.
3. 6:50 - Parking all your money, in small institutions or pvt money lenders for higher yields.
Should be added in college syllabus. In my case I have planned not even a single mistake account for
Really worthy information and all should follow the guidelines, Mr. Chandrakant. Thank you, so much.
Sir. Thank you for the advice. However how does one not depend on only pension ? What options do they have.
Dear Dr I,m very glad that finally somebody like you come out with your very valuable advises that hopefully will give awareness to everybody .
Am a nurse have nursed so many old women and men with diseases and financial problem .
Hopefully this advise will be very usefull for the new generation and future generation.
Thank you Dr Chandrakhant Bhat for your valuable advises .Well said ,vey clear .
May God bless you and your family .Stay safe.
With love from Malaysia.👍
nice, retirement planning over child future + buying property after retirement. Learned new things today
Kjj
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Name of channel is great... And subject is uncomman... Must... Such great education channel... Fantastic.... Great... 💐💐🙏
This guy is great. Good advice and great articulation skills.
Very nice and lucid analysis. Most vital issues were raised and illuminated thoroughly for ease of understanding .
For example:
He or she did not have a good job all his/her career life.
They do not have money to save.
Then where they get the money to purchase health insurance coverage.
Then no children to take care him or her.
Life is up and down.
With today everyone faces the Covid Pandemic - millions of people have no job.
Many peoples have planned their life but one day the catastrophic hits then everything gone.
I did not say we do not plan or thinking negatively. 🤔
Well!!! Have FAITH in GOD.
GOD always good.
All your points given are perfectly correct thank you very much I am 75 years old the life expectancy has increased now Indians average life expectancy is 65
Thank you. Please subscribe and keep sharing the videos
One should atleast look for a thing to invest on before retirement, sometimes government fail us by not keeping up to the necessary requirements.
You're actually right, it is a really wise idea
Well, I will be retiring by next year, I had some stocks I bought about few months ago, they haven't been really stable actually. I just pray it gives me enough profit.
@@Stephen-bg8wh Stocks are crashing bitcoin investment right now will be at every wise individual's list. In three two months you'll be ecstatic with the decision you made today.
@@jamesanderson6629 Yes you are right, stocks are good but crypto is better and more profitable
@@Stephen-bg8wh 2021 online stock market is just difficult and unbelievable, I rather invest my money on crypto
Very good advice, in a simple manner. Thanks a lot !
Good advice but i am not agreed with you regarding property investment as a retirement plan .
The topic is very good. I request to discuss the solutions also
Excellent. Very interesting & useful guidelines.. 👏👏👏
Highly appreciate your golden advices .
Excellent! Well appreciated.
Absolutely genuine , precise and in a lucid language. No alarm bells. Thank you very much.
All your points are absolutely correct and useful .I'm short of suitable words to give the real value and I will convey it to my younger ones as I'm already a senior citizen. Having said this may I request you to give some suggestions to guide what someone can do avoiding small banks etc for more return ,
1
Very good advice for retired people thanks alot . genius points covered in this
I found your suggestions too general. Like you rightly said that do not depend on private banks or money lenders etc for higher interest but did not suggest how to generate higher passive income to beat the inflation . The scheduled banks are reducing interest on term deposits every year . You rightly said that buying property for rental income or capital gain is also prone to risk which again is a n open secret . Not depending on children or not spending for their better education in their formative years is confusing . The topic you have chosen is very good , you presented it very nicely yet nothing concrete could be discovered .
You said it. Actually there are no easy solutions. Yes don't put money in chit funds or fixed deposits of companies howsoever good they are.
All 6 points absolutly spot on...but point no 6 too good... Very bad idea to stay in bunglow with nobody around, safety verybig issue, can't enjoy even if it is most beautiful and tranquil place
FANTASTIC, well explained and absolutely practical. Thank you very much
Im lucky. My dad is 83.he is still not dependent on me financially. Im 52.i will never be dependent on my son financially
Same here
That’s great…. 👍🏻👍🏻
We too same 👍🏻👍🏻
Many thanks from a Sri lankan retired fan for your valuble advices
👍❤️🙏🇱🇰 . God bless u and lovely India.
Worldly wise. Very logical. But real life is very different. It does not follow any logic. Everybody knows that our plans (especially long term) almost always fails. The best security for your money is to feed and help the poor and needy when you have surplus and can afford. The ultimate security is to fully depend on the almighty (God). This has been the experience of all those who have done so.
I agree with your points and I support your suggestions raised.
Medical policy is very crucial at the retirement age.
🙏🏾 thanks for such precise advice, 💐Bhopal MP
Hundred per cent truth you said 👏👏👏👌👍
A very smart useful advice for the retirees. Tq. Sir
Thank you so much for your suggestion, with this lesson i would be benefited a lot during my retirement life.
Thank you so much for your feedback. Please subscribe and keep sharing the videos
@@NRIMoneyClinic want to ask you,when I retired in 2020 I was working,now that I was froghlow because of the pandemic,I want to retire full time,how do I go about that, should I re apply again,