There comes a time in life when the daily grind gives way to dreams of peaceful mornings, long walks, and freedom from deadlines. Retirement, often seen as the golden chapter of life, can be truly fulfilling—if you’ve prepared for it thoughtfully. Let’s make a retirement planning checklist for a better future.

Yet, in our day-to-day rush, retirement planning often slips through the cracks. At Lokshala, we believe that financial literacy is the bridge between dreams and reality. Here’s a simple, yet powerful checklist to help you evaluate your readiness and get your plan on track.

1. Know When You Want to Retire
Start with when. Is it 55? 60? Or maybe you’re aiming for an early exit at 45? Knowing your timeline helps shape your savings strategy. The sooner you start planning, the longer your money gets time to grow.

2. Estimate Your Retirement Expenses
Retirement is not a vacation—it’s a new way of living. Think realistically:

• Will you own your home outright?

• What will your monthly needs be?

• Do you want to travel, pursue hobbies, or support your children?

Make a list of expected expenses—daily living, healthcare, insurance, and leisure—and build a monthly budget for your retired life.

3. Review Your Income Sources
What will fund your retirement? Possible sources include:

• Employee Provident Fund (EPF) or Public Provident Fund (PPF)

• Pension or annuity plans

• Savings and fixed deposits

• Rental income

• Mutual funds or other investments

Be honest—will these be enough?

4. Clear Your Debts
One of the greatest gifts you can give your future self is a debt-free retirement. Prioritise repaying credit cards, loans, and EMIs before you exit the workforce. Carrying debt into retirement can eat into your savings and peace of mind.

5. Secure Health Coverage
Healthcare costs rise as we age. Make sure you have a comprehensive health insurance plan designed specifically for senior citizens. The cost of a medical emergency could put you at risk of years of careful planning. Please don’t leave it to chance.

6. Update Your Legal Documents
Retirement is also a time to get your documents in order:

• Create or update your will

• Assign a nominee for each of your investments

• Consider a power of attorney for managing finances in case of incapacity

It’s not just about money—it’s about peace of mind for your family too.

7. Visualise Your Lifestyle
Retirement is more than just numbers—it’s about how you want to live. Visualise your days.

• Are you relocating to a peaceful location?

• Are you looking to volunteer for a cause?

• Considering starting a small business?

• Or something else…

Your lifestyle dreams will shape your financial needs.

Final Thoughts
Retirement doesn’t have to be a scary unknown. With preparation, it can be the most liberating stage of your life. Like planting a tree, the best time to start was yesterday—the second-best time is today. Tick the retirement planning checklist, and prepare well.

Tick through this checklist. Make it personal. Make it real.

At Lokshala, we believe financial wisdom is the foundation of a dignified life. Start planning, keep learning, and build the future you deserve.