Retirement is one of the important life events many of us will ever experience. From both a personal and financial viewpoint, realizing a comfortable retirement is an extremely wide procedure that takes sensible planning and years of perseverance. Even once it is reached; managing your retirement is an ongoing responsibility that carries well into one’s golden years. In this article we will discuss few things about retirement planning that will help you in making proper decision on your retirement planning. Retirement is an inseparable phase life, and this is the most crucial stage of human life cycle. People have different kinds of needs in different phases of life; it changes according to age, income, lifestyle, etc. Generally we can say that a person has five types of needs such as;
- Safety and security
- Self actualization
These needs differ from people to people, as we have already mentioned there are many factors that determine peoples need. For example; need of a teen ager is entirely different from that of an aged person. Aged people have social and security need. It does not mean that they had not felt this need before; they had felt it and had satisfied it too. But with the passage of time they spent the major portion of their earnings either in their children’s education, in building a home, for their parents’ health, etc. At the end of the day they forget to keep aside a part of their earning to fulfill their post retirement needs. This situation is common in most of the Indian homes.
5 simple steps to arrive at an ideal retirement plan
Below given are five simple steps to keep in mind while choosing retirement plan.
Decide how much income you require to live happily in your post-retirement years. Remember to take into account factors like increased medical expenditure, vacations, gifts for family, etc.
Find out how much you need to save regularly, starting from today. You can use retirement calculator to determine the retirement amount you need.
Select the right retirement plan that allows you to meet your post-retirement requirements. Preferably invest in plans which can provide you with potentially higher returns in the long run.
Start saving now so you have time on your side and can enjoy the power of compounding. The sooner you are starting the higher your savings will be.
Invest a fixed amount every month for your post-retirement years. Systematically investment will help you to multiply tour investments multifold.
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