To do list before you turn 50

Its a happy phase of life when you enter into the club 50. You are free from most of the responsibilities. Your kids are independent. You are still working and you have 10 big years to plan your retired life. In your career you are holding a good position. And  you are getting a handsome income per year. 

 

 1. Mediclaim (floater) of 8 lakh  and  top up of  22 lakh. 

 

 2. Whole life insurance of 50 lakh.(To create an asset of Rs 50 lakh only for your spose. )you will get 90 lakh as maturity benefit.   And your spouse will get 50 lakh after you. 

 

3. Pension plan – Invest once and get immediate  pension  for whole life. 

 

 4. Retirement corpus – To create a wealth for retired life luxuries. ( E.g. chauffeur  driven  car for whole life.  Forign tour every year. Expensive Gifts for your grand children. And Delux room in the hospital if required  ) start SIP for next 10 years. 

Prepare a will and get it registered. Revisit and revise every 5 to 7 years.

These are the things you have to do before you turn 50 of your age. After 50 you cannot invest in these things . The time does not permit you to do so. You dont have those many years to accumulate money for your self. 

Plan  your own life at the age of 50. 

Live for yourself.