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Khevna

Khevna Shah  |16 Answers  |Ask -

HR Expert - Answered on Apr 10, 2023

Khevna Shah is the head of human resources at Coverfox Insurance. She has 14 years of experience in human resources across industries like manufacturing, banking & financial services and insurance. Her expertise includes talent acquisition, retention, employee engagement and developing a performance focussed culture.
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BIMAL Question by BIMAL on Mar 30, 2023Hindi
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Career

I am a retired 63 years senior officer(having excellent writing skills) from a PSU and looking for some full/part time suitable occupation to make some financial gains besides to utilize whole day time available at my disposal. Can you suggest some suitable occupations which can be considered at this age working from home preferably?

Ans: Hi Bimal,

You've kind of answered yourself... content writing or writing on functional / technical aspects is a huge skill in itself. You may connect with freelancers on linkedin who look out for content writers and get work from home option as well. You charge on a per-word or per-page basis and that is how the model works.
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Abhishek

Abhishek Shah  |76 Answers  |Ask -

HR Expert - Answered on Jun 14, 2023

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Career
Hello! I am 57. Already in job, but want to do / switch to some on line job so that I could invest more time on my health and family. I'm interested in some kind of editorial work which I'm comfortable with and have experience. Kindly suggest what kind of work I can take up considering my age and health. Look forward to your kind and favourable response. Thanks and regards
Ans: Hello Archna,

It's great to hear that you're interested in pursuing an online job that allows you to invest more time in your health and family. Editorial work can be a fantastic choice, especially if you have experience in that field. Here are a few online editorial job options that you might consider:

Freelance Writing or Copyediting: Many companies and individuals are in need of freelance writers and editors for various content creation projects. You can offer your services as a freelance writer or copyeditor and work on assignments that match your interests and expertise.

Virtual Assistant: As a virtual assistant, you can provide administrative support remotely. This can involve tasks such as managing emails, scheduling appointments, conducting research, and editing documents. Virtual assistant roles can vary, so you can choose ones that align with your editorial skills.

Content Editing for Websites: Online platforms and websites often require editors to review and refine content before it goes live. This could involve editing articles, blog posts, or website content for grammar, style, and clarity. You can explore opportunities with content-driven websites or online publications.

Proofreading: If you have a keen eye for detail and excellent grammar skills, you could consider working as a proofreader. Many authors, bloggers, and businesses seek proofreaders to ensure their written material is error-free before publication.

E-book Formatting and Editing: With the rise of self-publishing, authors often need assistance with formatting and editing their e-books. If you have experience in book editing or formatting, this could be a suitable niche to explore.

Remember, age should not be a limiting factor in pursuing online work. Your experience and expertise in editorial work can be valuable assets. When starting out, consider building an online portfolio or creating profiles on freelance platforms to showcase your skills and attract potential clients. Good luck with your career transition, and I wish you success in finding an online job that allows you to balance your health and family commitments!

Regards,
Abhishek Shah

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Moneywize

Moneywize   |122 Answers  |Ask -

Financial Planner - Answered on Jun 25, 2024

Asked by Anonymous - Jun 13, 2024Hindi
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Ours is a family of 3 people -- My wife, I and my daughter who is 15. I am 39, my wife is 37 and our monthly expenses are Rs 90K. I own my house and expect to have no fixed income after 65 years, and expect to live till 75. Considering the ever increasing price rise what should be my corpus at 65 for me to continue living the life style I am living today?
Ans: Calculating your retirement corpus:

Here's how to estimate the corpus you'll need to maintain your current lifestyle after retirement:

1. Retirement period:

You plan to retire at 65 and expect to live till 75. So, your retirement period is 75 - 65 = 10 years.

2. Inflation adjustment:

You've rightly considered inflation. To estimate future expenses, we need to factor in inflation. A safe assumption for India is 5-7% inflation. Let's take an average of 6%.

3. Current monthly expenses:

You spend Rs 90,000 per month currently.

4. Future monthly expenses:

To find the monthly expense at retirement (at 65), we need to consider inflation for 26 years (39 years till retirement + 10 years retirement).

You can use an inflation calculator online or a simple formula:

Future monthly expense = Current monthly expense * (1 + Inflation rate)^number of years

In your case, Future monthly expense = Rs 90,000 * (1 + 0.06)^26 ≈ Rs 3,28,550 (approximately Rs 3.29 lakh)

5. Total corpus calculation:

Now you can calculate the total corpus needed. Here's a common approach:

Total corpus = Monthly expense * Number of years in retirement * 12 (months)

However, this method doesn't consider the fact that you'll be withdrawing money every month, reducing the corpus. A more accurate method is using the Time Value of Money (TVM) concept. There are online TVM calculators or Excel functions you can use.

Here's an alternative approach that provides a reasonable estimate:

Multiply the future monthly expense (Rs 3.29 lakh) by a factor considering inflation over the period. This factor can vary depending on your risk tolerance and investment strategy. A factor of 200 is often used as a conservative estimate.
Total corpus = Rs 3.29 lakh/month * 200 (factor) = Rs 6.58 crore (approximately Rs 658 million)

Additional factors to consider:

• Daughter's future expenses: Your daughter will be an adult by the time you retire. While she won't be financially dependent, consider any potential future support you might want to provide for her education or marriage.
• Healthcare costs: Healthcare expenses tend to increase with age. Factor in potential medical needs during retirement.
• Debt: If you have any outstanding debt by the time you retire, you'll need to account for its repayment in your corpus calculation.
• Investment returns: The corpus amount assumes a certain rate of return on your investments. Research different investment options and their potential returns to refine your calculations.

Recommendation:

Consult a financial advisor for a personalised retirement plan considering your specific financial situation, risk tolerance, and investment goals. They can help you create a more comprehensive plan and suggest suitable investment strategies to achieve your corpus target.

Remember, this is an estimate. Regularly review your plan and adjust it based on changing circumstances.

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Mayank

Mayank Chandel  |1003 Answers  |Ask -

IIT-JEE, NEET-UG, SAT, CLAT, CA, CS Exam Expert - Answered on Jun 24, 2024

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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