Retirement planning is the planning to insure your freedom and to avoid dependability on others after the retirement or the age of 60. It is the planning to insure you will not be homeless , money less ,or wealth less after the retirement or in old age. Many examples we have seen that after the retirement or after the certain age people getting shifted either forcefully or without their wish to Varaddhasharm (old age home). And not even you can bear your hospitalization or you have to depends upon government funding hospitals. why because they did not plan properly or did not considered about their retirement plans. Growing older is very expensive in terms of medical expenses, Market Inflation and lot of other things and not having enough funds it can be cause of stress. At retirement Income normally stops but expenses continue till we die. Better we can make sure that we will get a certain amount after the retirement from the work or when the income stops and you can live life proudly till you are in the earth.
When you can plan:
When you plan at the time of younger or initially when you join wok, it will be very much beneficially or you will get the good enough fund and your retirement (old age) life will be smooth and secure.
Even you can plan at the time of middle age, it will also make sure that you will get the suitable amount in that you can manage your old age.
Once you reached the retirement age, there is very low chances to get the sufficient money, whether you plan to invest heavily at that time.
Steps to Retirement Planning :
There are several key steps to do planning for your retirement and make sure it will be safe and secure. following are the few and common steps :
Check all the plans which are available in the market, study them carefully and set your goal accordingly.
Contact financial advisor, he will explain you how and where you can invest, so that you will achieve your target or the aim of retirement planning.
Calculate your current expenses and choose the right plan for investment and check it time to time and if possible you can saving more like after you getting increment, bonus etc.,
We will also share some Retirement Plans in our next Retirement planning blog. Thank you
