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Have not thought about your sunset years yet? Heres why you must!
Published On , 4 Oct 2018 By TT Connect
“77% of Indian households either do not expect to retire or have not actively planned for retirement.”*
“The financing of retirement happens mostly through informal arrangements between parents and children.”*
In the game of life, retirement is the last stage. Nevertheless, it is an important one. Whether or not you win at life, depends on how secure and comfortable your retired life is. This makes retirement planning extremely crucial. Here’s why you must start today:
YOU CAN’T WORK FOREVER
SAYS WHO: Different state governments SAYS WHAT: The retirement age of government employees varies across states. It is usually between 60 and 65 years. THUS: Sooner or later, you have to stop working. Even if you have a couple of years to retire offi cially, your health may not always be supportive. THEN: What is your second source of income?
LIFE EXPECTANCY IS INCREASING SAYS WHO: World Statistics Report 2016, WHO; UN report. SAYS WHAT: In 1990, the average life expectancy of Indians was 58 years. 23 years later, in 2013, it was 66 years. In the past two decades, life expectancy in India has increased by more than 10 years. THUS: Thanks to science and technology, people are living longer than before. THEN: Without a regular fl ow of income, how will you sustain yourself for these many years?
THE CONCEPT OF A NUCLEAR FAMILY IS GAINING IMPORTANCE
SAYS WHO: Forbes India SAYS WHAT: The last quarter of the century has seen a rise in the concept of nuclear families. In urban India, 88% of such families comprise only three to four members excluding senior citizens. THUS: You can no longer be dependent on your children for your needs. THEN: Who will be your fi nancial support during your old days?
BUILD YOUR RETIREMENT CORPUS
MANAGE YOUR RETIREMENT CORPUS
7 TIPS FOR A HAPPY RETIRED LIFE
“The early bird gets the worm”
Do: Start planning your retirement early. Why: The earlier you start planning, the easier it will be for you to ensure a peaceful retired life
“Do not invest what is left after spending; spend what is left after investing”
Do: Start investing at least 10% of your monthly salary for your retirement. Ideally, this must be done right from the fi rst salary. Why: You can take care of yourself with your own money even when you don’t earn.
“Never depend on a single income; make investments to create a second source”
Do: Start investing your savings for a long term. Why: Mere savings cannot multiply your money. In fact, infl ation can eat into your existing savings.
“Do not put all your eggs in one basket” Do: Have a diversifi ed portfolio. Committing all your money to a single investment can be risky. Why: You can make up for the loss/risk of one investment with the profi t of another.
“Having a plan of action is vital”
Do: Create a spending plan that you can execute when you begin to use your Retirement Fund. Why: You need to spend your corpus in a way that would last throughout your retired life.
“Think before you redeem”
Do: Refrain from withdrawing all your investments as soon as you retire. You can opt for Systematic Withdrawal Plans (SWPs). Why: Withdrawing as per your needs can help you reduce your exit loads. Moreover, you can use how much you want and let the other investments benefi t from the power of compounding.
“The only thing better than investing money is investing more money”
Do: Continue investing even after you retire. Why: Investments do much more than help you build wealth. For example, you become fi nancially disciplined. You tend to rationalise your spending.
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