Getting retired soon? You must be thinking to relocate to some peaceful place right after your retirement to spend the rest of your life in the best possible way you can. At the same time, leaving a big city where you are currently living is also not an easy task, as we have got used to the place, comfort and, of course, the convenience this place has. Many questions must be coming in your mind like whether you should shift to some blissful place like any hill station or any developed city where you can work even after your retirement if you wish to. Here, in this blog,

We have curated a special list mentioning places where you can spend your life after retirement without worrying anything around in a peaceful way.

1. Chandigarh

via: Mytriphack

Chandigarh is a perfect place to live your life happily after your retirement. This place has everything that one seeks after retirement. From well-designed roads, numerous gardens and parks, clean air and excellent health-care facilities. Apart from this, it also has a peace and quite a pleasant climate which makes this place perfect for retirees. You might have heard of Sukhna Lake, it is in Chandigarh only making the city more relaxing and beautiful. Besides the lake, it is also known for its Rock Garden and Zakir Hussain Rose Garden which is the largest of its kind in Asia.

Also read: 10 Best Affordable Cities to Live in India

2. Coimbatore, Tamil Nadu

When we talk about South India, Ooty and Kerala are often the first places that pop-ups in your mind. No doubt, these places are very beautiful, but Coimbatore is where you can find a home. This city is becoming popular among retirees because of its excellent healthcare facilities and pleasant climate. Not only this but also living here is very cost-friendly. Other attractions include mountains, waterfalls, and temples which you can enjoy in your leisure time.

3. Mysore

via: Travel.earth

Mysore is another popular place in the list of retirees. It is located at the foothills of Chamundi hills and is India’s cleanest city as per the Urban Development Ministry. Why one prefer this place to live after getting retired? This is because of the low cost of living and amicable weather.

Also read: 6 Reasons That are Responsible for Giving Indore The Title of Cleanest City of India

4. Goa

Surprised to know about this place? Well, you shouldn’t be. This place is like a real retreat for artists and beach lovers. If you want to enjoy your life like there’s no tomorrow, you can choose this place as well as your home after your retirement. Of course, the place is nice because it has a plethora of beautiful beaches, affordable rentals, a serene environment and much more. It also has some of the popular retirement colonies such as Siridao near Bambolim and Nachinola near Mapusa.

5. Dehradun

via: India Mike

If you love mountains, the Himalayan foothills are the perfect retirement destination for you. Dehradun is just like a complete package for those who want to spend their life peacefully after retirement between nature and tranquillity. The city is also very near to holy towns like Haridwar and Rishikesh which is preferred by most of the older generations, not only by them in fact, it attracts the young generation too. Weather here is pleasant throughout the year and it also has well-connected roads and rails too for a better commute to nearby places.

What’s your pick among these places when you’ll be retiring?

Also read: 4 Experiences You Probably Won’t Find Anywhere in India Except Goa

Difference between Consolidation and Refinancing

Consolidation

This involves combining multiple loans into a single loan, thereby you would only have to manage one loan instead of dealing with several separate loans, monthly payments, and billing statements. Consolidation is possible only if your student loans were procured from government programs. The major benefits associated with consolidation are specifically reserved for government loans.

Debt consolidation programs can be perplexing. The general idea is that the agency will negotiate with creditors to make payments more affordable. You will make only one payment, and that payment goes to the agency, which then pays off your multiple loans for you.

Refinancing

Refinancing involves replacing a loan with a completely new loan, typically with much better terms. The goal is to get a lower interest rate in order to reduce your long term interest costs and monthly payments. Instead of the term refinancing, think of this as “optimizing” your debt so you pay less.

Consolidating Federal Student Loans

When you’re consolidating your federal student loans, the government will merge all your debts into a single new loan known as a Direct Consolidation Loan. You can apply for this once you graduate.

Most federal student loans are acceptable for consolidation, including subsidized and unsubsidized Direct loans, subsidized and unsubsidized federal Stafford loans, Direct PLUS loans and many more.

Pros of Consolidating

•  Direct Consolidation loans offer one single payment and lower monthly payments.
•  Consolidating federal loans is free, so watch out for companies that offer to consolidate federal student loans for a fee.
•  No credit check is needed to consolidate federal student loans and can be done online.

You should also consider other ways of tracking your debt and managing payments. This is because Direct Consolidation Loans have drawbacks as well.

Cons of Consolidating

• A reduced monthly payment means paying the loan for an elongated period of time, which will cost you more money in the long run due to interest.
• When you consolidate your federal student loans, you lose the ability to target your highest interest or highest balance loans using methods called the debt avalanche or debt snowball.
• Certain federal consolidation loans might come with higher interest rates than private loans. For instance, the average interest rate for Direct-unsubsidized loans for graduate or professional students is 6.6%, while some student loan refinancing lenders offer below 3%. This difference adds up over time.

You can calculate the figures and percentages using a student loan consolidation calculator, making it easier for you to determine which loans to take.

Be sure to assess all your options, from Direct Consolidation loans to other strategies such as refinancing.

Here’s A list of the Best Student Loan Consolidation Lenders:

• LendKey – Best for Undergraduate Loans
• SoFi – Best for High-Income Borrowers
• Education Loan Finance – Best for Low-Interest Rates
• CommonBond – Best for Unemployment Protection
• Citizens Bank – Best from a Traditional Bank
• PenFed Credit Union – Best from a Credit Union
• Earnest – Best for Low Credit Borrowers
• Laurel Road – Best for Medical Residents

Refinancing Private Student Loans

Refinancing private student loans involves taking up a new loan to pay the remaining cost of your previously procured private student loan. Refinancing is done in order to avail of a lower interest rate on your new loan resulting in money saved.

Your financial history, which includes your credit rating, amount of income, job history and education will determine your revised interest rate when you refinance your student loans.

You would ideally need a moderate-to-high credit rating to be eligible, and interest rates vary from 2% to 9%.

You should consider refinancing if you have:

• Good credit reports where you have shown prompt student loan payments after leaving your school or college.
• Good or excellent credit scores.
• Proof of stable employment history and good income amounts.
• Been affiliated to a guarantor or a co-signer with good credit history.

Consumer policies and benefits offered in federal loans do not apply to refinanced student loans. These include the option to link payments to income and other opportunities pertaining to loan forgiveness.

You can use a student loan refinance calculator to compare monthly payments between private student loan refinancing agencies and find the plan that best works for you.

Pros of Refinancing Private Student Loans

• You can create an easy-to-manage financial situation, get better terms and secure lower monthly payment.
• A major benefit of refinancing private student loans is the potential to secure a much lower interest rate. The rate will be based on your credit score.
• If you possess a good credit score, or if your income and employment history is considerable, you are likely to receive a low rate, making refinancing a good option.

Cons of Refinancing Private Student Loans

• A point to note when opting for refinancing is if you are extending the repayment term, you will have incurred more payments due to the interest applied over a period of time.
• A federal Direct Consolidation Loan is free of charge, whereas some private lenders will charge an initial, or processing fee. It’s best to avoid those lenders who charge this fee.
• A credit check is needed to consolidate private student loans through refinancing. If your credit history is poor, you may have trouble being eligible.

Here’s a list of the Top Refinance Lenders in the United States:

Consolidating or refinancing student loans might seem like a good choice, but there are several aspects to consider before determining if it’s the right choice for you. Be sure to ask a ton of questions and evaluate all pros and cons so you can pay off your loans as quickly as possible while saving your money.

Millionaire or Billionaire, they are the title that everyone would love to hear. But how to become one? Becoming a billionaire or millionaire is a daunting task and it can’t be achieved in one day. You need to have a sound financial plan; you need to be very disciplined and strict towards your savings strategies. If you are in your early 25s, then you need to put these things in your mind if you want to have good savings till the time you retire.

If you consistently keep following the below-mentioned habits, I am sure that this 2020 will be a good year for you.

1. Save as much as you can

Saving now is actually savings for your better tomorrow. So, you should start savings at an early age to make your future life comfortable. But savings at less age need lots of willpower and discipline. You should try to save at least 20 percent of your after-tax income every year. Remember, if you are not experiencing any pain after saving some money from your income, then you are not saving enough.

2. Live your life like you are poorer than you actually are

The richer you become, you will become more conscious about your money. It might also happen that you start spending so much, even on the things which you don’t want just to off in front of your friends. So, if you want to lead a happier and comfortable life after you grow old, try to have self-control over things and live like you are the poorer guy on the earth.

Also read: Checklist To Help You Save for Your Better and Secure Future

3. Do something extra to earn more

Besides your full-time job, why don’t you side hustle and try to earn more? You can put that extra bugs in your savings account or can contribute towards any long-term investment. Believe, me freelancing other than doing your regular job is the best way to earn more than what you would have earned only from your full-time job.

4. Create a sound financial plan

Creating a sound financial plan at an early age will help you to know how much money you have and how much money you are left with after spending. With a solid financial plan, you will be in a better position to keep track of your money and respective spending. A man without a solid financial plan is a man without any goal in life.

Also read: 6 of The Young Entrepreneurs Who Gave Birth To Successful Startups

5. Invest in your education

Education is the best asset that one can have. Education goes the long way if it’s taken in the right way. Education never goes wasted wherever you go and whatever you do. So, try to invest well in your education which will help you a lot in gaining skills and experience.

6. Keep tracking your progress

Saving your money is important than earning. Many people earn a lot but save nothing which broke them at the end because they have no idea as to where the money they have earned went? So, try to save a lot instead of earning only. It will help you later on in many ways.

So, by following these tips you can become a millionaire and stay on the top of your finances.

Also read: Short and Simple Financial Checklist for Newly Parents Who are Going To Start A New Life

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