This birthday comes along with a reminder, to list all your assets and liabilities, if any, and nominate your family members for possessing them in case of any emergencies.
Most working Indians, manage to build a good size of their investment corpus which includes an own house, car, funds stashed away for children’s education and marriage etc. Once you list out your investments, you will get a clear picture as to what is the amount you have gained from your investments so far. Take time out, and decide if it is time for you to retire and enjoy life like you always wanted to. If not, you still have another 10-15 years to achieve your financial goals and plan for a secure post retirement life as well.
There are certain things you need to keep in mind, when you hit this age:
- Try leasing out any property that is lying idle, as it can be a good source of income. This is also the time for you to check if your wealth and assets are sufficient enough to generate monthly returns.
- If you had been having a high exposure to equity, its time you reconsider re balancing your portfolio. Try to move then into more of debt assets, as it advisable not to go get lured with the market flow. You obviously do not want to loose your investments and get into the debt of availing a loan to finance your requirements. So if your exposure to equity has been 70-80%, bring it down to 50%.
- If you plan to invest further, invest funds in only those assets that have a short lock in period and the maturity period should be less than 5 years. This will also enable you to get quick liquid cash as and when the need arises.
- It is time that you increase the size of your contingency fund. For instance, if earlier, your contingency fund was made to meet your expenses for 5-6 months, now it should be for a period of 6-8 months.
- Ensure that you have no liabilities of repaying loan amounts on your credit card, home loan etc. If there is any such liability, then disposing your assets and prepaying the loan will be a better idea.
- Ensure you have adequate life and health insurance cover. List your family members as your dependents. If you think that your life cover may not be very helpful in coming years, make sure you increase the policy amount wherein all your medical expenses can be covered.
- Last, but not the least, prepare a will. This is definitely help your family members benefit from your hard earned earnings without anyone else trying to stake a claim to your property.