Is Your Retirement Plan as Well Thought Out as Your Vacation? Retirement, often considered the longest vacation of our lives, should be a time filled with joy, comfort, and the freedom to pursue our passions
Like foreign countries, we do not have any social security to look after our retirement. All Private & Government sector employees would not have monthly pension after retirement in future.
Without proper retirement planning, life can be cruel and miserable. For day-to-day expenses, one will have to ask from their children or forced to work beyond their desired retirement age for money.
Let your retirement be a well-deserved period of joy, happiness, and financial security.

Do you want to depend on your kids when you grow old?

Do you know what “Sandwich Generation” is?

This is the term for a group of individuals who are supporting their children and one or both parents at the same time.

Around 40% of middle-aged individuals with children at home have at least one surviving family member who may require assistance; some are full-fledged sandwich generation members who financially support both parents and children.

Saving for all expenses includes part of comprehensive retirement plan. You won’t have to rely on your relatives to pay the bills / expenses when you know your bills are covered.

Your retirement years are a new chapter of your life in which you may give up a stressful work existence and focus on your family and interests. During this period, you can learn and find many new hobbies and passions.

Life after retirement is the start of an exciting phase that can only be welcomed if it has been planned for. If you are financially prepared, you can live this phase with joy and happiness like you’ve never lived before. And you may say and sing “Every thing is fine” every day of your retirement. Excellent news! People are living longer lives into their golden years. Bad news! People will have to pay for it.

We begin our careers when we are young, carefree, and full of enthusiasm. The concept of retirement seems so far away that the idea of saving for it seems crazy. Unfortunately, 70% of working professionals fall into this category. The other 30% have the upper hand in life and living, both in their prime years and in their golden years. Therefore, it is necessary to begin saving and investing early in life in order to reap the benefits in your retirement years.

Before you begin planning for retirement, consider the following questions:
□ When am I going to retire?
□ How long am I going to live?
□ What is my basic monthly expenditure?
□ What will the future cost of my expenses be?
□ Is my contingency corpus sufficient?
□ Should I budget for my health-care and medical expenses?
□ Is my insurance coverage adequate?
□ What do I have / own?
□ Is it possible to create cash inflows throughout my retirement?
□ What do I want to do in my retirement?

Continue to save if you are currently doing so, whether for retirement or another goal. You are aware that conserving money is a rewarding habit. If you aren’t saving, now is the time to start. Start small if necessary, and gradually increase the amount you save each month. The sooner you begin saving, the longer your money has to grow . Make retirement investment as a top priority. Create a strategy, adhere to it, and set goals. It is never too early or too late to start investing.

• Begin as soon as possible. In fact, you should begin investing for retirement right away.

• Diversify your investing portfolio.

• Investment in mutual funds to take advantage of compounding.

• Instead of splurging on holidays and impulse buys, save your bonuses.

• Increase your investment and investment amounts each year in parallel with your pay raises.

• Discuss your partner’s or spouse’s retirement plan and whether it makes sense to link both.