For people in well-established careers with a good financial base, it might be time to get serious about their true passion while on the other hand for others, it might be time to get back to work with their children now grown up.
The 40s is a crucial time for financial and retirement planning. Usually, people have time to actively work for some more years and at the same time, the youth is gone behind and they have to solidify their financial position.
In the case of NRIs, there could be many situations
NRIs have to make the best decisions keeping in mind their unique conditions.
As an NRI, here are 5 financial planning Moves for NRIs that you should focus on to reach the financial security goal.
You have some more years to work and earn an active income, but retirement is short. Work towards having enough funds for a comfortable retirement and medical emergencies.
Insure yourself adequately so that your financial dependents are not left in a lurch in case of any untoward incident.
If you do not have one, buy a term insurance plan. It is valid even if you are abroad provided you inform the insurance company. If you have a term plan, check if its value will be enough to provide financial cover for your family. If not, increase the sum assured amount.
It might be prudent to take a medical insurance policy so that medical care does not create a dent in your pocket. Take a comprehensive health insurance policy for the entire family. If there is a history of critical illness in your family, it might be a good idea to buy additional insurance against critical illnesses.
“Please remember Insurance is not an Investment – buy sufficient life & health cover this month.”
Plan your estate however big or small it may be. There should be clarity on who will take over your assets and liabilities after your death.
You need to complete Both countries or Multiple country’s estate planning accordingly to their laws and Tax, as per your investment in all countries
Estate planning includes
The 40s is a key decade to plan your finances so that you have enough funds for your retirement and, at the same time, can fulfil your life goals. Have you ever made a decision SO important, that it became a real “distinction” in life? Talk to us about your Financial Plan