With rising life expectancy and healthier lifestyles, attitudes towards work are shifting, with many choosing to work even in their 60s. Danish Prakash might consider delaying retirement, opting to work longer if his health permits. A phased retirement, which his profession allows, could offer him a gradual transition—balancing work and continued corpus accumulation while avoiding the sudden shift from being ‘very busy’ to feeling ‘bored and isolated.’ Emotionally, the key trade-off to evaluate is the benefit of working versus a leisurely life.
Another crucial consideration is whether Prakash can afford to retire. Will he still have financial responsibilities, such as funding his children’s education, their marriage, or repaying outstanding debt? If so, has he made adequate provisions for that? He must also evaluate the size of his retirement corpus, the adequacy of life and health insurance, his post-retirement income, and his household cash flow and budget.
Retirement is about more than just age—it involves family, attitude, finances, and lifestyle. Prakash must ensure he won’t regret his decision. Despite careful planning, risks such as unforeseen life events, physical disability, or outliving his assets could impact his plans. Being mindful of these risks and having a ‘Plan B’ in place is essential to live comfortably.
Content courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.