Plan for Your Retirement…!!!
You need to plan in advance to enjoy a secure retirement later
Your Future is dependent on your present decision
Retirement planning is the planning one does to be prepared for life after paid work ends, not just financially but in all aspects of life. The non-financial aspects include lifestyle choices as how to spend time during retirement, where to live, when to completely quit working, etc.
Reasons why you should start planning your retirement from early age
- Shortfall in savings:
The normal savings of a person are less likely to sustain the income needs post retirement. The pension that one may receive from pension schemes will not be sufficient to maintain the lifestyle.
The increase in the inflation rate year by year would eat up your savings
With the advancement of technology in medical field the average age of a person has increased and to sustain for longer period a person need to have a good amount of retirement corpus.
- Rest and relaxation:
After fulfilling all your responsibilities, you may now want to enjoy your second innings; you need to build a retirement corpus to go on holidays, to pursue a hobby etc and for avoiding any dramatic change in lifestyle post retirement.
- Desire and need to remain independent:
The want to not be dependent on their kids for living post retirement but in fact contribute to the family by providing and supporting the kids or grand children for achieving milestones of their life.
- Lack of social security system:
There is no social security system in our country. Hence one has to plan to build the entire corpus to help meet the regular income or any contingency post retirement.
It is not just about meeting the expenses of major health issues but to match up with daily health care expenses such as medicines, vitamins, regular checkups etc such health care expenses would easily consume significant part of your savings. So in order to meet such expenses post retirement one should start saving now.
Make a wise decision and