You're Retired.  Now, what? 

NRI (Non-Resident Indian) is a way to describe Indians who live abroad.  They may or may not be a citizen of India but they are still considered an Indian.    NRIs play a significant role in the global Indian diaspora and economy and maintain strong connections to their homeland, they are also making major strides in their adopted countries.  

 

The Indian community out of India are often referred to as the  'Model Minority' as they are known encompass 4.8 million of the population in America, alone.  Around the world, the Indian diaspora is one of the Indian diaspora is one of the largest and most widespread in the world. 

 

Indians/NRIs are distributed across the globe, with significant populations in countries like the United States, the United Kingdom, Canada, the Middle East, Australia, and Southeast Asia.  Many left for the US during the 'brain drain' of India in the 1960s/1970s when the US was desperate for help in building their infrastructure and many came recently to work within the technology sector.  Whether they come to the US for employment opportunities, education, family reunification, or for other personal or professional purposes, they still remain connected to India.

 

NRIs are somewhat in limbo - neither Indian nor a national of their adoptive country. 

Create Strength in Community. 

 

When NRIs retire, after a life of struggling and working for years in the US, they face important decisions and lifestyle changes.  Some may decide to retire in place (stay in their own home) or move in with their kids but many may choose to live in a retirement community in the US (which caters to other NRIs) or many move back to retire in India. 

​

Whatever your decision, below are some critical steps to consider for NRIs who have retired:  

1. Financial Planning: Assess your financial situation, including pensions, retirement savings, investments, and any other sources of income. Create a retirement budget to ensure you can maintain your desired lifestyle.

2. Residency Status: Decide whether you want to maintain your NRI status or return to India permanently. Your tax obligations, investment options, and financial planning will depend on this choice.

3. Taxation: Understand the tax implications in both the US and India. Seek advice from tax professionals to optimize your tax situation.

4. Healthcare: Ensure you have adequate health insurance coverage, both in USA and India. Consider any medical expenses that may arise during retirement.

5. Property and Assets: Review your property and assets in both countries. Decide if you want to sell, rent, or manage your property from abroad. Go through your home and sort through all your 'stuff' and memorabilia.  What you deem valuable may become a nuisance for your heirs.  In Scandinavian countries, this concept of clearing out your belongings before you pass is referred to as Swedish Death cleaning.

6. Investments: Reevaluate your investment portfolio to align with your retirement goals and risk tolerance. Diversify your investments to reduce risks and optimize returns.

7. Social Security and Pension Benefits: Understand the eligibility and process for receiving social security or pension benefits from the US, if you decide to move to India. 

8. Estate Planning: Create or update your will and estate plan. Decide how you want to distribute your assets and ensure it complies with the legal requirements of both countries.

9. Health and Wellness: Pay attention to your physical and mental health. Retirement can be an opportunity to focus on well-being and leisure activities.

10. Community and Social Engagement: Consider getting involved in community activities or social groups or volunteer to stay connected and engaged in both the US and India. 

11. Family and Personal Relationships: Plan how you will maintain relationships with family and friends in both countries. With technology, staying connected with people living far away is much easier.  

12. Travel and Leisure: Embrace the opportunity to travel and explore both the US and India. There are retirement communities that cater to NRIs in the US and many have opened up in India.  

13. Legal and Immigration Matters: Stay informed about any changes in immigration laws or regulations that may affect your residency status or ability to travel between countries.

14. Consult with Experts: Seek advice from financial advisors, tax consultants, legal experts, and other professionals who specialize in cross-border retirement planning.

 

Retirement is a significant life transition, and careful planning is essential to ensure a comfortable and fulfilling retirement experience for NRIs. It's advisable to seek personalized guidance and consider your individual circumstances and preferences when making decisions about post-retirement life.

 

Enjoy your golden years, spend cherished time with family, travel, learn new hobbies and party with friends. 

​

Many of you may decide to find an encore occupation, start a business or train for a new part time career.  Some of you will volunteer your time and energy to non profit activities either in India or abroad.  We have many NRIs who've gone back to India and made a significant difference in other people's lives.   

 

Whatever you decide to do, do it!

Keep yourself engaged and busy - physically and mentally.   

Find others who share your passion and build a community. 

 

At RetiredNRI.org, we want to empower, educate, entertain and enlighten you while building a community with other NRIs who are facing the same issues, struggles and challenges in this new phase.  Together we strengthen our RetiredNRI community by learning from each other in this journey.   Do provide your insights and join our community by filling out the form below.