5 Steps Self-Employed Should Take To Prepare For Retirement

Outlook Money

Assess Your Personal Needs

Take into account the number of family members, including dependent parents and children, the number of earning members, and any existing liabilities, such as education expenses of children or any existing loans.

Personal Needs

Calculate Pension Amount

Consider all major and minor expenses, including any likely health expenses that you might incur, and inflation, to arrive at a realistic amount you would need every month in your retirement.

Calculating Pension Amount

Seek Professional Advice

Seek professional advice from a registered investment advisor to help you plan where and how much you can invest in accordance with your risk-taking capacity.

Advise

Choose Suitable Pension Plan

You can choose between Public Provident Fund (PPF) or National Pension System (NPS) depending on your requirement.

PPF

Get Health Insurance 

Get a health insurance policy that covers critical illness and check-ups. Some illnesses require regular check-ups and treatments, which can put a strain on your finances, as the cash flow is comparatively less in one’s retirement years.

Compiled by Syed Muskan

Health Insurance