Most jobs are physically and mentally demanding - when one starts wishing for an early retirement with no hurry and no worry !
And this wish can come true if we plan our retirement corpus meticulously !!
And this wish can come true if we plan our retirement corpus meticulously !!
1. Need for a proper retirement plan arises due to:
•Increased longevity, due to medical advancement.
•Increased job losses due to various factors.
•Increasing consumption and less savings.
•Collapse of the joint family system.
•Consistently high rate of inflation.
•Absence of an adequate social safety network.
•Increased job losses due to various factors.
•Increasing consumption and less savings.
•Collapse of the joint family system.
•Consistently high rate of inflation.
•Absence of an adequate social safety network.
2.For most people, retirement planning comes after:
•Marriage
•Buying a car and a house
•Child’s education and marriage
•Going on a vacation and
•Meeting other aspiring goals
•Buying a car and a house
•Child’s education and marriage
•Going on a vacation and
•Meeting other aspiring goals
3. But Retirement planning should be an integral part for which some of the aspects are:
•Financial situation and earning capacity.
•Risk-taking ability and investment horizon.
•Liquidity situation and tax planning.
•Insurance needs for family protection.
•Risk-taking ability and investment horizon.
•Liquidity situation and tax planning.
•Insurance needs for family protection.
4. Do’s and Don'ts of retirement planning are:
•Always start long-term investing early in life.
•Stick to simple products and solutions.
•Avoid exotic products and tips.
•Spend some time on your retirement planning.
•Review your plan regularly for course-correction.
•Traditional FDs and insurance plans are no good.
•Stick to simple products and solutions.
•Avoid exotic products and tips.
•Spend some time on your retirement planning.
•Review your plan regularly for course-correction.
•Traditional FDs and insurance plans are no good.
5. One could be young and without money, but one should never be old and without money.
6. It’s never too early for having a retirement plan.